CAJ | 학술논문

文章构建理论与实证模型并使用系统GMM的计量方法，探讨了企业债务及其结构对员工工资的动态影响。研究发现：企业员工工资与资本结构显著正相关，对债务结构进行进一步考察发现，员工工资与短期负债率和长期负债率都是显著正相关的，且工资对短期负债率的变动比对长期负债率的变动更为敏感。
문장구건이론여실증모형병사용계통GMM적계량방법，탐토료기업채무급기결구대원공공자적동태영향。연구발현：기업원공공자여자본결구현저정상관，대채무결구진행진일보고찰발현，원공공자여단기부채솔화장기부채솔도시현저정상관적，차공자대단기부채솔적변동비대장기부채솔적변동경위민감。
This paper constructs a theoretical and empirical model to study the dynamic effect of corporate debt and its maturi？ty structure on employee wages by employing SYS-GMM method. The study shows that the capital structure has a significant positive effect on the employee wages. Further investigation of the debt maturity structure indicates that the employee wages are significantly positively correlated with short-term debt ratio and long-term debt ratio,among them the short-term debt ra？tio is more sensitive than the long-term debt ratio.