最低工资与跨区域并购:基于劳动力成本比较优势的视角

Minimum Wage and Cross-regional Mergers and Acquisitions:Drawing on the Perspective of Labour Cost Comparative Advantage

中国最低工资制度带来的劳动力成本在时间和空间上的外生差异,使一些区域的公司产生劳动力成本的比较优势。本文以公司并购决策作为获取比较优势的方式,考察公司劳动力成本比较优势创造的并购协同效应。研究发现由最低工资标准差异带来的劳动力成本比较优势提高了公司作为并购目标方的吸引力,并且并购后公司的劳动力成本显著降低。进一步研究发现目标方劳动力成本比较优势对劳动力依赖程度更高、成本转嫁能力较弱以及所在区域劳动力供给较为缺乏的并购方具有更强的吸引力。本文发现目标方劳动力成本的相对优势可以产生显著为正的并购公告市场反应。本文研究结果为以拓展公司边界来最小化生产成本的并购决策提供了新的理解,对评价最低工资制度的实施效果及最低工资制度的后续改革具有一定启示意义。

Exogenous differences in labour costs caused by China's minimum wage system,both temporal and spatial,have led certain companies in some regions to gain comparative advantages.Using corporate merger and acquisition decisions as an instrument to obtain comparative advantages,this paper examines the synergies in mergers and acquisitions generated by the comparative advantages of corporate labour costs.The study finds that the comparative advantage of labour costs brought about by the difference in minimum wage standards has increased its appeal within companies as a merger and acquisition target.In addition,corporate labour costs can be significantly reduced after mergers.Further research finds that the comparative advantage of target labour costs is more attractive to acquirers with greater labour dependence,weaker price pass-through capacity and a lower labour supply in the region.This paper also finds that the relative advantage of the target labour cost can produce a significantly positive market response to merger and acquisition announcements.The conclusions of this paper provide a novel perspective on decisions made in mergers and acquisitions to extend corporate limits to minimise production costs,and these have certain implications for the actual effects of the minimum wage system and its subsequent reforms.