Research On The Impact Of Minimum Wage Standards On Industrial Enterprises’ Technological Innovation

The minimum wage system is a fundamental system that guarantees low-income workers to safeguard their legitimate rights and interests and optimizes income distribution reform.In 1994,China formally proposed the implementation of the minimum wage guarantee system,and subsequently issued a series of policies to clearly stipulate the scope and range of minimum wage adjustment.So far,the minimum wage standard has covered the whole country,benefiting a substantial increase in the number of people.The continuous rise of the minimum wage standard is not only responsible for safeguarding the legitimate rights and interests of vulnerable groups,but also increasing the labor cost of enterprises.In fact,the widespread implementation of the national minimum wage standard not only has an impact on the low-cost advantages that companies rely on for survival,but also provides important opportunities for companies to change their existing profit models and promote rapid industrial transformation and upgrading.Under the irreversible trend of rising labor costs,companies must seek new profit growth models to alleviate external survival pressure,and innovation may be the best choice for companies to get rid of the current predicament.Based on the above analysis,this article speculates that the implementation of the minimum wage standard will definitely bring about an increase in the cost of employers,and companies are very likely to use technological innovation to meet current challenges,that is,the minimum wage standard has a significant positive effect on the company’s technological innovation.To influence.The rising trend of the minimum wage standard not only implements the livelihood security of low-skilled workers,but also becomes an important driving force for accelerating the pace of technological innovation of enterprises and using the new economic growth model to obtain benefits.This article aims to study the effect of the minimum wage standard on technological innovation of industrial enterprises above designated size.Based on the elaboration of relevant concepts such as minimum wage standards,labor costs,industrial enterprises above designated size,and technological innovation of industrial enterprises above designated size,followed by human capital theory,efficiency wage theory,factor substitution theory,endogenous growth theory,and technological innovation theory as The guidance provided a theoretical analysis of how the minimum wage standard affects the technological mechanism of industrial enterprise technological innovation.Then select the industrial enterprises above designated size from 2009 to 2016 as samples,use STATA11.0 software to establish a multiple regression model,study the correlation between the minimum wage standard and the technological innovation of industrial enterprises above designated size,and finally determine how industrial enterprises above designated size are Some suggestions have been made to get rid of the over-reliance on the elements of low labor costs and improve the technological innovation ability when the minimum wage standard is fully implemented.This article focuses on exploring the mechanism of the minimum wage on the technological innovation of industrial enterprises above the designated size.It has carried out literature review,model building and testing in sequence,and has mainly drawn the following conclusions:(1)In recent years,the minimum wage standards in various parts of the country have shown an upward trend,but There are still significant differences in the minimum wage standards in the eastern and central and western regions.(2)The minimum wage standard has a significant positive impact on the technological innovation input and output of industrial enterprises above designated size.(3)On the one hand,the minimum wage standard affects the input and output of technological innovation of industrial enterprises above the scale through the substitution of capital for labor;on the other hand,it can also use the changes in the cost of human capital to change the technology of industrial enterprises above the scale.Innovation inputs and outputs have an impact.(4)Compared with simply increasing capital expenditure,improving the quality of human capital has a more significant effect on promoting technological innovation by industrial enterprises above designated size.(5)Under the overall background of the full implementation of the minimum wage standard,industrial enterprises above the designated size should recognize the opportunities they bring and realize rapid transformation and upgrading.The possible innovations of this article are as follows: First,the special organizational structure of industrial enterprises above designated size is taken as the research object,which has a certain reference role for the national industrial enterprises in actually dealing with the effect of the minimum wage standard on enterprise technological innovation.The second is to reveal the role of the minimum wage standard,a macro-institutional change,on the technological innovation of micro-enterprises,which has enriched the relevant theories of enterprise technological innovation.Limitations of this article is about the measure of the minimum wage standard scientific needs to be strengthened,probes into the innovation behavior of industrial enterprises above designated size only,in addition,in view of the current minimum wage effects are discussed,and does not take into account the lag,and not to industrial enterprises above designated size according to the type of ownership,with an operations duration of study on segmentation,industry type.