Since the enrollment expansion of colleges and universities in China from 65438 to 0999, the employment problem of college students has become increasingly serious, the initial employment rate of college graduates and the ratio of supply and demand have been declining, and the employment situation of college graduates is not optimistic, which has aroused widespread concern from all walks of life. This paper summarizes and analyzes the essence of college students' employment from the perspective of economics and sociology, in order to form a clearer understanding of college students' employment. From an economic point of view, it is reflected in the imbalance between supply and demand in the overall labor market, the insufficient effective supply and structural imbalance of higher education, the weakening of the signal function of human capital stock, the difference between the rate of return on investment in higher education and the expected rate of return, the insufficient protection of human capital property rights, the difference between the employment elasticity of economic growth and the ability to absorb employment, and the choice of college students' voluntary unemployment. From the sociological point of view, it is reflected in the defects of social structure, the influence of social capital, the role of social network and social resources, the influence of social consciousness, the defects of social personality and the deviation of professional socialization in China's social transformation. Keywords college students; Employment; Economics; Sociology I. Economic Analysis It is very important to study the employment of college students from the perspective of economics. Many domestic scholars have made an economic and systematic analysis of the employment of college students by using empirical analysis and normative analysis methods. Some of these studies analyze the demand and supply of college graduates and the market equilibrium of college students from the perspective of economic theory; Some use human capital theory and its related human capital signal theory, investment theory and property right theory to study the reasons for college students' employment problems; Some use human capital theory, educational economics and family economics for research; Others extend to development economics, and study the employment of college students from the perspective of the relationship between economic growth and employment elasticity. (1) The overall labor market is unbalanced between supply and demand. The overall situation of labor supply exceeding demand in China cannot be changed in a short period of time, and the severe situation of imbalance between supply and demand constitutes the basic background of college students' employment difficulties. Specifically, the structural dislocation of supply and demand constitutes the structural contradiction of college students' employment, which in turn affects their employment. This dislocation is mainly manifested in the choice of employment area and industry. Chen believes that the overall imbalance between supply and demand in the domestic labor market is the main external factor for college students' employment difficulties. Today, the supply of China's labor market has never been seen since the founding of the People's Republic of China, that is, the fresh graduates, the transfer of rural surplus labor force and the re-employment of laid-off workers have become a huge supply stream in the labor market, which has brought great pressure to the job market in China in a short time. Ding believes that the current employment difficulty of college students is one of the three major employment problems in China, but the employment problem of college students is a common phenomenon in the world and a normal phenomenon, which is not worth making a fuss about. It is reasonable and inevitable for college students to have a certain degree of unemployment, which should be treated correctly without exaggerating the consequences of college students' unemployment. Niu Jinhu believes that the current employment statistics of college students are shrinking due to the too wide range of statistical objects, too narrow statistical caliber and too thick statistical indicators, which artificially exaggerates the difficulty of employment. (II) Insufficient effective supply of higher education and structural imbalance The problem existing in China's higher education is no longer simply a problem of expanding supply, but a problem of how to expand effective supply. In an effective market, the balance between supply and demand of commodities can be adjusted through the price mechanism. However, in the higher education market, the price mechanism is difficult to play its role, leading to structural contradictions. The reason is that supply is mainly controlled by the government. Liu Yuge believes that the monopoly of higher education by the government leads to "market failure" and structural imbalance, the return on investment in individual higher education fails to reach the equilibrium point, and the return on investment in private higher education is too high, which leads to insufficient effective supply of higher education and the decline of the internal quality of college students (the state-owned universities issue unworthy diplomas), which is the fundamental reason for the difficulty of college students' employment. On the surface, the demanders of higher education in China are students or their parents, but the rational educational investment decision-making behavior of students and parents as individual consumers leads to irrational group behavior, which shows that no matter what major or school is overcrowded in the near future, people first consider occupying this social resource and ignoring the opportunity cost, resulting in the seller's market structure of higher education. It is difficult to balance the supply and demand of higher education in the human resources market, which leads to the employment difficulties of college students. (3) The signaling function of human capital stock reflects that according to the signaling theory of human capital, education is only a screening device and plays a signaling role. When higher education gradually enters the stage of popularization, the signal function of university diploma gradually weakens. If a person wants to stand out in the