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207保障就业是社会经济稳定运行的基础，就业增长是经济学关心的重要问题。文章将破产审判改革视为一项准自然实验，采用A股非金融类上市公司为研究样本，使用双重差分法考察了破产审判改革对债权人的司法保护如何影响企业和城市两个层面的就业水平。研究发现，破产审判改革显著提升了破产案件的审理效率，依法保护了企业和银行两类债权人的合法权益，并提升了企业的就业水平。进一步研究发现，破产审判改革通过商业信用供给降低效应和信贷资金释放效应增加了企业的劳动力雇佣，而这一效应主要体现在劳动密集型企业和低技能劳动者类别中，从而改变了就业的知识结构。城市层面的分析结果显示，破产审判改革促进了更多的企业进入本地市场，增加了城市总体就业并提升了工资水平，而这些效应主要在经济发达城市和僵尸企业数量较多的城市中显著。文章的研究表明，地方政府无须为保障就业而救助理应退出市场的僵尸企业，完善市场退出机制更有利于实现稳就业目标。
破产审判改革、债权人保护与稳就业
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周磊, 胡可煜, 张正平. 破产审判改革、债权人保护与稳就业[J]. 财经研究, 2024, 50(12): 62-75.
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