Abstract: This article matches Peking University's Digital Inclusive Financial Index 2011-2018 from prefecture-level cities with the data of Chinese listed companies. Credit mismatch is used as an intermediary variable with digital financial development as a moderator to explore the impact of corporate credit mismatch on employment and its mechanism in the process of digital finance development. The research results show that corporate credit mismatch can significantly reduce the size of labor employment.The development of digital finance has increased the scale of labor employment by reducing the degree of corporate credit mismatch, and the intermediary effect of credit mismatch accounts for 4.37%. Digital finance development has weakened the negative impact of credit mismatches on employment.The group test results show that compared with state-owned enterprises and service enterprises, digital finance has a stronger promotion effect on private and service enterprises by reducing corporate credit mismatches on labor employment. The mediating effects of credit mismatches are 6.92% and 9.52% respectively.In private enterprises and non-manufacturing industries, the development of digital finance has weakened the negative impact of corporate credit mismatch on labor employment.

Key words: Credit Mismatch, Labor Employment, Digital Finance, Mediation, Moderation

摘要： 本文将北京大学数字普惠金融指数2011~2018年地级市数据与中国上市企业数据进行匹配,以信贷错配为中介变量,以数字金融发展为调节变量,构建一个有调节的中介模型,以探讨数字金融发展进程中企业信贷错配对劳动就业的影响及作用机制。研究结果表明:企业信贷错配对劳动就业规模具有显著的缩小作用;数字金融的发展通过降低企业信贷错配程度,进而扩大了劳动就业规模,信贷错配的中介效应占比为4.37%;数字金融的发展弱化了信贷错配对劳动就业的负向影响。分组检验结果显示,相较于国有企业和服务业,“数字金融发展—企业信贷错配程度降低—劳动就业规模扩大”效应在民营企业和制造业中更强,信贷错配的中介效应占比分别为6.92%和9.52%;在民营企业和服务业中,数字金融的发展弱化了企业信贷错配对于劳动就业的负向影响。

关键词: 信贷错配, 劳动就业, 数字金融, 中介效应, 调节效应