| 摘要: |
| 摘要：在数实融合的背景下，企业数字化转型成为企业发展的必然趋势，但实践中常面临融资约束等现实困境。以2008－2022年中国沪深A股上市企业为研究样本，基于融资约束理论框架，考察最低工资标准调整对企业数字化转型的影响及其机制，研究发现最低工资上调导致劳动力成本增加，且从内部融资和外部融资两方面加剧企业融资约束，进而导致企业数字研发创新减少、数字投资降低、数字人才引进困难，最终阻碍企业数字化转型。该结论经过多重验证，具有稳健性。异质性检验发现，最低工资对企业数字化转型的抑制作用在劳动密集型企业、行业竞争度高企业、无银行关联企业中更明显。为协调最低工资政策与企业数字化转型需求提供了理论依据，对优化劳动力市场政策与数实融合战略的协同实施具有重要启示。 |
| 关键词: 关键词：最低工资；融资约束；企业数字化转型；劳动力成本 |
| DOI： |
| 分类号:F832.5 |
| 基金项目:基金项目：重庆市社会科学规划一般项目“数字化转型促进重庆市企业创新的作用机理及效应研究”（2021NDYB047）。 |
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| Minimum Wage，Financing Constraints and Enterprise Digital Transformation |
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LI Qin-yang，LI Meng-ru
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（School of Economics and Management，Southwest Universit）
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| Abstract: |
| Abstract：As digitization integrates into the real economy，enterprise digital transformation has become an inevitable trend，but in practice it faces real-world dilemmas such as financing constraints.Using the data of A-share listed companies in China from 2008 to 2022 and grounding the analysis in financing-constraint theory，this paper examines how minimum-wage adjustments affect corporate digital transformation and the underlying mechanism.This study finds that a higher minimum wage raises labor costs and intensifies firms’ financing constraints from both internal and external sources，which in turn reduces digital R&D，lowers digital investment，and makes it harder to attract digital talent，ultimately impeding digital transformation.The conclusion is still valid after robustness tests.Heterogeneity tests show that the inhibitory effect of the minimum wage on digital transformation is more pronounced in labor-intensive，highly competitive，and non-bank-related firms.The findings offer a theoretical basis for coordinating minimum wage policy with firms’ digital-transformation needs and provide important insights for the joint implementation of labor-market policies and digital-real-economy integration strategies. |
| Key words: Key words：Minimum Wage；Financing Constraints；Enterprise Digital Transformation；Labor Cost |
