241 
196在经济新常态和贸易摩擦等挑战叠加的背景下，稳就业成为保障基本民生和维护经济社会稳定的关键议题。文章基于2010—2021年沪深A股上市公司数据，系统考察了供应链稳定性的稳就业效应及其内在机制。研究发现，供应链稳定性的提升显著促进了企业劳动雇佣规模的扩大。机制检验表明，这一效应主要通过增加商业信用供给、提升银行信贷可获得性以及降低企业经营风险三个渠道实现。异质性分析显示，供应链稳定性对劳动雇佣的促进作用在中小企业和抵押品规模较小的企业中更加显著。从供应链关系特征来看，当企业间依赖程度较高时，供应链稳定性的稳就业效应更加突出；同时，供应商稳定性和客户稳定性均能显著提升企业劳动雇佣水平。进一步研究发现，供应链稳定性不仅增加了企业劳动雇佣规模，还优化了劳动力结构，表现为对高学历和高技能劳动力需求的增加。此外，供应链稳定性通过扩大劳动雇佣规模提升了企业全要素生产率，推动了企业高质量发展。文章深入揭示了供应链稳定性影响企业劳动雇佣的具体机制，为政府部门从稳定供应链视角推进稳就业提供了重要的经验证据和决策参考。
供应链稳定性能否实现稳就业？
摘要
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引用本文
董浩, 闫晴. 供应链稳定性能否实现稳就业？[J]. 财经研究, 2025, 51(2): 123-137.
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