最低工资标准上涨与企业金融资产配置

摘要/Abstract

摘要： 基于最低工资标准外生上涨的情景，选取2009-2021年沪深A股非金融上市公司为样本，本文研究了最低工资标准上涨对企业金融资产配置的影响。实证检验发现，最低工资标准增长值每提升一个标准差，企业金融资产配置增量下降幅度相当于样本均值的36.55%。此外，该作用在资本劳动替代弹性较高和成本转嫁能力较弱的企业中更显著，且主要降低“挤出效应”类金融资产配置，对“刺激效应”类金融资产影响不明显。机制检验表明，最低工资标准上涨在降低公司现金流动性的同时还促进资本支出的增加，从而降低金融资产配置。本研究不仅从最低工资标准上涨和企业金融资产配置的视角明晰了实体经济与虚拟经济之间的替代关系，而且为最低工资标准制度的完善与经济“脱实向虚”状况的改善提供有益参考。

关键词: 最低工资标准上涨, 金融资产配置, 劳动保护, 脱实向虚

Abstract: Based on the scenario of the exogenous rise of minimum wage, this paper studies the impact of the rise of minimum wage on corporate financial asset allocation by taking Shanghai and Shenzhen A-share non-financial listed companies from 2009 to 2021 as samples. The empirical test shows that the increment of the minimum wage increases by one standard deviation, and the increment of the enterprise financial asset allocation decreases by a percentage equivalent to 36.55% of the sample mean. In addition, this effect is more significant in the enterprises with high capital labor substitution elasticity and weak cost transfer ability, and mainly reduces the allocation of financial assets exposed to "crowding out effect", but has no significant impact on the financial assets exposed to "incentive effect". The mechanism test shows that the increase of minimum wage promotes the increase of capital expenditure while reducing the cash liquidity of companies, thus reducing the allocation of financial assets. This study not only clarifies the substitution relationship between the real economy and the fictitious economy from the perspective of the rise of the minimum wage, and the allocation of enterprise financial assets, but also provides useful reference for the improvement of minimum wage standard system and the rectification of economic financialization.

Key words: minimum wage increase, financial asset allocation, labor protection, financialization

曹丰, 谷孝颖, 代明. 最低工资标准上涨与企业金融资产配置[J]. 管理评论, 2025, 37(5): 191-205.

Cao Feng, Gu Xiaoying, Dai Ming. Minimum Wage Increase and Financial Asset Allocation[J]. Management Review, 2025, 37(5): 191-205.

