Abstract: As Chinese economy enters the “new normal”, the phenomenon of “shifting from real to virtual” in the real economy has aroused extensive discussion in the academic circles. In the process of transformation and upgrading, listed companies are faced with the financing constraints brought about by the system and the decline in the demographic dividend. More and more listed companies increase their asset allocation in the virtual economy in pursuit of high profits. As an important means of government intervention in the labor market, minimum wage standard refers to the minimum labor remuneration that listed companies should pay to their employees according to the law, which is of great significance to guarantee the income and living standard of low-income people. However, it also increases the pressure of labor cost of companies, which in turn will have a certain impact on the investment strategy of firms. Do firms invest more funds into the virtual economy to seek high profit returns, or stimulate the competition to invest more assets into the development of the real economy? In this paper, the transmission mechanism of minimum wage system in micro level is understood from the perspective of virtual economy, and the analysis framework of minimum wage standard and financialization of listed companies is constructed.
   Based on the A-share listed companies in Shanghai and Shenzhen from 2007 to 2018, this paper adopts the multiple regression model to test the influence mechanism of minimum wage standard on the financialization of listed companies. The results show that the higher the regional minimum wage level, the higher the financialization level of listed companies. For the economic significance of the regression results, for every one standard deviation increase in the logarithmic value of the minimum wage standard, the financialization level of listed companies increases by 1.1%, which is equivalent to 25.7% of the sample average of the financialization level. Considering the possible time lag in the effect of the minimum wage standard on the financialization of listed companies, this paper examines the effect of lag one and lag two respectively. In order to alleviate the possible sample selection bias and endogeneity problems caused by the existence of bidirectional causality between the financialization of listed companies and the minimum wage standard, this paper conducts endogeneity tests of instrumental variables method, GMM estimation, and Heckman two-stage model. At the same time, in order to ensure the robustness of the results, this paper adopts the robustness test of replacing the dependent variable and excluding part of the sample, and the above conclusions still hold.
   Further, this paper conducts multiple regressions grouped from the perspectives of firms’ property rights nature, labor intensity, cost shifting ability, and financial market environment, respectively, to explore the heterogeneous characteristics of minimum wage standards affecting the financialization of listed companies. First, considering the different functional positioning of different property rights nature, compared to state-owned enterprises, private enterprises are subject to less policy control and can freely make financial investment from their own perspective. Second, the minimum wage standard aims to protect low-income laborers. The labor cost of labor-intensive listed companies is directly affected by the rise of minimum wage standard. Third, listed companies with strong cost-shifting ability can often shift cost pressures by adjusting product prices. Finally, a good financial market environment can provide more convenient conditions for the financialization of listed companies and enhance the promotion effect of rising minimum wage standard on the financialization of listed companies. In the samples from private enterprises, with high labor intensity, weak cost transfer ability and developed regional financial market environment, the minimum wage standard has a stronger promotion effect on the financialization behavior of enterprises.
   This paper expands the research framework in the field of “labor and finance” under the background of China’s economic transformation. From the perspective of financialization of listed companies, it explores the mechanism, theoretical logic and economic consequences of minimum wage of the virtual economy. It enriches the literature on the impact of minimum wage standards on the behavior of listed companies, which is of great significance for a comprehensive understanding of the implementation effect of minimum wage policy.

Key words: minimum wage, financialization, virtual-to-real diversion, labor and finance, virtual economy

摘要： 最低工资标准作为政府干预劳动力市场的重要手段,对保障低收入者收入和生活水平具有重要意义。本文从虚拟经济的视角理解最低工资标准制度在微观层面的传导机制,构建了最低工资标准与上市公司金融化的分析框架。研究发现:地区最低工资标准水平越高,上市公司的金融化水平越高。在经过工具变量法、GMM估计、Heckman两阶段模型等内生性测试之后,上述结论依然成立;在民营企业、劳动密集度高、成本转嫁能力弱、地区金融市场环境发达的样本中,最低工资标准对企业金融化行为的促进作用更强。本文拓展了在中国经济转型背景下“劳动与金融”领域的研究框架,对于全面认识最低工资标准政策的实施效果有着重要的意义。

关键词: 最低工资标准, 金融化, 脱实向虚, 劳动与金融, 虚拟经济