Supply Chain Finance and Corporate Labor Employment

Abstract

Under the current economic environment, the financing difficulties of small and medium-sized enterprises coexist with the demand for industrial chain upgrading. As a more efficient and inclusive financial model, supply chain finance is crucial to promoting employment stability. This paper empirically analyzes the impact of supply chain finance on corporate labor employment by selecting the data of Chinese A-share listed companies from 2008 to 2021. The empirical results find that supply chain finance can significantly increase the scale of corporate labor employment. And further mechanism analysis reveals that alleviating financing constraints, expanding the scale of enterprise production and operation, and increasing the total factor productivity of enterprises are the main influence paths of supply chain finance to increase enterprise labor employment. The above conclusions provide micro-level evidence of the employment effects of financial support and offer a robust empirical foundation and precise basis for the design of targeted structural employment stabilization policies.