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工作论文No.33, Tobias Haepp, etc.

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2015/8/7 13:35:09

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struggle12

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This paper empirically analyzes the impact of the Chinese minimum wage regulations on the firm decision to invest in physical and human capital. We exploit the geographical and inter-temporal variation of county-level minimum wages in a large panel data set of Chinese firms covering the introduction of the new Chinese minimum wage regulations in 2004. In our basic regressions including all Chinese firms, we find significant negative effects of the minimum wage on human capital investment rates and significant positive effects on fixed capital investment rates. When grouping firms by their ownership structure, we find that all company groups - including state-owned and foreign-owned companies - have reduced their human capital investments, while only Chinese privately owned companies have increased their fixed capital investment rates.

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