報告書番号

Y96012

タイトル（和文）

グローバル化の進展と個別企業の雇用調整－企業財務データを用いた実務分析－

タイトル（英文）

EMPLOYMENT ADJUSTMENT AT COMPANY-LEVEL IN JAPAN

概要 （図表や脚注は「報告書全文」に掲載しております）

経済グローバル化の進展により，企業は日本的経営の見直しを迫られており，終身雇用や年功賃金といった日本的雇用慣行が崩れるといった議論がある。本研究は企業財務データを用いて雇用調整速度を計測し，日本的雇用慣行の変容に関する考察を行った。実証分析の結果，個別企業の雇用調整は従来考えられているよりもダイナミックに行われていることがわかった。また，海外生産比率の高い産業ほど雇用調整速度が速く，経済グローバル化によって企業は世界基準の経営を迫られているといえる。近年ではグローバル化による国内雇用の空洞化を防ぐために労働市場流動化が叫ばれているが，企業の雇用調整はダイナミックに行われていることから労働市場の流動化がどれだけ空洞化を防ぐ策となるかは不明である。むしろ，新規産業の創造とそれによる新規雇用の拡大を可能とする積極的政策が望まれる。

概要 （英文）

PREVIOUS STUDIES ON DYNAMIC LABOR DEMAND MOSTLY USED MACRO-AGREGATED DATA AND FOUND:(1)THE ADJUSTMENT SPEED FOR EMPLOYEES ESTIMATED IN MAN-HOUR-TERMS IS FASTER THAN THAT ESTIMATED IN MAN-TERMS;(2)THE ADJUSTMENT SPEED IN SMALL FIRMS IS FASTER THAN IN LARGER FIRMS;AND(3)THE ADJUSTMENT SPEED IN JAPAN IS SLOWER THAN IN THE USA FORBOTH CASES. THESE FATCS HAVE BEEN EXPLAINED BY THE DIFFERENCE IN ADJUSTMENT COSTS BETWEEN MAN-HOUR-TERMS VS. MAN-TERMS,SMALLFIRMS VS. LARGER FIRMS, AND JAPAN VS. THE USA IN THIS REGARD, AN EXAMPLE IS THE SLOWER MAN-TERM ADJUSTMENT SPEED IN JAPAN DUE TO THE HIGHER LEVEL OF HUMAN CAPITAL INVESTMENT IN JAPANESE LARGE FIRMS COMPARED TO THE USA. THE PURPOSEOF THIS PAPER IS TO INVESTIGATE EMPIRICAL EVIDENCE OF COMPANY LEVEL EMPLOYMENT ADJUSTMENT IN JAPAN BY USING JAPAN DEVELOPMENT BANK FINANCIAL DATA FOR 1493 JAPANESE FIRMS. THE MAJOR FINDINGS ARE AS FOLLOWS: FIRST,THE ESTIMATED EMPLOIMENT ADJUSTMENT SPEEDS ARE HIGHER AT COMPANY LEVELTHAN AT MACRO-AGGREGATED-LEVEL. THIS IS EXPLAINED BY THE FACT THAT FIRMS BEHAVIOR IN EMPLOYMENT ADJUSTMENT IS AFFECTED NOT ONLY BY MACRO SHOCKS,BUT ALSO BY FIRM-SPECIFIC SHOCKS,SUCH AS FLUCTUATING SALES OF PRODUCTS,DIFFERENT MANAGEMENT SKILLS BETWEEN FIRMS,ETC. THE RESULT SUGGESTS THE IMPORTANCE OF MICRO-LEVEL IMPACTS ON EMPLOYMENT ADJUSTMENT,WHICH ARE LARGELY OVERLOOKED WHEN ONLY MACRO-AGGREGATED DATA ARE UTILIZED. SECOND, TO INVESTIGATE TO WHAT EXTENT THE ADJUSTMENT SPEED HAS CHANGED OVERTIME, DYNAMIC, LABOR DEMAND FUNCTIONS WERE ESTIMATED FOR ONE EXPANSIONPERIOD(FROM 1985 TO 1991 IN JAPAN)AND FOR TWO RECESSION PERIODS(1981-1984 AND 1991-1994). THE RESULTS SHOW:(1)FASTER ADJUSTMENT IN SLUMP THANIN BOOM;AND)(2)SMALLER VARIATION OF FIXED EFFECT OF FIRMS IN SLUMP THAN IN BOOM, SUGGESTING THAT MACRO SHOCKS AFFECT FIRMS EMPLOYMENT ADJUSTMENT MORE SERIOUSLY IN RECESSIONS. IN PARTICULAR, IT WAS OBSERVED THAT FIRMS EMPLOYMENT ADJUSTMENT SIMULTANEOUSLY MORE OCURRED IN THE LAST RECESSION THAN THE FORMER. THIRD, REGARDI

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