Corporate Financialization and Employment in China's Manufacturing Industry — A Solution or an Additional Burden

This study aims to investigate the impact of corporate financialization (Fin) on employment within manufacturing enterprises, and to analyze the roles of financing constraints (FC), total factor productivity of enterprises and the degree of financial development (Fo). Through empirical analysis of data from publicly listed manufacturing companies in China from 2008 to 2023, the conclusions of this paper are as follows: Fin has a suppressive effect on employment in manufacturing enterprises; FC serves as a mediating factor in the relationship between Fin and employment in manufacturing. total factor productivity of enterprises also acts as a mediating factor in the relationship between Fin and employment in manufacturing enterprises. Fo plays a moderating role in the relationship between Fin and employment in manufacturing. The findings of this study provide empirical support for understanding the complex impact mechanisms of Fin on manufacturing employment and offer policy recommendations for finding a balance between promoting financialization and enhancing employment.