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本文使用企业层面的面板数据以及课题组人工搜集的县级最低工资数据,估计了最低工资政策对企业利润率的影响。企业无疑会根据最低工资的变化而进行相应调整,但这一调整通常不是瞬时完成的。因此,本文使用了包含滞后期最低工资的动态面板模型。为估计最低工资政策对企业利润率的异质性影响,本文还估计了分位数回归动态面板模型。估计结果表明,在利润率的整个条件分布上,当期最低工资对企业利润率都具有负向影响。滞后期最低工资对企业利润率的影响在第5、10和15个条件分住点上是正的,但在第90和95个条件分位点上是负的;对其他条件分位点而言,滞后期最低工资对企业利润率没有影响。综合考察当期和滞后期最低工资的作用可以发现,最低工资对企业利润率的影响在第5个分位点以及第40个分位点之后的分位点都是负的,而且这一负向影响的绝对值随着条件分位点的提高而上升。对于其他条件分位点而言,当期和滞后期最低工资对企业利润率的影响并不显著。
In this paper, we use the panel data of the enterprise level and the county-level minimum wage data collected manually by the research group to estimate the impact of the minimum wage policy on the enterprise profit rate. Companies will undoubtedly adjust to changes in the minimum wage, but this adjustment is usually not instantaneous. Therefore, we use a dynamic panel model that includes the lagged minimum wage. In order to estimate the heterogeneity of the profit rate of the enterprise by the policy of minimum wage, the quantile regression model of dynamic panel is also estimated. The estimation results show that the current minimum wage has a negative impact on the profit rate of the enterprise over the entire conditional distribution of the profit rate. The impact of the lagged minimum wage on firm profitability is positive at the 5th, 10th, and 15th conditional points, but negative at the 90th and 95th conditional points; for other conditional points , The lagging minimum wage has no effect on the profit rate of the enterprise. A comprehensive study of current and lagging minimum wage effect shows that the effect of the minimum wage on the profitability of the enterprise is negative at the fifth and the 40th sub-quantile, and the negative The absolute value of the effect increases with increasing sub-locus. For other conditional sub-sites, current and lagged minimum wage impact on corporate profit margins is not significant.