参考文献

[1] 刘姝雯,刘建秋,阳旸,等. 企业社会责任与企业金融化:金融工具还是管理工具?[J]. 会计研究, 2019,(9):57-64 Liu S. W., Liu J. Q., Yang Y., et al. Corporate Social Responsibility and Corporate Financialization:A Financial Tool or Management Tool?[J]. Accounting Research, 2019,(9):57-64
[2] 彭俞超,黄志刚. 经济"脱实向虚"的成因与治理:理解十九大金融体制改革[J]. 世界经济, 2018,41(9):3-25 Peng Y. C., Huang Z. G. The Cause and Rectification of Economic "Shifting from Real to Fictitious":Understanding Institutional Reform in the Financial Sector Based on the 19th CPC National Congress Report[J]. The Journal of World Economy, 2018,41(9):3-25
[3] 段军山,庄旭东. 金融投资行为与企业技术创新——动机分析与经验证据[J]. 中国工业经济, 2021,(1):155-173 Duan J. S., Zhuang X. D. Financial Investment Behavior and Enterprise Technological Innovation:Motivation Analysis and Empirical Evidence[J]. China Industrial Economics, 2021,(1):155-173
[4] 杜勇,张欢,陈建英. 金融化对实体企业未来主业发展的影响:促进还是抑制[J]. 中国工业经济, 2017,(12):113-131 Du Y., Zhang H., Chen J. Y. The Impact of Financialization on Future Development of Real Enterprises' Core Business:Promotion or Inhibition[J]. China Industrial Economics, 2017,(12):113-131
[5] 马双,张劼,朱喜. 最低工资对中国就业和工资水平的影响[J]. 经济研究, 2012,47(5):132-146 Ma S., Zhang J., Zhu X. The Effect of Minimum Wage on Average Wage and Employment[J]. Economic Research Journal, 2012,47(5):132-146
[6] 刘行,赵晓阳. 最低工资标准的上涨是否会加剧企业避税?[J]. 经济研究, 2019,54(10):121-135 Liu H., Zhao X. Y. Does Increasing the Minimum Wage Induce Tax Avoidance?[J]. Economic Research Journal, 2019,54(10): 121-135
[7] Geng H. G., Huang Y, Lin C., et al. Minimum Wage and Corporate Investment:Evidence from Manufacturing Firms in China [J]. Journal of Financial and Quantitative Analysis, 2022,57(1):94-126
[8] 胡奕明,王雪婷,张瑾. 金融资产配置动机:"蓄水池"或"替代"?——-来自中国上市公司的证据[J]. 经济研究, 2017,52(1):181-194 Hu Y. M., Wang X. T., Zhang J. The Motivation for Financial Asset Allocation:Reservoir or Substitution? Evidence from Chinese Listed Companies[J]. Economic Research Journal, 2017,52(1):181-194
[9] 徐超,庞保庆,张充. 降低实体税负能否遏制制造业企业"脱实向虚"[J]. 统计研究, 2019,36(6):42-53 Xu C., Pang B. Q., Zhang C. Whether the Reduction of the Real Tax Burden Can Curb the Manufacturing "Shifting from Real to Virtual"[J]. Statistical Research, 2019,36(6):42-53
[10] 曹丰,谷孝颖. 非国有股东治理能够抑制国有企业金融化吗?[J]. 经济管理, 2021,43(1):54-71 Cao F., Gu X. Y. Can Non-state Shareholders Governance Inhibit the Financialization of State-owned Enterprises?[J]. Business and Management Journal, 2021,43(1):54-71
[11] 马双,甘犁. 最低工资对企业在职培训的影响分析[J]. 经济学(季刊), 2014,14(1):1-26 Ma S., Gan L. Minimum Wages and On-job Training[J]. China Economic Quarterly, 2014,14(1):1-26
[12] 李建强,高翔,赵西亮. 最低工资与企业创新[J]. 金融研究, 2020,(12):132-150 Li J. Q., Gao X., Zhao X. L. Minimum Wage and Corporate Innovation[J]. Journal of Financial Research, 2020,(12):132-150
[13] 赵瑞丽,何欢浪. 最低工资标准对企业创新行为的影响——兼论企业间创新资源的再配置[J]. 南开经济研究, 2021, (1):184-204 Zhao R. L., He H. L. The Impact of Minimum Wage Standard on Firm Innovation Behaviors:Evidence on the Reallocation of Innovation Resource[J]. Nankai Economic Studies, 2021,(1):184-204
[14] 刘贯春,张军,陈登科. 最低工资、企业生产率与技能溢价[J]. 统计研究, 2017,34(1):44-54 Liu G. C., Zhang J., Chen D. K. Minimum Wage, Firm's Productivity and Skill Premium[J]. Statistical Research, 2017,34(1):44-54
[15] Hau H., Huang Y., Wang G. Firm Response to Competitive Shocks:Evidence from China's Minimum Wage Policy[J]. The Review of Economic Studies, 2020,87(6):2639-2671
[16] Ni J., Wang G., Yao X. Impact of Minimum Wages on Employment:Evidence from China[J]. The Chinese Economy, 2011,44(1):18-38
[17] Mayneris F., Poncet S., Zhang T. Improving or Disappearing:Firm-level Adjustments to Minimum Wages in China[J]. Journal of Development Economics, 2018,135:20-42
[18] 谷孝颖. 最低工资标准对企业金融资产配置的影响研究[D]. 湖南大学硕士学位论文, 2022 Gu X. Y. Research on the Impact of Minimum Wage Standard on Enterprise Financial Asset Allocation[D]. Master's Thesis of Hunan University, 2022
[19] 张建宇,杨旭,邢晓辉. 最低工资标准会诱发企业金融化吗?——-来自A股制造业上市公司样本的实证检验[J]. 现代财经(天津财经大学学报), 2022,42(9):59-75 Zhang J. Y., Yang X., Xing X. H. Does Minimum Wage Standard Induce Enterprise Financialization? An Empirical Study from A-share Listed Manufacturing Enterprises[J]. Modern Finance and Economics-Journal of Tianjin University of Finance and Economics, 2022,42(9):59-75
