关键词: 最低工资, 资本存量, 资本替代劳动

Abstract: After the implementation of the minimum wage system nationwide, the impact of the continuous improvement of China′s minimum wage standard on the changes in the capital stock of enterprises and the substitution of capitallabor factors has become a major practical issue that needs to be further studied in the process of China′s manufacturing transformation and upgrading. We first conduct a unified theoretical analysis, taking minimum wage standards, the adjustment of labor cost, the production efficiency, and the factor substitution into account. Based on that, this paper empirically tests the hypothesis derived from the analysis. Using the matched data from Chinese industrial enterprise database and the minimum wage standard of each county and city level, this paper uses a variety of regression methods to obtain the following conclusions: There is an inverted Ushape relationship between minimum wage standard of manufacturing enterprises and the capital stock of enterprises as well as the capitallabor ratio. The further exploration of its internal mechanism reveals: firstly, according to the different production efficiency of enterprises, it can be expressed as the suppression effect on lowefficiency enterprises and the promotion effect on highefficiency enterprises; secondly, according to the different labor intensity, it can be expressed as an inverted Ushape correlation of laborintensive enterprises and negative correlation of capitalintensive enterprises; finally, according to the different characteristics of ownership, it can be divided into the positive correlation of stateowned enterprises and the inverted Ushape relationship of nonstateowned enterprises. Combined with relevant empirical results, it provides a theoretical basis and policy recommendations for the minimum wage standard and the change of capital stock of manufacturing enterprises in China.

Key words: Minimum Wage, Capital Stock, Capital-Labor Substitution