【主讲人】李广子 研究员
【主持人】高明 长聘副教授
【报告题目】Do policy loans promote employment? Firm-level analysis

【报告摘要】Governments establish policy banks to pro-actively manage their economies through policy loans to designated firms or firms in specific industries following government directives. The literature underexplores the impact of such policy-based financing on firm-level employment. Based on a manually collected firm-level policy loan data in China, we document that receiving a policy loan effectively promotes a firm's employment. Specifically, when compared to firms that have not received a new policy loan, employee growth for firms with new policy loans is 4.15 percentage points higher (36.9% higher than an average firm). We also find the employment effect of policy loans is more salient for state-owned firms, for firms in regions with high unemployment rates, and during periods of great external shocks. The transmission mechanisms include lower financing costs, the easing of financial constraints, and greater corporate investment. Finally, we find the effects of policy loans on employment last approximately three years, policy loans are more beneficial to highly skilled employees, and that policy loans do not lead to excess employment. Overall, we provide a new perspective for the positive role of policy-based financing on employment.

【主讲人介绍】李广子现任中国社会科学院金融研究所研究员、博士生导师、银行研究室主任，国家金融与发展实验室研究员。他于北京大学取得经济学博士学位，并曾担任斯坦福大学访问学者。他的研究兴趣是银行理论与政策，在《管理世界》《世界经济》《金融研究》和Emerging Markets Review等中英文期刊发表论文20余篇。主持国家自然科学基金、国家社会科学基金项目，以及中国人民银行、财政部、人大财经委等委托课题。研究成果曾获北京市哲学社会科学优秀成果二等奖（参与）、中国社会科学院优秀决策信息对策奖等奖励，个人荣获中国社会科学院第七届优秀青年、中国社会科学院青年拔尖人才等称号。