Minimum Wage Standard, Foreign Capital Entry and Export Product Quality of Chinese Domestic Enterprises
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摘要: 利用中国工业企业数据库和海关数据库的匹配数据,研究最低工资标准对外资进入影响中国内资企业出口产品质量的调节效应。结果表明:外资进入明显抑制了内资企业出口产品质量的提升,但最低工资标准明显减弱了此抑制效应;进一步的细化分析表明,最低工资标准明显减弱了外资进入对内资企业出口最高质量和出口最低质量的抑制效应,体现出技术升级效应和补齐短板效应;异质性分析显示,最低工资标准明显减弱了外资进入对内资企业一般贸易出口产品质量的抑制效应,但对外资进入影响加工贸易出口产品质量无明显调节效应,并且在更大程度上减弱了外资进入对非国有和高生产率内资企业出口产品质量的抑制效应;中介效应检验证实最低工资标准通过提升进口产品质量渠道和促进自主创新渠道减弱了外资进入对内资企业出口产品质量的抑制效应。Abstract: Based on the matched data of China industrial enterprise database and customs database, this paper investigates the moderating effect of the minimum wage standard on the impact of foreign capital entry on the export product quality of Chinese domestic enterprises. The results show that foreign capital entry has significantly inhibited the quality of export products of domestic enterprises, but the minimum wage standard has significantly weakened the inhibitory effect. Further detailed analysis shows that the minimum wage standard can significantly weaken the negative inhibitory effect of foreign capital entry on the highest and lowest export quality of domestic enterprises, reflecting the effect of technology upgrading and complementing the short board. Heterogeneous analysis indicates that the minimum wage standard significantly weakens the inhibitory effect of foreign capital entry on the quality of export products of domestic enterprise in common trade, but has no significant regulatory effect on the impact of foreign capital entry on the quality of export products of processing trade, and weakens the inhibitory effect of foreign capital entry on the quality of export products of non-state-owned and high-productivity domestic enterprises to a greater extent. The mediating effect test confirms that the minimum wage standard weakens the inhibitory effect of foreign capital entry on the quality of export products of domestic enterprise through improving the quality of import products and promoting independent innovation channels.
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Key words:
- minimum wage standard /
- foreign capital entry /
- domestic enterprise /
- export product quality /
- export /
- product quality /
- regulatory effect /
- trade
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表 1 主要变量统计特征描述
变量 观察数 均值 标准差 最小值 最大值 tqualityijht 195 515 0.466 0.087 0 0.988 FDIjht 195 515 0.35 0.41 0 1 lnmmwht 195 341 6.599 0.437 5.136 7.390 EDUSht 195 515 0.050 0.127 0.007 0.863 GDPRht 195 515 0.146 0.124 -0.682 4.731 ERht 195 515 5.718 0.143 3.817 6.598 HHIjt 195 515 0.012 0.034 0.002 1 OUTFjt 195 515 0.132 0.027 0.001 0.695 INTFjt 195 515 0.063 0.048 0.003 0.172 lnsizeijht 195 515 5.297 1.144 2.079 11.972 lnklijht 193 276 3.593 1.369 -6.438 13.815 lntfpijht 194 429 2.162 1.167 -7.695 9.652 lnageijht 195 513 2.209 0.728 0 7.601 lnsubsidyijht 193 081 0.966 2.167 0 14.461 profitrateijht 195 344 0.013 7.983 -3515 9.080 financialijht 195 079 0.011 0.181 -7.278 115 stateijht 195 515 0.028 0.144 -0.033 1.119 airtransijht 195 515 0.171 0.376 0 1 shiptransijht 195 515 0.656 0.475 0 1 autotransijht 195 515 0.164 0.370 0 1 railtransijht 195 515 0.006 0.074 0 1 mailtransijht 195 515 0.004 0.062 0 1 表 2 基准回归结果
