近日，我院陳肖雄博士及鄭州大學碩士研究生穆靖昊、中山大學劉貫春教授、廣東外語外貿大學劉媛媛副教授相助撰寫的論文“Bank liability structure and corporate employment: Evidence from a quasi-natural experiment in China”在期刊International Review of Financial Analysis在線發表。International Review of Financial Analysis是財政與金融領域的高質量學術期刊，同時位于經濟學大類、商業領域、財政與金融領域Q1區（亦是中科院期刊分區一區），最新影響因子7.5。

全文引用：

Chen, X., Mu, J., Liu, G., and Liu, Y. (2024). Bank liability structure and corporate employment: Evidence from a quasi-natural experiment in China. International Review of Financial Analysis, 95, 103366.

中文摘要

論文研究了銀行負債結構如何影響企業勞動雇傭決策。爲了識別二者因果關系，我們將2014年對全國性銀行和地區性銀行産生差异影響的同業資金業務監管革新視爲外生沖擊，並構建了企業受該革新影響水平的指標，然後進行了雙重差分回歸。結果顯示，銀行存款占比的增加顯著促進了企業勞動雇傭，企業員工總數平均增加了4.4%。通过进一步机制检验发现，存款占比提升促进了银行信贷供应，企业银行信贷获取随之增加，从而缓解了企业面临的信贷约束。异质性分析讲明，上述银行欠债结构提高对企业劳动雇佣的促进效应在融资约束强、信息披露质量高和劳动密集型企业更为凸显。此外，进一步研究发现：企业的员工结构和支付给员工的平均人为没有发生变化，但企业的生产率和生产规模有显著提高。总之，本文研究结论证实了羁系银行同业资金对稳定社会就業的积极作用。

英文摘要

We examine how bank liability structure affects firms’ hiring decisions. To identify causality, we utilize the 2014 interbank borrowing reform that has different impacts on national and regional banks as an exogenous shock. Particularly, we construct the exposure of firms to this reform and then run a difference-in-differences regression. The results show that an increase in banks’ deposit funds promotes corporate employment, and the number of total employees on average increases by 4.4%. Further mechanism tests find that banks provide more loans and firms obtain more access to bank credit, confirming the credit constraints channel. Moreover, the corporate employment promotion effect is stronger when financial constraints, information disclosure quality and labor intensity are higher. In addition, firms’ employee composition and average wage paid to workers do not change, while their productivity and production scale increase. Overall, our evidence highlights the active role of regulating banks’ interbank borrowing in stabilizing social employment.

文章鏈接：

      https://www.sciencedirect.com/science/article/abs/pii/S1057521924002989