外资并购对提高工人工资的影响研究——基于制造业企业的分析

Influence of Foreign M&A on Wages of Manufacturing Workers:An Analysis Based on Manufacturing Enterprises

本文使用1999-2007年中国制造业企业面板数据研究以并购方式进入的外资企业对被并购企业工人工资的影响。基于稳健的倍差估计和分位数回归分析发现,在剔除个体固定效应之后仍然存在外资进入的工资溢价,但是这种溢价具有一定时滞。事实上外资并购进一步提高了在被并购之前就实行高工资政策企业和资本密集企业的平均工资收入,低工资企业和劳动密集企业的人均工资水平在短期内不受外资并购影响。

This paper uses panel data of Chinese manufacturing enterprises from 1999 to 2007 to estimate the impact of foreign enterprises with M＆A en- trance on the average wage of the according enterprises. Based on robust differ- ence-in-difference estimators and the quantile regression study, this study finds a foreign ownership wage premium after excluding the enterprises＇ fixed effects, but a time lag is also detected for this premium. In fact, foreign M＆A enhances the average wages of enterprises with higher wages and a stronger capital-inten- sive characteristic before the M＆A, while it does no enhance those of enterpris- es characterized by lower wages and stronger labor-intensive characteristic.