变量 被解释变量:出口产品质量(tqualityijht) (1) (2) (3) (4) (5) (6) FDIjht -0.030*** -0.031*** -0.032*** -0.021*** -0.020*** -0.018*** (-9.81) (-9.19) (-7.33) (-4.21) (-3.68) (-3.71) FDIjht×lnmmwht 0.026*** 0.032*** 0.032*** (5.18) (6.31) (5.53) lnmmwht -0.002*** -0.002*** -0.002*** (-3.20) (-3.57) (-3.08) EDUSht 0.213 0.162 0.161 0.213 0.162 0.153 (1.39) (1.23) (1.22) (1.24) (1.38) (1.17) GDPRht 0.062 0.038 0.039 0.060 0.008 0.007 (1.61) (0.70) (0.73) (1.53) (0.49) (0.46) ERht 0.003 0.002 0.002 0.003 0.001 0.001 (1.07) (0.98) (0.97) (1.06) (0.76) (0.74) HHIjt 0.008*** 0.009*** 0.008*** 0.008*** (3.31) (3.35) (3.17) (3.22) OUTFjt 0.011 0.028 0.014 0.025 (0.46) (1.19) (0.52) (0.91) INTFjt -0.217 -0.305 -0.216 -0.217 (-0.83) (-1.01) (-0.60) (-0.62) lnsizeijht 0.004*** 0.004*** (3.67) (3.13) lnklijht 0.003*** 0.003*** (2.82) (2.69) lntfpijht 0.005*** 0.005*** (3.59) (3.18) lnageijht -0.002** -0.002** (-2.01) (-2.55) lnsubsidyijht 0.001** 0.001* (1.98) (1.95) profitrateijht 0.001 0.001 (1.57) (1.64) financialijht 0.014*** 0.014*** (4.19) (4.24) stateijht -0.014 -0.015 (-0.98) (-1.10) airtransijht 0.001 0.001 (1.02) (1.31) shiptransijht 0.006 0.006 (1.06) (1.07) autotransijht 0.009 0.009 (0.84) (0.92) railtransijht 0.006 0.007 (1.42) (1.58) mailtransijht 0.004 0.005 (0.94) (0.96) 常数项 0.038*** 0.097*** 0.007*** 0.481*** 0.471*** 0.433*** (9.56) (6.03) (3.38) (6.12) (6.64) (5.81) 城市固定效应 是 是 是 是 是 是 企业固定效应 是 是 是 是 是 是 年份固定效应 是 是 是 是 是 是 样本量 178 043 178 043 178 043 178 043 178 043 178 043 注:括号内为系数的t统计量,***、**和*分别表示1%、5%和10%的显著性水平。下表同。 表 3 稳健性检验结果
变量 σ=4 σ=7 σ=10 以销售度量外资进入程度 以劳动度量外资进入程度 最低小时工资标准 缩尾5% 缩尾10% 替换标准误差 (1) (2) (3) (4) (5) (6) (7) (8) (9) FDIjht -0.017*** -0.017*** -0.016*** -0.020*** -0.019*** -0.017*** -0.023*** -0.024*** -0.018*** (-4.95) (-4.80) (-4.79) (-3.83) (-3.13) (-3.58) (-5.87) (-5.91) (-4.47) FDIjht×lnmmwht 0.031*** 0.027*** 0.031*** 0.027*** 0.022*** 0.039*** 0.037*** 0.038*** 0.032*** (5.89) (5.23) (5.82) (4.18) (3.01) (4.93) (7.38) (7.74) (4.99) lnmmwht -0.002*** -0.002*** -0.002*** -0.003*** -0.001** -0.005*** -0.003*** -0.007*** -0.002*** (-3.38) (-3.54) (-3.22) (-3.73) (-2.05) (-2.71) (-3.01) (-3.71) (-2.92) 控制变量 是 是 是 是 是 是 是 是 是 常数项 0.427*** 0.438*** 0.488*** 0.469*** 0.290*** 0.538*** 0.473*** 0.471*** 0.439*** (8.58) (9.06) (9.10) (8.41) (5.63) (6.11) (9.39) (9.01) (6.37) 样本量 178 043 178 043 178 043 178 043 178 043 176 491 178 043 178 043 178 043 注:以上各列均控制了城市固定效应、企业固定效应和年份固定效应。下表同。 表 4 内生性检验结果
