经济与管理研究2026，Vol.47Issue(1)：3-18,16.DOI:10.13502/j.cnki.issn1000-7636.2026.01.001
专项债务扩张的稳就业效应
Employment-Stabilizing Effect of Special Debt Expansion
摘要
Abstract
Employment is the most basic component of people's well-being,which is related to the sustained and healthy development of the national economy.Advancing proactive fiscal policies is a key measure for stabilizing employment.Since the revised Budget Law of the People's Republic of China officially took effect on January 1,2015,the scale of special debts has continued to expand,becoming the financial resource with the largest increment in recent years,which strongly guarantees the implementation of proactive fiscal policies and the intensity of fiscal expenditure of local governments.A large number of construction projects brought about by special debt expansion can not only directly create many jobs but also leverage additional social investment,laying a solid foundation for cultivating new growth engines of employment.At the same time,the ceiling management of local government debt balance is a key measure to curb the disorderly expansion of government debt and mitigate related risks.Therefore,the ceiling of special debts allocated to local governments determines the amount they can obtain,which in turn influences the employment-stabilizing effect. Based on the panel data of cities and the data of A-share listed companies from 2015 to 2022,this paper examines the employment-stabilizing effect of special debts.The results show that special debt expansion can improve corporate employment levels.This conclusion remains robust after addressing endogeneity issues and conducting a series of robustness tests.Mechanism analysis indicates that special debt expansion can enhance corporate employment levels by improving urban infrastructure,alleviating corporate financial constraints,and stabilizing enterprise expectations.Heterogeneity analysis reveals that the positive impact of special debt expansion on corporate employment levels is more pronounced in regions with low local fiscal pressure and abundant labor market supply,as well as non-state-owned enterprises and labor-intensive enterprises.Further analysis indicates that corporate employment levels are also positively affected by the allocation and utilization of special debt ceilings. This paper puts forward policy recommendations from three aspects:improving the quality and efficiency of special bond funds,strengthening the coordination between the public finance and the financial sector,and optimizing the allocation and utilization of ceilings.The findings not only enrich research on how policy factors support employment stabilization but also provide empirical evidence and policy references for further enhancing the quality and efficiency of special debts to stabilize employment.关键词
专项债务扩张/限额分配/限额使用/企业劳动雇佣/稳就业Key words
special debt expansion/allocation of ceilings/utilization of ceilings/corporate employment/employment stabilization分类
管理科学引用本文复制引用
韩宁,李征召,赵德昭..专项债务扩张的稳就业效应[J].经济与管理研究,2026,47(1):3-18,16.基金项目
国家社会科学基金一般项目"地方财政收入目标约束影响共同富裕的理论机制、效应及对策研究"(22BJL023) （22BJL023）
河南省高等学校哲学社会科学创新团队支持计划"数智化财税治理与共同富裕"(2025-CXTD-09) （2025-CXTD-09）
