最低工资标准能否抑制新僵尸企业的形成  

Does Minimum Wage Standard Inhibit the Formation of New Zombie Firms

作　　者：蒋灵多[1] 陆毅[2] 

机构地区：[1]中国人民大学商学院 [2]清华大学经济管理学院

出　　处：《中国工业经济》2017年第11期118-136,共19页China Industrial Economics

基　　金：国家自然科学基金面上项目"异质企业框架下贸易自由化的福利效应评估与福利增进型贸易政策研究"(批准号71573278);国家自然科学基金青年项目"垄断竞争框架下进口贸易利得的测算及其在中国贸易实践中的应用研究"(批准号71203239);中国人民大学2015年度拔尖创新人才培育资助计划成果

摘　　要：在深化供给侧结构性改革及妥善处置僵尸企业过程中,谨防新僵尸企业形成与处置现有僵尸企业同等重要。本文基于1998—2007年中国工业企业数据、城市统计年鉴数据与城市最低工资数据,利用2004年中国《最低工资规定》颁布这一准自然实验,构建双重差分模型探讨最低工资标准对新僵尸企业形成的影响。研究表明,样本期内僵尸企业平均占比为13.92%;不同行业及不同所有制样本的僵尸企业占比存在明显差异;最低工资标准显著抑制了新僵尸企业的形成,且结果十分稳健。最低工资标准促使企业精简雇佣人员实现内部结构调整,提高企业生产率、利润率并降低企业负债率,从而抑制僵尸企业的形成;最低工资标准对异质企业新僵尸企业的形成具有不同影响,更大程度作用于劳动密集型行业企业及国有企业与民营企业;此外,最低工资标准还有利于对现有僵尸企业的妥善处置。政府应更多运用市场机制处置僵尸企业并进一步深化国有企业改革,促进社会资源的优化配置,推动中国经济的健康稳定发展。In the process of deepening the supply-side structural reform and properly disposing zombie firms, to reduce the formation of new zombie firms and to dispose the existing zombie firms are of equal importance. We take the minimum wage regulation promulgated in 2004 as a quasi-natural experiment and adopt a DID model with Chinese firm-level panel data, city-level data and city minimum wage data over the period 1998- 2007 to investigate the impact of minimum wage standard on the formation of new zombie firms. Results reveal that the average proportion of zombie firms during the period is 13.92%; the proportions are different in different industries and different systems of ownership. Minimum wage standard inhibits the formation of new zombie firms significantly, and the result is robust. The path to the minimum wage standard effect is internal structure adjustment by downsizing employees which will improve the firms＇ productivity and profitability and lower the firms＇ liability ratio. Minimum wage standard has different effects on heterogeneous firms. It has greater impacts on labor-intensive industry firms and on state-owned and private firms. Besides, it is also conducive to the disposal of the existing zombie firms. The government should make better use of market mechanisms to dispose zombie firms and further deepen the reform of state-owned firms to optimize the allocation of social resources, so as to promote the healthy and stable development of Chinese economy.

关 键 词：最低工资标准 僵尸企业处置 内部结构调整 双重差分模型 

分 类 号：F270[经济管理—企业管理]