【摘要】 文章基于2004～2007年中国工业企业数据，以《最低工资规定》下发为“准自然实验”,构建断点回归模型实证评估最低工资对企业杠杆率的因果效应。研究结果发现，最低工资与企业杠杆间存在明显的“跷跷板”效应，最低工资提高有利于微观企业“去杠杆”。而且，在劳动力密集型企业、中西部地区企业、非国有企业和中小微企业中，企业去杠杆的效应更加明显。机制检验发现，最低工资提高通过增加劳动力成本，降低企业绩效、融资能力和贷款供给，降低了企业杠杆率。文章对理解最低工资制度的潜在影响，积极推进企业部门结构性去杠杆和宏观稳杠杆战略具有重要的启示。更多还原

【Abstract】 Based on the data of Chinese industrial enterprises from 2004 to 2007, this paper uses the Minimum Wage Regulations as a quasi-natural experiment, and constructs a regression discontinuity(RD) design model to empirically evaluate the causal effect of the minimum wage on enterprise leverage. The results are that there is an obvious “seesaw” effect between the minimum wage and corporate leverage, and an increase in the minimum wage is conducive to the deleveraging of micro-enterprises. Moreover, among labor-intensive enterprises, enterprises in the central and western regions, non-state-owned enterprises, and small, medium and micro enterprises, the effect of corporate deleveraging is more obvious. The mechanism test found that the increase in the minimum wage reduces corporate leverage by increasing labor costs and reducing corporate performance, financing capacity and loan supply. The article has important implications for understanding the potential impact of the minimum wage system and actively promoting the corporate sector’s structural deleveraging and macro-leverage stabilization strategies.更多还原