最低工资标准与企业金融化

Minimum Wage and Corporate Financialization

最低工资标准作为一项劳动力权益保护制度,会深刻影响企业投资行为。文章以中国2010-2019年A股上市公司为样本,研究最低工资标准对企业金融化的影响。研究表明,最低工资标准会提高企业金融化程度。机制检验发现,最低工资标准通过增加金融和实体投资收益率差距、企业现金流波动和企业融资约束程度影响企业金融化。进一步研究发现,相较于长期金融资产,最低工资标准对短期金融资产的影响更显著。在劳动密集度较高、产品市场势力较弱的企业中,最低工资标准对金融化的影响更显著。研究丰富了劳动经济学与公司金融领域理论,同时对制定最低工资标准和防范企业“脱实向虚”有明显的政策含义。

As a labor rights protection policy,the minimum wage can profoundly affect corporate investment behavior.Using a sample of A-share listed companies in China from 2010 to 2019,this paper studies the impact of the minimum wage on the corporate financialization.The research finds that the minimum wage increases the degree of corporate financialization.The mechanism test shows that the minimum wage affects corporate financialization by increasing the gap of returns on financial investment and real investment,corporate cash flow volatility,and the degree of corporate financing constraints.Furthermore,the minimum wage has a more significant impact on short-term financial assets compared to long-term financial assets.The effect of the minimum wage on financialization is more pronounced in enterprises with higher labor intensity and weaker product market power.This paper enriches research in the fields of labor economics and corporate finance and has clear policy implications for formulating minimum wage and preventing enterprises from the substantial to fictitious.