地方政府债务问题一直是各方关注的焦点，我国地方政府债务规模庞大、风险较高，存在引发系统性金融风险的可能。近年来，城投债技术性违约事件频发，地方城投平台债务屡屡展期重组，更是再次引发全社会对地方政府债务问题的关注。当前，学术界的研究多集中于地方政府债务与地区经济增长之间的关系，而有关地方政府债务会如何影响企业劳动力需求的相关文献较少。

为此，本研究从理论分析和实证研究两个方面，探讨了地方政府进行债务融资对企业劳动力需求的影响。理论分析方面，本文通过梳理相关文献和理论，运用IS-LM模型对地方政府债务对企业劳动力需求的挤出效应进行了相关的推导，并在此基础上对地方政府进行债务融资如何影响企业劳动力需求的传导机制进行了分析。实证研究方面，本文利用长三角地区2012-2021年A股上市公司和各城市的相关数据，运用混合回归、随机效应模型、固定效应模型和系统GMM模型等方法对地方政府进行债务融资对企业劳动力需求的挤出效应进行了实证研究，并通过更换解释变量、删除上海地区样本、变更缩尾水平对回归结果进行了稳健性检验。

本文的研究表明：（1）地方政府进行债务融资会对企业的劳动力需求产生挤出效应，在长三角地区地方政府债务每升高1%，当地企业的劳动力需求就会下降0.0277%。（2）企业的劳动力需求存在一定的惯性，企业上一期的劳动力需求会对企业本期劳动力需求产生正向影响。（3）地方政府进行债务融资通过价格竞争和需求竞争两个维度抬高了资金市场的利率水平，挤出了企业可获得的融资资源，从而减少了企业投资，挤出了企业对劳动力的需求。（4）不同政府债务类型对企业劳动力需求的影响不同，地方政府债和城投债对企业劳动力需求的影响并不显著，地方城投平台发行非标债务会显著挤出当地企业的劳动力需求。（5）地方政府进行债务融资对企业不同岗位的劳动力需求产生的影响不同，地方债务会显著减少企业对生产人员的需求。（6）地方政府债务进行债务融资对企业不同学历水平劳动力需求的影响不同，企业在面临地方政府进行债务融资导致的融资约束加剧时会显著减少对高学历员工的需求。

The issue of local government debt has always been the focus of attention of all parties. The scale of local government debt in my country is huge and the risk is high, which may cause systemic financial risks. In recent years, there have been frequent incidents of technical defaults on chengtou bonds, and the debt reorganization of local chengtou platforms has repeatedly been postponed, which has once again aroused the attention of the whole society on the debt problem of local governments. At present, most academic studies focus on the relationship between local government debt and regional economic growth, but there are few relevant literatures on how local government debt will affect the labor demand of enterprises.

To this end, this study explores the impact of local government debt financing on the labor demand of enterprises from two aspects of theoretical analysis and empirical research. In terms of theoretical analysis, this paper uses the IS-LM model to deduce the crowding-out effect of local government debt on enterprise labor demand by combing relevant literature and theories, and on this basis, how does local government debt financing affect enterprise labor force? The transmission mechanism of demand is analyzed. In terms of empirical research, this paper uses the relevant data of A-share listed companies and cities in the Yangtze River Delta region from 2012 to 2021, and uses methods such as mixed regression, random effect model, fixed effect model and system GMM model to carry out debt financing for local governments. The crowding out effect of demand is empirically studied, and the robustness of the regression results is tested by changing the explanatory variables, deleting the sample in Shanghai, and changing the shrinkage level.

The research in this paper shows that: (1) Debt financing by local governments will have a crowding out effect on the labor demand of enterprises. For every 1% increase in local government debt in the Yangtze River Delta region, the labor demand of local enterprises will decrease by 0.0277%. (2) There is a certain inertia in the labor demand of the enterprise, and the labor demand of the enterprise in the previous period will have a positive impact on the labor demand of the enterprise in the current period. (3) Debt financing by local governments raises the interest rate level of the capital market through two dimensions of price competition and demand competition, squeezes out the financing resources available to enterprises, thereby reduces enterprise investment, and squeezes out enterprises' demand for labor force . (4) Different types of government debt have different impacts on the labor demand of enterprises. The impact of local government bonds and urban investment bonds on the labor demand of enterprises is not significant. The issuance of non-standard debt by local urban investment platforms will significantly crowd out the labor demand of local enterprises. (5) Debt financing by local governments has different impacts on the labor demand of different positions in enterprises, and local debt will significantly reduce the demand for production personnel in enterprises. (6) Debt financing of local government debt has different impacts on the labor demand of enterprises with different educational levels. When enterprises face the intensification of financing constraints caused by local government debt financing, they will significantly reduce the demand for highly educated employees.