Using the implementation of the Labor Contract Law as a natural experiment, this paper empirically analyzes the impacts of Chinas labor protection on corporate leverage differentiation. The results show that the implementation of the “Labor Contract Law” will promotes the leverage level of stateowned corporations and reduces the leverage level of nonstateowned corporations and mainly affects the shortterm leverage. What's more, the impacts are more obviously in more laborintensive corporations. From the perspective of the mechanism, the increase in labor protection mainly affects the corporations leverage by affecting the labor management flexibility of corporations. However, for stateowned corporations, the impact of changes in labor management on leverage is not obvious. Local government intervention is the main reason that the increase of labor protection promotes stateowned corporations' leverage.

 labor protection , leverage , laborintensive , local government intervention

本文以《劳动合同法》为准自然实验实证分析了我国劳动保护增强对企业杠杆分化的影响。结果表明，劳动保护增强会导致国有企业杠杆率上升和非国有企业杠杆率下降。该影响主要体现在短期杠杆上，且随企业劳动密集度的提高而增强。劳动保护增强主要通过影响企业的劳动经营弹性作用于企业杠杆水平，但对于国有企业而言，劳动经营弹性的变动对企业杠杆水平的影响并不明显，地方政府干预是导致国有企业杠杆率上升的主要原因。