最低工资与全要素生产率:机制讨论与经验证据

Minimum Wages and Total Factor Productivity:Mechanism Discussion and Empirical Evidence

最低工资标准逐年上调导致企业劳动力成本不断上升,其对我国企业全要素生产率影响存在争议。将2012—2019年全国405个地级市最低工资标准数据和中国上市公司数据匹配,从要素替代和技术替代效应两个视角探讨其内在影响机制。研究发现:最低工资上调会降低企业的全要素生产率;最低工资对企业全要素生产率挤出效应表现为国有企业和融资约束程度越高的企业挤出效应更强,中部地区的挤出效应强于东部地区;最低工资标准越高,企业越倾向于通过要素替代和技术替代来改变生产效率。研究对提高全要素生产率和实现经济高质量发展具有重要参考意义。

The yearly increase of the minimum wage standard leads to the constant rise of labor cost,and its impact on the total factor productivity of Chinese enterprises is controversial.This paper matches the minimum wage standard data of 405 prefecture-level cities in China from 2012 to 2019 with the data of listed companies in China,and discusses its internal influencing mechanism from the perspectives of factor substitution and technology substitution effect.The findings are as follows:the increase of minimum wage will reduce the total factor productivity of enterprises.The squeezing effect of minimum wage on total factor productivity of enterprises shows that the squeezing effect of state-owned enterprises and enterprises with higher degree of financing constraint is stronger,and the squeezing effect of central regions is stronger than that of eastern regions.The higher the minimum wage standard,the more inclined enterprises are to change production efficiency through factor substitution and technology substitution.This study has important reference significance for improving total factor productivity and realizing high-quality economic development.