关键词: 连锁股东, 企业劳动雇佣, 融资约束, 金融化, 企业创新

Abstract: Under the background of increasing pressure in the job market, how to stabilize employment has become the top priority to ensure people's livelihood. This paper takes non-financial listed companies in China's A-share market from 2011 to 2022 as research samples to explore the impact and mechanism of chain shareholders on labor employment in enterprises. The research results indicate that chain shareholders can significantly increase the employment scale of enterprises. After a series of robustness tests and endogeneity tests, the research conclusion of this paper still holds. Analysis of the mechanism of action reveals that chain shareholders alleviate financing constraints, reduce corporate financialization, promote corporate innovation, and thereby increase the scale of labor employment in enterprises. Heterogeneity analysis that the promotion effect of chain shareholders on labor employment in enterprises is more pronounced in intensive industries, technology intensive industries, and enterprises with better protection of employee rights. Further analysis reveals that chain shareholders have promoted the labor employment scale of technical and sales personnel, reduced the labor employment scale of ordinary employees, and streamlined the employment scale of other personnel in the enterprise. Finally, this study finds that chain shareholders increased the share of labor income in the enterprise. The above research conclusions indicate that chain shareholders are an effective mechanism for stabilizing labor employment and promoting the upgrading of enterprise human capital.
   Compared to existing literature, the marginal contribution of this paper is mainly reflected in the following four aspects: First, from the perspective of the linkage relationship generated by the shareholder network of chain shareholders, enriches the research on the influencing factors of enterprise labor employment. Second, from the perspective of enterprise labor employment, this study enriches the relevant research on the economic consequences of chain shareholders and provides new empirical evidence to support the collaborative governance effect of chain shareholders. Third, this study enriches the specific pathways and conditions of the influence of chain shareholders on micro enterprise behavior. Finally, this paper also has strong practical value. At present, scholars at home and abroad are still debating whether to develop chain shareholders to leverage their collaborative governance effects or to restrict chain shareholders to prevent them from exerting market monopoly effects. This study finds that chain shareholders can promote labor employment by alleviating financing constraints, reducing corporate financialization, and promoting corporate innovation verifies the synergistic governance effect of chain shareholders and reveals their specific channels and scenarios of action.
   The research findings of this paper not only help to provide important insights for regulatory authorities in China to regulate and guide the development of chain shareholders, but also provide useful references for government departments to optimize and improve employment stability policies.

Key words: Chain Shareholders, Labor Employment in Enterprises, Financing Constraints, Financialization, Enterprise Innovation