变量 增加控制变量 滞后回归 2SLS LIML (1) (2) (3) (4) FDIjht -0.018***(-3.71) -0.015***(-4.47) -0.013***(-2.97) -0.013***(-2.95) FDIjht×lnmmwht 0.033***(4.01) 0.024***(5.74) 0.023***(3.83) 0.023***(3.81) lnmmwht -0.003***(-2.83) -0.004***(-3.16) -0.007***(-2.70) -0.007***(-2.69) imqualityijht 0.021***(3.68) 控制变量 是 是 是 是 常数项 0.432***(7.96) 0.489***(7.85) 0.391***(4.89) 0.391***(4.90) 样本量 87 091 141 832 176 509 176 509 Kleibergen-Paaprk LM 280 000 280 000 Kleibergen-Paaprk Wald F 1 600 000 1 600 000 表 5 最低工资标准、外资进入与企业出口最高和最低质量
变量 全样本
MXtqualityijht多产品企业样本
MXtqualityijht全样本
MNtqualityijht多产品企业样本
MNtqualityijht(1) (2) (3) (4) FDIjht -0.046***(-5.80) -0.048***(-4.96) -0.014***(-3.97) -0.014***(-3.81) FDIjht×lnmmwht 0.069***(8.04) 0.076***(7.57) 0.039***(4.78) 0.032***(4.99) lnmmwht -0.001**(-2.07) -0.002**(-2.31) -0.005***(-2.91) -0.004***(-3.16) 控制变量 是 是 是 是 常数项 0.041***(4.64) 0.048***(4.25) 0.019***(3.94) 0.029***(4.41) 样本量 176 509 159 710 176 509 159 710 注:以上各列回归均采用“工具变量法+2SLS”的估计方法,以消除模型的内生性。下表同。 表 6 最低工资标准、外资进入与不同贸易方式出口产品质量
变量 企业一般贸易出口产品质量
(Otqualityijht)纯一般贸易企业出口产品质量
(Otqualityijht)企业加工贸易出口产品质量
(Ptqualityijht)纯加工贸易企业出口产品质量
(Ptqualityijht)(1) (2) (3) (4) FDIjht -0.056***(-3.81) -0.062***(-4.17) -0.021(-1.09) -0.013(-0.94) FDIjht×lnmmwht 0.069***(5.04) 0.078***(5.59) 0.009(1.38) 0.015(0.46) lnmmwht -0.003***(-2.73) -0.005**(-2.01) -0.001(-0.70) -0.002(-1.08) 控制变量 是 是 是 是 常数项 0.013***(2.91) 0.027***(3.19) 0.031**(2.39) 0.048***(4.03) 样本量 158 801 93 752 128 579 87 451 表 7 企业异质性检验结果
变量 国有企业 非国有企业 企业性质交互项 高生产率企业 低生产率企业 生产率交互项 (1) (2) (3) (4) (5) (6) FDIjht×lnmmwht 0.002 0.053*** 0.081*** 0.060*** 0.004* 0.003** (0.55) (5.28) (5.97) (5.46) (1.93) (2.42) FDIjht×lnmmwht×soeijht -0.014*** (-2.79) FDIjht×lnmmwht×htecijht 0.040*** (6.95) FDIjht -0.036 -0.013*** -0.018*** -0.003* -0.023*** -0.031*** (-1.13) (-3.31) (-3.21) (-1.73) (-5.69) (-6.01) lnmmwht -0.005 -0.004*** -0.007** -0.001* -0.005*** -0.005*** (-0.76) (-2.98) (-2.37) (-1.68) (-3.37) (-3.71) FDIjht×soeijht 0.008*** (2.75) FDIjht×htecijht 0.025*** (5.80) lnmmwht×soeijht 0.002** (2.06) lnmmwht×htecijht 0.004*** (3.27) 控制变量 是 是 是 是 是 是 常数项 0.012** 0.029*** 0.031*** 0.048*** -0.031*** -0.001** (2.07) (4.03) (3.98) (4.06) (-6.97) (-1.97) 样本量 7 286 169 223 176 509 83 175 93 334 176 509 表 8 影响机制检验
变量 提升进口产品质量渠道 促进自主创新渠道 (1) (2) (3) (4) (5) (6) tqualityijht imqualityijht tqualityijht tqualityijht nyijht tqualityijht FDIjht×lnmmwht 0.041*** 0.028*** 0.032*** 0.037*** 0.046*** 0.031*** (5.49) (3.26) (3.93) (4.33) (5.11) (4.58) imqualityijht 0.173*** (7.99) nyijht 0.017*** (3.37) FDIjht -0.031*** -0.001* -0.026*** -0.023*** -0.015*** -0.031*** (-4.20) (-1.75) (-3.67) (-3.57) (-2.83) (-4.79) lnmmwht -0.007*** 0.015*** -0.005*** -0.003*** 0.027*** -0.006*** (-2.92) (3.12) (-2.72) (-2.73) (3.99) (-3.48) 控制变量 是 是 是 是 是 是 常数项 0.461*** 7.171*** 0.221*** 0.409*** 4.752*** 0.463*** (8.08) (11.74) (9.18) (5.92) (6.04) (4.63) 样本量 68 063 68 063 68 063 73 974 73 974 73 974 -
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