中文摘要：

基于世界银行提供的中国企业调查数据,本文分析了融资约束和金融发展对企业雇佣的影响。研究发现：在缓解内生性问题后,融资约束对企业雇佣需求有显著负面影响,即在其他条件不变情况下,企业感知到的融资难度每增加1个单位,其正式员工的雇佣增长率将下降3.1%。以2003年中国人民银行对货币信贷过快增长进行调控为自然实验,发现紧缩性的货币政策操作对企业雇佣需求有显著负面冲击;金融发展可以缓解企业融资约束,且金融发展对企业雇佣的促进作用主要体现在制造业、大中型及发展成长中的企业。本研究为理解金融因素对劳动力市场的需求提供了微观经验证据。

英文摘要：

Based on the survey data of China＇s enterprises,this paper studies the association between financial constraints,the level of financial development and firms＇ employment growth. Using the IV method to deal with the endogenous problem,theresults show that financing constraints on employment practice of companies have a significantly negative impact. In ceteris paribus,the difficulty of financing increases by one unit will reduce employment growth rate of full- time employees by 3. 1%. In 2003,taking the credit crunch to control the economy by the Peole＇s Bank of China,as a natural experiment,we found that tight monetary policy has a great negative impact on the demand of enterprise employment; while the urban financial development will ease financing constraints of entrepreneurs,and then promote significantly for enterprises＇ employment.