统计研究

最低工资制度在全国范围内实施后,我国最低工资标准的持续提升究竟对企业资本存量变动和资本劳动要素间替代产生何种影响,是我国制造业转型升级过程中亟待深入研究的重大现实问题。本文首先进行了包含最低工资制度、劳动力成本调整、企业生产效率和要素替代在内的统一框架的理论分析,然后在此基础上利用中国工业企业数据库和各县市级地区最低工资标准的匹配数据,综合采用多种回归方法进行实证检验,得到如下基本结论:制造业企业最低工资标准与企业资本存量、资本劳动比均呈现倒U型关系。进一步对其内在机制进行探究后发现:最低工资标准与制造业企业资本存量的倒U型关系按企业生产效率划分,表现为低效企业的抑制效应和高效企业的促进效应;按劳动密集度划分,表现为劳动密集型企业的倒U型关系和资本密集型企业的负相关关系;按照所有制特征,可划分为国有企业的正相关关系和非国有企业的倒U型关系。本文研究结果为我国最低工资标准制定和制造业企业资本存量变动问题提供了相应的理论支撑与政策建议。

After the implementation of the minimum wage system nationwide,the impact of the continuous improvement of China's minimum wage standard on the changes in the capital stock of enterprises and the substitution of capital-labor factors has become a major practical issue that needs to be further studied in the process of China's manufacturing transformation and upgrading. We first conduct a unified theoretical analysis,taking minimum wage standards,the adjustment of labor cost,the production efficiency,and the factor substitution into account. Based on that,this paper empirically tests the hypothesis derived from the analysis.Using the matched data from Chinese industrial enterprise database and the minimum wage standard of each county and city level,this paper uses a variety of regression methods to obtain the following conclusions: There is an inverted U-shape relationship between minimum wage standard of manufacturing enterprises and the capital stock of enterprises as well as the capital-labor ratio. The further exploration of its internal mechanism reveals:firstly,according to the different production efficiency of enterprises,it can be expressed as the suppression effect on low-efficiency enterprises and the promotion effect on high-efficiency enterprises; secondly,according to the different labor intensity,it can be expressed as an inverted U-shape correlation of labor-intensive enterprises and negative correlation of capital-intensive enterprises; finally, according to the different characteristics of ownership,it can be divided into the positive correlation of state-owned enterprises and the inverted U-shape relationship of non-state-owned enterprises. Combined with relevant empirical results,it provides a theoretical basis and policy recommendations for the minimum wage standard and the change of capital stock of manufacturing enterprises in China.