摘要
本文以外生制度成本冲击——最低工资制度作为准自然实验,选择2000-2017年中国制造业上市公司为样本,研究最低工资制度对实体企业金融化的影响及其作用机理。实证检验结果表明:最低工资制度显著促进实体企业金融化,且实体资产与金融资产间利润率差距越大以及劳动密集型程度越高,最低工资制度对企业金融化的促进效应越明显。平均最低工资标准自然对数每增加1个标准差,企业金融化水平约增加14.38%个标准差。进一步检验发现:企业平均工资水平与当地最低工资标准的差距越小、企业向市场成本转嫁难度越大以及《劳动合同法》实施之后,最低工资制度对企业金融化的促进效应越强。进一步讨论表明:最低工资标准的提高会加剧企业金融化对企业价值的负面效应。以上研究结论对挖掘外生制度成本冲击下实体企业金融化背后所蕴涵的企业策略性动机,进而为破解实体经济过度金融化的制度诱因具有重要的理论价值与现实意义。
This study examines the exogenous institutional impact of minimum wage policy on enterprise financialization in China.Empirical results show that an increased minimum wage significantly promotes the financialization of real enterprises.Moreover,the impact is more pronounced in enterprises characterized by a more significant profit margin gap between tangible and financial assets and higher degrees of labor-intensiveness.In particular,when the natural logarithm of the average minimum wage standard increases by one standard deviation,the financialization level of enterprises increases by 14.38%.Further tests reveal that the promotional effect of the minimum wage on the financialization of enterprises tends to be more substantial under the following circumstances:(i)a smaller gap exists between an enterprise’s average wage and the local minimum wage;(ii)an enterprise finds it more challenging to pass on costs to the market;(iii)following the implementation of the Labor Contract Law.Further investigation indicates that raising the minimum wage exacerbates the adverse effects of enterprise financialization on corporate value.The above findings have both significant theoretical value and practical significance for uncovering the strategic motives behind the financialization of enterprises under the impact of exogenous institutional costs.This study aids in deciphering the institutional incentives for excessive financialization of the real economy.
出处
《会计研究》
CSSCI
北大核心
2022年第10期115-128,共14页
Accounting Research
基金
国家自然科学基金(71962020,72072079)的资助
关键词
成本冲击
利润率差距
企业金融化
Cost Shocks
Margin Gap
Enterprise Financialization
