最低工资标准与企业研发：倒逼还是抑制？

Minimum Wage Standards and Enterprise R&D: Forced or Repressed?

摘要: 企业创新是国家创新的重要组成环节，但现有文献少有自最低工资标准出发，探究促使企业研发的关键因素。基于2012~2018年的上市公司面板数据，本文检验了最低工资标准对企业研发的影响机制，实证结果表明：最低工资标准上调显著抑制了企业研发投入，且这一现象对股权集中度、成长性、员工规模、存续年限相对较高的企业影响更为显著，而企业资产规模则有促进企业研发的倾向。

Abstract: Enterprise innovation is an important part of national innovation, but the existing literature rarely starts from the minimum wage standard and explores the key factors that promote enterprise R&D. Based on the panel data of listed companies from 2012 to 2018, this paper examines the impact mechanism of the minimum wage standard on corporate R&D. The empirical results show that the increase in the minimum wage standard has significantly inhibited corporate R&D investment, and this phenomenon is related to equity concentration and growth. The impact of companies with relatively high staff size and lifetime is more significant, while the scale of corporate assets tends to promote corporate R&D.