关键词: 外资活动, 最低工资调整, 生产率门槛, 外资撤资, 执行力度

Abstract: The cost effect of minimum wage standard adjustment on enterprises has been widely concerned. However, the effect of minimum wage standard adjustment on the activities of foreign-owned enterprises still lacks of detailed theoretical research and comprehensive micro evidence. This paper constructs a heterogeneous enterprise production and policy-making model considering both entry and exit under the framework of the two countries, and theoretically analyzes the impact and mechanism that the increase of minimum wage standard in the host country improves the entry threshold for foreign investment and thus inhibits foreign-owned enterprise activities. On this basis, we empirically test the impact of the adjustment of minimum wage standard on the activity of foreign entrepreneurship in the entry, exit, survival and decease of foreign enterprises by using the national enterprise credit information, China tax survey and other databases. We find that the increase of minimum wage significantly inhibits the foreign entrepreneurial activity, but has no significant impact on decease, divestment or net entry of foreign-funded enterprises. The increase of the threshold of enterprise productivity is an important mechanism for the minimum wageto affect foreign entrepreneurship. The difference in the enforcement of the minimum wage standard leads to the different effects of the minimum wage standard on entrepreneurial activities between domestic and foreign-owned companies. The study of this paper has important theoretical value and practical significance for accurately assessing the impact of minimum wage on foreign entrepreneurship activities, and discussing how to better “attract foreign capital”, “stabilize foreign investment” and optimize the quality and structure of foreign capital in policy-making.

Key words: Activities of Foreign-owned Enterprise, Minimum Wage Adjustment, Productivity Threshold, Foreign Divestment, Enforcement