最低工资标准与家庭风险性金融资产投资——基于CHFS微观数据的经验证据

Minimum Wage Standards and Household Investment in Risky Financial Assets——Empirical Evidence Based on CHFS Microdata

采用中国家庭金融调查2015—2019年数据,检验最低工资标准提升对家庭风险性金融资产投资的影响及其作用机制。实证结果表明,最低工资标准提升会促进家庭进行风险性金融资产投资,进而提高家庭风险性金融资产投资深度。机制分析发现,提高低收入群体家庭收入和健康水平是最低工资标准提升影响家庭风险性金融资产投资的重要渠道。异质性分析表明,在城镇、国有经济发展水平较高地区以及签订正规劳动合同家庭中最低工资标准的影响效应更为明显。因此,建议进一步完善最低工资标准调整机制,健全社会保障体系,优化国有经济布局,合理降低民营企业负担,以此引导低收入群体合理配置风险性金融资产,拓宽其增收渠道。

This study adopts data from the China Household Finance Survey spanning from 2015 to 2019 to investigate the impact of an increase in the minimum wage standards(standards) on household investment in risky financial assets and the underlying mechanisms involved.The empirical findings reveal that an increase in the standards stimulates households to engage in this type of investment,consequently leading to an escalation in the depth of such investments.Mechanism analysis documents that improving the income and health levels of low-income households serves as an important avenue through which the increase in the standards affects household investment in such assets.Heterogeneity analysis determines that the impact of such standards is more pronounced in urban areas,regions with higher levels of state-owned economic development,and households with formal labor contracts.Therefore,the mechanism for adjusting the standards should be further improved,the social security system strengthened,the distribution of state-owned enterprises optimized,and the burden on private enterprises reasonably reduced.This will steer low-income groups to allocate risky financial assets properly and broaden their channels for income growth.