金融摩擦与企业资源错配对家庭消费的跨部门溢出效应

虽然中国的GDP在2020年实现了正增长，失业率也恢复至2019年末的水平，但消费却萎缩了5.23%。这虽然有新冠疫情的因素，但自2010年以来，劳动力需求、家庭可支配收入和消费增速等多个指标就已呈现持续下滑的趋势。由此可见，资源错配等结构性因素才是导致消费恢复乏力的根本原因。因此，本项目将研究企业间的资源错配如何通过劳动力市场对家庭产生跨部门的溢出效应，以及该效应如何在危机期间被金融摩擦放大，从而为加快形成国内大循环和推动经济高质量发展提供科学参考和政策启示。为此，本项目将进行以下三个方面研究：①综合利用企业层面微观数据和家庭调查数据，分析金融摩擦作用下企业资源错配对劳动力市场以及家庭部门的影响及其异质性；②从外延和集约边际分别研究金融摩擦如何通过加剧“融资难”和“融资贵”的问题来拖累企业的劳动力需求；③构建异质性的动态结构生命周期模型来分析企业通过劳动力市场对家庭产生跨部门效应的机制。

In 2020, Chinese economy keeps positive growth and the unemployment rate has decreased to the level prior to the outbreak of the pandemic, but the consumption contracted by 5.23%. A notable fact is the outbreak of the novel coronavirus disease (COVID-19). However, the pandemic only accelerates the deterioration of economic growth, labor demand, household disposable income growth and consumption growth，all of which, actually, have been on a downward trajectory since 2010. Hence, the fundamental reason for their persistent declines is structural instead of cyclical. To contribute to the resource misallocation and financial friction literature and propose policy implications and suggestions for fostering the development of domestic circulation and helping the Chinese economy move in a direction of higher-quality growth mode, this project will study the effects of resource misallocation among firms on labor demand, which are amplified by financial frictions, and investigate the mechanism of its spillover effects to the labor market and household sector. Thus, this project is going to be arranged as the following: firstly, by combining firm level data and household survey data, I analyze the effects of firms’ resource misallocation on the labor market and household sector when financial frictions are considered; secondly, I investigate the mechanism of the amplification effects of financial frictions on firms’ financing capability and borrowing costs from the extensive and intensive margin, respectively, which will induce a tighter financing constraint and lower labor demand from firms; thirdly, I develop a heterogeneous agent incomplete market life-cycle model to investigate the mechanism on how resource misallocation among firms affects the household sector by lowering the labor market dynamism.