increasingly crowded talent market, he has to further improve his academic level. Under the condition that the signal function of university diploma is weakened, employment choice acts as a signal function to measure the stock of human capital. The market selection mechanism is to match the personal human capital stock with the work level, and the market selection process itself has the human capital stock with the signal of job seekers. Yang Weiguo summarized the employment choice behavior of college students as "the matrix diagram of college students' employment choice", which indicated the combination of administrative levels and regions for colleges and universities to choose employment units. He believes that college students prefer to choose units with high administrative level and big cities for employment. One of the reasons is that employment choice is a signal function to measure the stock of human capital. (4) The return on investment in higher education has declined. According to the theory of human capital investment, going to college is a very important human capital investment behavior, which is influenced by the expected rate of return on investment. As Becker pointed out, "the single most important factor that determines the amount of human capital investment is the profitability or rate of return of this investment." "For any rational person, if the expected rate of return decreases, then the investment in human capital will decrease. If the expected rate of return is lower than other forms of investment, human capital investment will be abandoned and other forms of investment will be chosen instead. It is generally believed that the rate of return on investment in higher education is in a state of continuous decline, which is the most direct reflection of the employment difficulties after enrollment expansion and the simultaneous decline of graduates' salary level. Ma Yang and Zhang believe that no matter which country, regardless of its economic situation, its higher education has a higher rate of return, and the personal rate of return of higher education is basically higher than its social rate of return; However, with the improvement of the national economic situation, the personal rate of return and social rate of return of higher education are on the decline. Tang Zhen believes that the essence of college students' employment difficulty is the process of the decline of the return on investment in human capital, while the decline in the return on investment in education has just begun in China, so it will be a long-term, inevitable and normal phenomenon. Another view is that the return on investment in higher education is on the rise. Wu Keming believes that the income gap between college students and senior high school students in China has been widening since the 1990s. Judging from the employment probability gap between college students and high school students, it also shows an expanding trend. The cold employment has not led to a decrease in the rate of return on college education. Since the 1990s, the rate of return on university education in China has been on the rise, which is the fundamental reason why there is still the phenomenon of university fever under the background of college students' cold employment. The university craze reflects the rational characteristics of people's investment decision on human capital. (E) The property rights of college students' human capital are not fully guaranteed. Property right of human capital refers to the right of human capital owners to use their own human capital in social and economic activities. It is a right bundle composed of a series of human capital rights such as ownership, management right, income right, development right and disposal right. Recognizing the property right of college students' human capital is an important embodiment of the reform of college students' employment system in China. Under the system of "unified national distribution" in the planned economy period, college students have no autonomy in choosing jobs, which seriously limits the realization of their human capital property rights and leads to the loss of the whole social interests. After the reform of the employment system of college students in China, although the property rights of college students' human capital have been realized to a great extent, they are still constrained by many systems, among which the household registration management system is the biggest institutional obstacle facing college students' employment. The factors of household registration system are mainly manifested in three aspects: first, the use of college students by non-state-owned units is still limited by enrollment and household registration indicators; Second, the flow of college graduates across provinces and cities is restricted; Third, the time limit for dispatch. (VI) The employment elasticity of economic growth has different employment absorption capacity. The employment elasticity and employment effect of economic growth in different regions and industries are different, and the employment absorption ability of college graduates is also different. In recent years, some domestic scholars have analyzed the employment situation of higher education in China by studying the employment elasticity and employment effect of economic growth. The research by Yue Changjun and Ding Xiaohao (2003) shows that the employment elasticity of higher education is closely related to the general employment elasticity, but its level is greater than the general employment elasticity; The difference of "relative intensity" of higher education between industries is greater than that between regions; The difference in labor price is an important reason for the uneven distribution of highly educated employees; Several industries with strong employment absorption capacity for college graduates belong to the tertiary industry, and the central and western regions have potential employment absorption capacity for college graduates. Considering employment elasticity and employment effect at the same time, the industries with strong employment absorption ability for college graduates are finance and insurance, state organs, political parties and social organizations, transportation and warehousing, post and telecommunications, and real estate. (7) College students' voluntary unemployment is a rational choice.