[20] Almeida H., Campello M., Weisbach M. S. The Cash Flow Sensitivity of Cash[J]. The Journal of Finance, 2004,59(4): 1777-1804
[21] 顾雷雷,郭建鸾,王鸿宇. 企业社会责任、融资约束与企业金融化[J]. 金融研究, 2020,(2):109-127 Gu L. L., Guo J. L., Wang H. Y. Corporate Social Responsibility, Financing Constraints, and the Financialization of Enterprises [J]. Journal of Financial Research, 2020,(2):109-127
[22] 于连超,张卫国,毕茜. 产业政策与企业"脱实向虚":市场导向还是政策套利[J]. 南开管理评论, 2021,24(4):128-142 Yu L. C., Zhang W. G., Bi Q. Industrial Policy and Enterprises' Transition from Real Economy to Virtual Economy:Market Orientation or Policy Arbitrage?[J]. Nankai Business Review, 2021,24(4):128-142
[23] 刘井建,张冬妮,李惠竹. 中国上市公司金融化与实业投资研究——对金融化动机及监管效应的再检验[J]. 管理评论, 2022,34(1):37-50 Liu J. J., Zhang D. N., Li H. Z. Corporate Financialization and Industrial Investment of Chinese Listed Companies:A Reexamination of the Motives and Regulatory Effects of Financialization[J]. Management Review, 2022,34(1):37-50
[24] Bryan D., Martin R., Rafferty M. Financialization and Marx:Giving Labor and Capital a Financial Makeover[J]. Review of Radical Political Economics, 2009,41(4):458-472
[25] 彭俞超,韩珣,李建军. 经济政策不确定性与企业金融化[J]. 中国工业经济, 2018,(1):137-155 Peng Y. C., Han X., Li J. J. Economic Policy Uncertainty and Corporate Financialization[J]. China Industrial Economics, 2018,(1):137-155
[26] 王红建,曹瑜强,杨庆,等. 实体企业金融化促进还是抑制了企业创新——基于中国制造业上市公司的经验研究[J]. 南开管理评论, 2017,20(1):155-166 Wang H. J., Cao Y. Q., Yang Q., et al. Does the Financialization of Non-financial Enterprises Promote or Inhibit Corporate Innovation[J]. Nankai Business Review, 2017,20(1):155-166
[27] 李馨子,牛煜皓,张广玉. 客户集中度影响企业的金融投资吗?[J]. 会计研究, 2019,(9):65-70 Li X. Z., Niu Y. H., Zhang G. Y. Does Customer Concentration Affect Firm's Financial Investment?[J]. Accounting Research, 2019,(9):65-70
[28] Sen S., Dasgupta Z. Financialisation and Corporate Investments:The Indian Case[J]. Review of Keynesian Economics, 2018,6(1):96-113
[29] 于连超,张卫国,眭鑫,等. 高管从军经历与企业金融化:抑制还是促进?[J]. 科学决策, 2019,(6):20-42 Yu L. C., Zhang W. G., Sui X., et al. Executives' Military Experience and Corporate Financialization:Suppression or Promotion?[J]. Scientific Decision Making, 2019,(6):20-42
[30] Hicks J. R. The Theory of Wages[M]. London:Palyrave Macmillan, 1963
[31] 李馨子,牛煜皓,陈晓. 企业金融资产配置、审计师识别与审计收费[J]. 审计研究, 2019,(3):93-100 Li X. Z., Niu Y. H., Chen X. Financial Asset Allocation, Auditor Identification and Audit Fees[J]. Auditing Research, 2019, (3):93-100
[32] 杜勇,眭鑫. 控股股东股权质押与实体企业金融化——基于"掏空" 与控制权转移的视角[J]. 会计研究, 2021,(2): 102-119 Du Y., Sui X. Controlling Shareholder Equity Pledge and Real Enterprise Financialization:From the Perspective of Tunneling and the Risk of Losing Control Rights[J]. Accounting Research, 2021,(2):102-119
[33] 陈登科,陈诗一. 资本劳动相对价格、替代弹性与劳动收入份额[J]. 世界经济, 2018,41(12):73-97 Chen D. K., Chen S. Y. Capital-Labour Relative Price,Substitution Elasticity and Labour Income Share[J]. The Journal of World Economy, 2018,41(12):73-97
[34] 叶振宇. 劳动力成本上涨、劳动力"三大变革"与中国制造业企业退出[J]. 经济学动态, 2021,(4):54-67 Ye Z. Y. Rising Labor Costs, "Three Revolutions" of Labor and Manufacturing Firm Exit in China[J]. Economic Perspectives, 2021,(4):54-67
[35] 潘凌云,董竹. 税收激励与企业劳动雇佣——来自薪酬抵税政策的"准自然实验"[J]. 统计研究, 2021,38(7):100-111 Pan L. Y., Dong Z. Tax Incentives and Corporate Employment:A Quasi-natural Experiment from Payroll Tax Policy[J]. Statistical Research, 2021,38(7):100-111
[36] 江艇. 因果推断经验研究中的中介效应与调节效应[J]. 中国工业经济, 2022,(5):100-120 Jiang T. Mediating Effects and Moderating Effects in Causal Inference[J]. China Industrial Economics, 2022,(5):100-120
[37] 胡国柳,裘益政,黄景贵. 股权结构与企业资本支出决策:理论与实证分析[J]. 管理世界, 2006,(1):137-144 Hu G. L., Qiu Y. Z., Huang J. G. Equity Structure and Corporate Capital Expenditure Decision:Theoretical and Empirical Analysis[J]. Journal of Management World, 2006,(1):137-144
[38] 胡楠,薛付婧,王昊楠. 管理者短视主义影响企业长期投资吗?——-基于文本分析和机器学习[J]. 管理世界, 2021,37(5):139-156 Hu N., Xue F. J., Wang H. N. Does Managerial Myopia Affect Long-term Investment? Based on Text Analysis and Machine Learning[J]. Journal of Management World, 2021,37(5):139-156