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Employment policy is an important factor affecting the employment level of college graduates. Based on the policy documents of the Ministry of education and the text data of the annual report on the employment quality of college graduates from 2015 to 2019, this paper uses the text data analysis method to calculate the policy perception of colleges and universities, and uses the panel regression model to evaluate the policy effect. The study found that the policy perception of colleges and universities often increases gradually with time, and the midland is higher than the eastern and western parts of China. In addition, no matter whether control education investment, policy perception can significantly promote the employment of college graduates. Heterogeneity analysis shows that policy perception has a significant impact on the employment level of graduates from double-world-class universities, eastern colleges and universities and colleges and universities with low employment. Further analysis found that the increase in policy perception of colleges and universities affects the employment level of graduates by promoting direct employment, which is more obvious for double-world-class universities and universities in the eastern region. In addition, the core conclusions remain robust after replacing employment level index, changing policy perception measurement methods, and eliminating the impact of outliers. The conclusion of the study shows that the increase in policy perception can promote the employment level of college graduates. Under the new development paradigm, colleges and universities should closely integrate with national policies, strive to optimize graduate employment and entrepreneurship guidance services, and promote more full employment of graduates.
