最低工资标准与制造业产能利用率  

Research on the Impact of Minimum Wages on Chinese Manufacturing Capacity Utilization Rate

作　　者：毛其淋[1,2,3] 杨琦 盛斌[1,2,3] MAO Qilin;YANG Qi;SHENG Bin(Center for Transnationals'Studies,Nankai University;Economic Behavior and Policy Simulation Laboratory,Nankai University;School of Economics,Nankai University)

机构地区：[1]南开大学跨国公司研究中心,天津300071 [2]南开大学经济行为与政策模拟实验室,天津300071 [3]南开大学经济学院,天津300071

出　　处：《金融研究》2023年第9期20-37,共18页Journal of Financial Research

基　　金：国家自然科学基金项目(72203110,72073074);国家社会科学基金重点项目(22AZD054);霍英东教育基金会高等院校青年教师基金项目(171075);南开大学跨国公司研究中心2023年度项目(ctsnk202301)的资助。

摘　　要：本文将最低工资制度改革与制造业产能过剩问题相联系,使用中国企业级微观数据系统地评估了最低工资标准上涨对企业产能利用率的影响及其作用机制。本文发现,最低工资标准上涨显著提升了企业产能利用率,且这一提升效应随最低工资制度实施时期的延长而增强。从异质性上看,最低工资标准上涨的产能利用率提升效应,随最低工资暴露程度(上一期企业平均工资低于所在城市最低工资的差异程度)的提高而增大。另外,最低工资标准上涨对劳动密集型企业产能利用率的提升作用更大。在作用机制上,最低工资标准上涨通过提高企业生产效率、增加员工在职培训、改善企业管理效率以及促进企业对外直接投资等途径促进了企业产能利用率的提升。最后,本文还在城市行业层面进一步研究了最低工资标准上涨对总体产能利用率的影响,发现最低工资标准上涨促进了城市行业总体产能利用率的提升。进一步检验表明,最低工资标准上涨主要通过促进落后产能企业的淘汰提高了资源再配置效率,进而促进了总体产能利用率的提升。Overcapacity has become a deep problem that seriously puzzles China's sustainable economic growth,and it is also the focus of the current macro adjustment.For a long time,our country government attaches great importance to the management and prevention of overcapacity problem.The report to the 20th National Congress of the Communist Party of China pointed out that“we should adhere to the theme of promoting high-quality development and organically combine the implementation of the strategy of expanding domestic demand with deepening supply-side structural reform”.Improving capacity utilization is the fundamental way out of overcapacity and the key to promoting high-quality development.In 2004,China's Ministry of Labor and Social Security adopted and implemented the Provisions on Minimum Wages,which promoted the minimum wage system to all parts of the country,and the minimum wage level in prefecture-level cities has been greatly increased.This paper takes the implementation of the minimum wage system in 2004 as the background,explores the possible path of improving the capacity utilization rate of China's manufacturing industry,and provides new ideas for effectively governing and resolving the problem of overcapacity in the future.These works have important theoretical value and practical significance.We investigate the impact of minimum wage hikes on Chinese firm capacity utilization rate(CUR hereafter)and explore the mechanisms based on Chinese firm level data.We have four main findings to report.First,minimum wage hikes significantly raise firm CUR,and such an impact is increasing as the implementation period of the minimum wage system increases.Second,the heterogeneity analysis demonstrates that the CUR effect of minimum wage hikes is increasing with the treatment intensity.In addition,the promoting impact of minimum wage hikes on firm CUR is more pronounced for labor-intensive firms.Third,we explore the mechanisms through which minimum wage hikes affect firm CUR,and find that minimum wage hikes tend to imp

关 键 词：最低工资标准上涨 产能利用率 企业退出 资源再配置 

分 类 号：D24[政治法律—政治学] J08[政治法律—中共党史] O12[艺术—艺术理论]