| With the continuous promotion of reform and opening up,China's manufacturing industry has developed rapidly by virtue of cost advantages,and has rapidly become an important engine of China's economic development,which has a tremendous role in promoting China's economic growth.Therefore,the development of manufacturing industry has always been the key to China's total economic development.However,the slowdown of population growth and the acceleration of social aging make the supply and demand of the labor market in China unbalanced.This is manifested in the phenomenon of "shortage of migrant workers" periodically appearing in coastal areas in recent years.The occurrence of this phenomenon has promoted the gradual rise of the overall labor cost in China,and also made domestic scholars begin to pay attention to the development of China's labor market.On the one hand,the rise of labor cost will weaken the cost advantage of manufacturing industry and reduce the profits of enterprises,thus hindering the development of manufacturing enterprises.On the other hand,it will reverse stimulate enterprises to cope with this pressure by increasing cost pressure,which is conducive to the transformation and development of manufacturing industry.This paper is based on the latter viewpoint.Firstly,this paper analyses the current situation of labor cost and manufacturing innovation in China,and finds that the average wage of manufacturing industry in China keeps rising all the time,and the wage levels in different regions are quite different.At the same time,manufacturing enterprises in China have entered an active period of innovation and annual R&D investment.Both input and output increased steadily.Secondly,through the analysis and summary of the literature related to the rise of labor costs and enterprise innovation,the mechanism of the impact of the rise of labor costs on Innovation Incentives of manufacturing enterprises in China is refined.Finally,we construct a fixed effect model of panel data of Listed Companies in manufacturing industry in Shanghai and Shenzhen A-share markets from 2011 to 2017 to empirically test the impact of rising labor costs on Innovation Incentives of manufacturing enterprises in China.In the empirical process,it also examines the two mechanisms of factor substitution effect and human capital promotion effect caused by the impact of rising labor costs on enterprises' innovation incentives.At the same time,according to the different effects of rising labor costs on heterogeneous enterprises,enterprises are divided according to different industries and regions,and the differential effects of rising labor costs on heterogeneous enterprises are empirically analyzed.The model is built by dealing with endogenous problems and changing variables.Robustness test.The results show that:(1)The rise of labor costs can have an impact on Innovation Incentives of manufacturing enterprises.(2)The rise of labor cost has an impact on Innovation Incentives of manufacturing enterprises through factor substitution effect and human capital promotion effect,and the impact of factor substitution effect on innovation incentives is greater than that of human capital promotion effect.(3)The impact of rising labor costs on Innovation Incentives of manufacturing enterprises occurs only in capital-intensive,technology-intensive industries and the eastern region,but not in labor-intensive industries and the central and Western regions.Based on the above research conclusions,this paper puts forward the following suggestions:(1)First of all,we should correctly understand the beneficial role of China's manufacturing industry brought about by the rising labor cost in the next development,and we need to actively respond to it.(2)Secondly,for heterogeneous enterprises,it is necessary to formulate differentiated and targeted innovation incentive policies.For example,we should properly support labor-intensive enterprises and encourage high-quality personnel to enter the industry.(3)Finally,it is necessary to speed up the marketization of the central and western regions so as to increase the labor cost "naturally" and accelerate the introduction of innovative talents in the central and western regions so as to exert the influence of innovation incentives.The possible innovations of this paper are as follows:(1)From the perspective of market demand,this paper elaborates the theoretical analysis of the impact of rising labor costs on Innovation Incentives of manufacturing enterprises in China;at the same time,from the perspective of innovation supply,the paper separately validates the two formation mechanisms proposed;these are the further improvement and enrichment of the research in this respect.(2)The data of listed companies are used in this paper.Compared with the data of other enterprises,the financial statements of listed companies cover more abundant data,and the data are updated and the time span is larger,which are conducive to the accuracy of the research results. |
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