The impact of financial technology on employment: Protection or disruption?

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2024-09-06 DOI:10.1016/j.iref.2024.103586

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Abstract

This study examines the impact and underlying mechanisms of financial technology (FinTech) on corporate labor demand by utilizing microdata from Chinese listed companies between 2011 and 2019. The results indicate that FinTech significantly enhances firms' overall labor demand and demand for skilled labor. Mechanistic analysis reveals that FinTech alleviates firms' financing constraints, increasing research and development (R&D) investments, which subsequently stimulates labor demand. Heterogeneity tests have revealed that the impact of FinTech on firms' labor demand varies depending on their stage of growth, ownership attributes, and level of financial development in the regions in which they are located. Furthermore, we reveal that FinTech can concurrently increase labor demand for workers with varying skill levels and educational backgrounds and increase the share of labor income. We provide new insights with theoretical and practical implications for studying the intrinsic linkages between financial and labor markets.

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金融技术对就业的影响：保护还是破坏？

本研究利用2011年至2019年间中国上市公司的微观数据，研究了金融科技（FinTech）对企业劳动力需求的影响及其内在机制。研究结果表明，金融科技显著提升了企业的整体劳动力需求和对熟练劳动力的需求。机理分析表明，金融科技缓解了企业的融资约束，增加了研发（R&D）投资，从而刺激了劳动力需求。异质性检验显示，金融科技对企业劳动力需求的影响因企业所处的成长阶段、所有权属性和所在地区的金融发展水平而异。此外，我们还发现，金融科技可以同时增加对不同技能水平和教育背景工人的劳动力需求，并提高劳动收入的比重。我们为研究金融市场与劳动力市场之间的内在联系提供了具有理论和实践意义的新见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.