The Impact Of The Improvement Of The Minimum Wage Standard On The Innovation Efficiency Of Chinese Enterprises

The minimum wage system is an important measure for the state to intervene in the labor market,which is of positive significance to protect the legitimate rights of low-income groups and also affects the behavior of enterprises.Whether the rise of the minimum wage can promote the innovation efficiency of enterprises has not been unanimously concluded.To clarify the relationship between the minimum wage and the innovation efficiency of enterprises,we can deeply understand the economic meaning of the minimum wage policy,so that the minimum wage standard can adapt to the development of social economy,and more scientifically provide policy support for the development of enterprises.Based on Shanghai and Shenzhen A-share microenterprise data,combined with the macro-economic data of each province(city,district),this paper discusses the relationship between the minimum wage standard and the innovation efficiency of enterprises through empirical analysis,explains and tests the mechanism of action,and finally puts forward corresponding recommendations.This paper collects the data of the minimum wage standard of 31 provinces(cities,districts)from 2004 to 2018,and calculates the annual minimum wage standard by weighting according to the length of the adjustment time.On the basis of combing the relevant research at home and abroad,this paper constructs the theoretical framework,abstracts the impact mechanism of the minimum wage standard on the innovation efficiency of enterprises,and puts forward the corresponding hypothesis proposition.Then,data envelopment analysis(DEA)is used to build an input-output index system based on DEA-Malmquist index to measure the innovation efficiency of enterprises,and analyze the current situation and changing trend of innovation efficiency of enterprises.Among them,the R & D expenditure and the number of technical personnel are taken as innovation input indicators,and the number of patent applications is taken as innovation output indicators.After obtaining the measurement results of enterprise innovation efficiency,using the panel data of 1036 Shanghai and Shenzhen A-share listed companies in China from 2012 to 2017,this paper empirically analyzes the impact of the improvement of minimum wage standard on enterprise innovation efficiency,and tests the robustness of the model by replacing the core explanatory variables and using different estimation methods.Based on the availability of data and the feasibility of empirical research,this paper selects three mechanisms: factor substitution,human capital and efficiency wage,which are measured by three indicators: per capita capital,proportion of employees with bachelor's degree or above and average wage.Finally,the heterogeneity test is carried out.According to the ownership,location,capital density,scale and average wage level,the samples are grouped and regression analysis is carried out.The results show that:(1)From 2004 to 2018,China's minimum wage standard has entered a period of short adjustment cycle and large adjustment range since the implementation of the new regulation,but it is slower than the growth rate of average wage and per capita GDP on the whole,and has not yet reached the reasonable range stipulated by the international labor organization.At present,the minimum wage standard varies greatly in different regions.Some regions cannot adjust it at least once every two years according to regulations;(2)From 2011 to 2017,the overall innovation efficiency of Chinese enterprises showed a growth trend,with an average growth rate of 15.9%,which was mainly due to the contribution of 36.7% increase in technology level,while the technical efficiency decreased by 13.3% during this period;(3)There is a significant positive correlation between the minimum wage standard and innovation efficiency.For every 10% increase in the minimum wage,the innovation efficiency of enterprises will be increased by 1.58%.Enterprise scale,average wage,regional economic development level,population scale and regional human capital also significantly improve the innovation efficiency of enterprises,while government subsidies significantly reduce the innovation efficiency of enterprises;(4)When replacing the monthly minimum wage with the hourly minimum wage,the result is identical with the third point;(5)The minimum wage is applied to the innovation efficiency of enterprises through three mechanisms: element substitution,human capital and efficiency wage.The rise of the minimum wage standard improves the capital density,the number of employees with bachelor degree and above and the average wage level of the enterprise,thus promoting the innovation efficiency of the enterprise;(6)For different types of enterprises,there are differences in the promotion effect of minimum wage on innovation efficiency.The minimum wage plays a more significant role in enterprises in the central and western regions,capital intensive enterprises,and enterprises with lower average wage level,but there is no significant difference between state-owned and non-state-owned enterprises.The increase of enterprise scale will also enhance the promotion of minimum wage on enterprise innovation efficiency,but when the scale exceeds a certain limit,the promotion will not further increase.Based on the research results,this paper puts forward corresponding policy suggestions:(1)The establishment of the minimum wage standard should be in line with the local economic development level,so as to protect the legal rights of local low-income groups;(2)Enterprises should pay attention to the rational allocation and effective utilization of innovation resources while increasing the investment of innovation funds and personnel;(3)The formulation of innovation policies should be adapted to local conditions and be consistent with the characteristics of enterprises.The possible innovations of this paper are:(1)Perspective innovation.The existing research in the field of minimum wage pays more attention to its impact on the labor market,such as employment and wage level,while the research on the impact of minimum wage on enterprise behavior pays more attention to the impact on enterprise export behavior and labor productivity,rarely involving the impact on enterprise innovation;(2)Method innovation.In the existing research,the single index of input or output is often used to measure the innovation of enterprises.In this paper,data envelopment analysis(DEA)is used to measure the innovation efficiency of enterprises.