| As a labor and social security system,the minimum wage system is widely implemented around the world.In recent years,China ’s minimum wage system has continued to improve and develop,the adjustment range and implementation of minimum wage standards have been continuously strengthened,and its importance to the economy and society has also increased.The original intention of setting the minimum wage standard was to increase the labor compensation of low-income groups and maintain the stable operation of the economy and society.The adjustment of the minimum wage standard will affect macroeconomic variables,including labor costs,and thus have a certain impact on the macroeconomics.However,the relevant researches of scholars at home and abroad mostly focus on the impact of labor costs on economic fluctuations,and the research on the impact of minimum wage standards on economic fluctuations has been neglected.In the context of the gradual disappearance of China’s "demographic dividend" and the economy entering a new normal,it is particularly important to fully reveal the impact and mechanism of the minimum wage standard on economic fluctuations.The thesis first studies the mechanism of the impact of the minimum wage standard on economic fluctuations,and finds that the minimum wage standard affects economic fluctuations through enterprise factor productivity,enterprise exports,and human capital.Secondly,it analyzes the current situation of China’s minimum wage standard and economic fluctuations.Thirdly,based on the 2004-2013 national prefecture-level city panel data,the empirical study of the impact of the minimum wage standard on economic fluctuations shows that:(1)The minimum wage standard has a significant negative impact on economic fluctuations,and there are regional differences.Robustness analysis and endogenous analysis also support the above conclusions.(2)The impact of the minimum wage standard on economic fluctuations is mainly achieved through the three channels of enterprise total factor productivity,enterprise export and human capital.Among them,the enterprise’s export and human capital channels will significantly aggravate the suppression of economic fluctuations by the minimum wage standard;while the enterprise’s total factor productivity has a concealing effect,which will increase economic fluctuations.(3)Further study from the perspective of the heterogeneity of urban micro-enterprises,and found that the negative impact of the minimum wage standard on economic fluctuations differs among different micro-enterprises,mainly through small and micro-enterprises in enterprise size and low-tech enterprises in industry characteristics It shows that there is no obvious difference in property rights of different enterprises.Finally,based on the above research results,combined with the current status of China’s minimum wage standard,in order to promote the steady growth of China’s economy,the following policy recommendations are proposed: to improve the minimum wage standard setting mechanism and achieve differentiated adjustments;to increase the implementation and guarantee of minimum wage standards and improve policies the effect of implementation;strengthen and improve relevant policies to promote the steady increase of total factor productivity of enterprises;maintain the stable development of foreign exports and improve the division of labor in the global value chain;increase human capital investment to adapt to the new demands of the labor market. |
