结构脆弱、约束传导与防御性调整：网络瓶颈如何塑造企业劳动力结构

Structural Vulnerability, Constraint Transmission, and Defensive Adjustment: How Network Bottlenecks Shape Corporate Labor Structures

摘要: 基于2010~2024年A股上市公司数据实证发现：(1) 全球生产网络中企业的“瓶颈地位”抑制了其总就业与低技能劳动力需求，而“枢纽地位”的企业无此效应。(2) 面对负向冲击，“瓶颈地位”企业采取非对称防御性调整策略，即大幅裁减低技能员工并降低全员薪酬。(3) 融资约束显著放大了“瓶颈地位”对就业的负面影响。据此，提出应对建议。

Abstract: Based on empirical findings from A-share listed companies in China from 2010 to 2024, the study reveals that: (1) A firm’s “bottleneck position” in global production networks suppresses its overall employment and demand for low-skilled labor, whereas no such effect is observed for firms in a “hub position.” (2) In response to negative shocks, firms in a “bottleneck position” adopt asymmetric defensive adjustment strategies, significantly reducing low-skilled employees and cutting overall employee compensation. (3) Financing constraints significantly amplify the negative impact of a “bottleneck position” on employment. Corresponding policy recommendations are proposed accordingly.