劳动力成本与资本结构动态调整——基于最低工资标准的分析

Labor Cost and Dynamic Adjustment of Capital Structure:Analysis Based on Minimum Wage

厘清最低工资标准的微观经济后果具有重要的理论与现实意义。本文利用2007~2018年我国A股上市公司作为研究样本,发现最低工资标准的提高会加快企业资本结构的调整速度,且相较于负债不足企业,最低工资标准的提高对过度负债企业资本结构调整速度的影响更大。经济意义上,最低工资标准每增加1元,企业资本结构调整速度平均加快1.05%。进一步地,最低工资标准对企业资本结构调整速度的影响在劳动力依赖程度强的企业中更显著。区分调整方向后发现,最低工资标准对负债不足企业调整速度的正向影响在融资约束程度较轻的样本中更显著,表现为资本替代效应;而对过度负债企业调整速度的正向影响在抗风险能力弱的样本中更显著,表现为风险效应。本文的研究结论不仅补充了最低工资制度与资本结构动态调整的相关研究,还具有一定的政策意义。

It is of great theoretical and practical significance to explore the impact of the minimum wage on the behavior of micro enterprises.Using A-share listed companies in China from 2007 to 2018 as a research sample,this paper finds that the implementation of minimum wage accelerates the speed of capital structure adjustment.Moreover,compared to under-leveraged firms,the impact of minimum wage on the over-leveraged firms’speed of capital structure adjustment is larger.Economically,every 1 yuan increase in the minimum wage will accelerate the speed of capital structure adjustment by 1.05%.Further exploration indicates that the positive effect of minimum wage on the adjustment speed is more significant in firms which are more dependent on workforce.After distinguishing the direction of capital structure adjustment,the paper finds that the positive effect of minimum wage on the adjustment speed of under-leveraged enterprises is more significant in the subsample with less financing constraints,which is consistent with the theory of capital substitution effect.Meanwhile,the positive effect on the adjustment speed of over-leveraged enterprises is more significant in the subsample with weaker risk-resistance ability,which is consistent with the risk effect.The conclusion of this study not only supplements the relevant literatures on the economic consequences of minimum wage and the influencing factors of capital structure dynamic adjustment,but also has certain policy significance.