3168 
2046作为旨在促进公平收入的重要政策工具，最低工资制度的影响广泛而深远。文章考察了最低工资标准上涨背景下企业是否会利用杠杆操纵达到提升自身资金获取能力的目的。研究发现，最低工资标准上调会显著加剧企业杠杆操纵行为，其作用机制在于最低工资标准上调带来的经营杠杆提升引发了企业债务融资能力受限问题。在劳动力依赖程度高、劳动力质量低、面临的融资约束强、融资结构更依赖银行融资以及成本转嫁能力弱的企业中这种加剧作用更明显；最低工资标准上调引发的杠杆操纵使企业在获取更多信贷资金的同时，也增大了企业债务违约风险，并最终降低了企业价值；而政府减税政策能够有效缓解最低工资标准上调对企业杠杆操纵的加剧作用。文章对政府协调政策利弊，实现中国最低工资政策工具的优化，避免短期风险隐患的累积，并最终助力“共同富裕”目标的实现具有重要启示意义。
最低工资标准上调加剧了企业杠杆操纵吗？
摘要
参考文献
29 Altman E I. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy[J]. The Journal of Finance,1968,23(4):589–609. DOI:10.1111/j.1540-6261.1968.tb00843.x
30 Chava S, Oettl A, Singh M. Does a one-size-fits-all minimum wage cause financial stress for small businesses?[J]. Management Science, Advance online publication. https://doi.org/10.1287/mnsc.2022.4620.
31 Favilukis J, Lin X J, Zhao X F. The elephant in the room: The impact of labor obligations on credit markets[J]. American Economic Review,2020,110(6):1673–1712. DOI:10.1257/aer.20170156
32 Flinn C J. Minimum wage effects on labor market outcomes under search, matching, and endogenous contact rates[J]. Econometrica,2006,74(4):1013–1062. DOI:10.1111/j.1468-0262.2006.00693.x
33 Geng H G, Huang Y, Lin C, et al. Minimum wage and corporate investment: Evidence from manufacturing firms in China[J]. Journal of Financial and Quantitative Analysis,2022,57(1):94–126. DOI:10.1017/S0022109021000053
34 Landsman W R, Peasnell K V, Shakespeare C. Are asset securitizations sales or loans?[J]. The Accounting Review,2008,83(5):1251–1272. DOI:10.2308/accr.2008.83.5.1251
35 Long C, Yang J. How do firms respond to minimum wage regulation in China? Evidence from Chinese private firms[J]. China Economic Review,2016,38:267–284. DOI:10.1016/j.chieco.2016.01.003
36 Mayneris F, Poncet S, Zhang T. Improving or disappearing: Firm-level adjustments to minimum wages in China[J]. Journal of Development Economics,2018,135:20–42. DOI:10.1016/j.jdeveco.2018.06.010
37 Mills L F, Newberry K J. Firms’ off-balance sheet and hybrid debt financing: Evidence from their book‐tax reporting differences[J]. Journal of Accounting Research,2005,43(2):251–282. DOI:10.1111/j.1475-679x.2005.00170.x
38 Scott T W, Wiedman C I, Wier H A. Transaction structuring and Canadian convertible debt[J]. Contemporary Accounting Research,2011,28(3):1046–1071. DOI:10.1111/j.1911-3846.2011.01085.x
引用本文
陈晓辉, 刘志远, 田马飞, 等. 最低工资标准上调加剧了企业杠杆操纵吗？[J]. 上海财经大学学报, 2023, 25(4): 78-92.
导出参考文献，格式为：
