产融合作试点、融资信心提振与劳动关系优化——来自裁判文书大数据的证据

Abstract

Building harmonious labor relations is an important foundation for practicing the people-centered development philosophy and solidly promoting common prosperity. This paper collects and organizes 43.348 million judgments from the China Judgments Online from 2013 to 2021, obtaining data on labor dispute litigation cases of listed companies. Based on the quasi-natural experiment of the 'National Industry-Finance Cooperation Pilot City' policy, it examines the impact of the industry-finance cooperation pilot policy on enterprise labor relations litigation. The study finds that: First, the pilot policy guides the financial sector to support the real economy, reducing the number and amount of enterprise labor dispute litigation cases, which helps improve corporate labor relations. This effect is more significant in enterprises with high financing constraints, managerial myopia, and growth-stage enterprises. Further, boosting financing confidence, safeguarding labor rights, and strengthening standardized operations are important mechanisms through which industry-finance cooperation promotes the optimization of enterprise labor relations. Second, the pilot policy has a significant effect on reducing corporate disputes related to labor contracts, wages and remuneration, and social insurance and labor security. Additionally, the improvement of labor relations can enhance corporate labor productivity and reduce the risk of stock price crashes. Finally, the pilot policy can also promote the comprehensive improvement of labor relations in pilot cities. This paper provides a theoretical basis for improving the compatibility between the financial sector and the real economy, and also provides a reference for enterprises to reduce labor litigation risks in practice.