华东经济管理

文章使用2010—2024年沪深A股上市公司样本，实证分析产融合作对企业稳就业的影响。研究发现，产融合作显著提高了企业劳动雇佣水平。机制分析表明，产融合作通过缓解融资约束、扩大经营规模和降低经营风险三个渠道发挥稳就业效应。异质性分析表明，产融合作对企业劳动雇佣的促进作用在政治关联企业、非国有企业、官员晋升压力大的地区企业以及政策不确定性较小地区企业中更加显著。进一步分析表明，产融合作对企业薪酬没有显著影响，仅推动企业追求劳动雇佣规模扩张而非人力资本的升级。研究结论为金融服务实体经济发展和促进就业等方面提供经验证据。

Utilizing a sample of A-share listed companies on the Shanghai and Shenzhen stock exchanges spanning the period from 2010 to 2024, this paper empirically investigates the impact of industry-finance integration on corporate employment stabilization. The findings reveal that industry-finance integration significantly elevates the level of corporate labor hiring. Mechanism analysis demonstrates that this employment stabilization effect operates through three distinct channels, namely, the alleviation of financing constraints, the expansion of operational scale, and the mitigation of operational risks. Heterogeneity analysis further indicates that the promotive impact of industry-finance integration on corporate labor hiring is more pronounced among politically connected firms, non-state-owned enterprises, firms located in regions where officials face greater promotion pressure, and firms located in regions of lower levels of policy uncertainty. Additional analysis suggests that industry-finance integration exerts no statistically significant influence on corporate compensation levels, implying that it primarily drives the expansion of labor hiring scale rather than fostering the upgrading of human capital. The conclusions of this study provide empirical evidence regarding the role of financial services in bolstering the real economy development and promoting employment.