法定勞動成本、薪資與企業資本投資：三項應用個體計量的實證研究

Mandated labor costs, wages and capital investments: Essays in Applied Microeconometrics

侯杜比(Tobias Haepp)

指導教授 ： 辛炳隆

國立臺灣大學/社會科學院/國家發展研究所/博士(2015年)

https://doi.org/10.6342/NTU.2015.00788

摘要

第二章
本論文中第一項實證研究探討近幾年來台灣勞工保險費率提高對台灣私部門勞工工資的影響，用以針對補償性工資差異理論(compensating wage differentials) 進行驗證。本研究係針對台灣現行體制下，除了國民健保與退休金外之第三種主要法定員工福利金的提高，對工資所造成影響之首篇實證研究。由於過去分析兩項法定員工福利金對勞工薪資相關實證結果並不一致，因此，本文將奠基於過去有關之研究成果，更進一步釐清其相關性，以填補文獻空缺。因此，我們以近期勞工保險費率提高期間的前一個年度為基礎，採用差異中之差異法(difference-in-differences) 以及2010 至2012 年的人力運用調查資料分析此議題。根據本文之實證研究發現，台灣私部門勞工保險費率提高，對勞工工資確實有造成衝擊，而受到該政策的影響之台灣勞工的工資在費率調整期間有顯著下降。

第三章
本論文中第二項研究，則細究台灣企業面臨法定員工福利支出提高，對其固定資本投資意願之影響。近年來，台灣法定員工福利支出明顯增加，而這是否會透過勞動成本上升造成企業投資意願下降，已成為重要政策議題。爰此，本文特以2002 至2012 年國內上市櫃公司財報資料，針對此議題進行驗證。為避免個別企業不可觀測差異(unmeasurable heterogeneity) 以及自變數的內生性對估計結果造成偏誤，本文採縱橫資料固定效果模型(fixed-effects panel data) 以及動態縱橫資料模型(GMM dynamic panel data) 進行估計。此外，本文亦運用工具變數法，處理法定員工福利支出與薪資之內生關連性問題。本文實證結果發現，提高法定員工福利支出的確會使得企業之實際投資減少，且不論是採用靜態的固定效果模型或動態的縱橫資料模型，法定員工福利支出對企業投資的估計係數皆為顯著負值。

第四章
本論文中第三項實證研究探討中國的基本工資的調漲，對企業固定資本與人力資本投資之影響。本文利用中國縣級基本工資數據，並採用中國工業企業數據庫，以2004 年基本工資相關新規定通過及其前後時段為研究期間進行分析。就研究方法而言，本章節採用動態縱橫資料模型(GMM dynamic panel data) 估計固定資本投資模型，並採用杜賓模型(tobit model) 估計人力資本投資迴歸。根據本文實證結果顯示，中國基本工資對企業固定資本投資呈現顯著的正向影響，對於人力資本投資則呈現顯著的負向影響。進而，本文以樣本中的企業之不同所有權做為區隔，發現所有受到基本工資調整影響的企業，包含國營企業與外資企業，皆有降低人力資本投資率之趨向，但惟有中國的私營企業呈現替代效果，顯著增加其固定資本投資。

關鍵字

法定員工福利金 ； 基本工資 ； 固定資本投資 ； 人力資本投資 ； 補償性工資差異

並列摘要

Chapter 2
In this chapter, we employ manpower utilization data to test the theory of equalizing differences for the most recent amendments to the labor insurance contribution rates in Taiwan. Our empirical research fills a gap in the literature by providing evidence on compensating wage differentials for the third major type of mandated benefits after contrasting evidence has been provided for the effects of health insurance and pension fund contribution rates in previous research. We thus employ manpower utilization survey data over the period from 2010 until 2012 and estimate several difference-in-differences models comparing the development of the gap between private and public sector wages to the one in our base year. Our results broadly confirm the theoretical prediction of the theory of equalizing differences by demonstrating that private sector wages in Taiwan have indeed decreased in response to the reforms.

Chapter 3
In recent years, mandated benefits in Taiwan have increased significantly due to several policy reforms pertaining to social insurance and labor welfare. An important policy issue is the question whether the resulting increase in total labor costs has in turn caused a decrease in capital investments. This chapter therefore employs data from Taiwanese stock market companies over the period from 2002 to 2012 to analyze the effect of mandated benefits on fixed capital investments. In order to shed light on both short-term and longer term processes and to control for potential bias due to unmeasurable heterogeneity and endogeneity between mandated benefits and other forms of labor compensation, we estimate error-correction models using a GMM estimation strategy. The control variables employed are motivated by the literature on capital investments based on accelerator model, cash flow model, neoclassical model and Tobin's Q. According to our empirical research results, an increase in mandated benefits causes a reduction in company capital investments. This finding is robust across different estimation techniques and various instruments employed to measure the development of mandated benefits.

Chapter 4
This chapter empirically analyzes the impact of Chinese minimum wage regulations on the firm decision to invest in physical and human capital. We exploit the geographical and inter-temporal variations of county-level minimum wages in a large panel data set of Chinese firms covering the introduction of the new Chinese minimum wage regulations in 2004 and estimate dynamic panel data GMM models for our fixed capital investment regressions, as well as tobit models for our human capital investment regressions. In our basic regressions including all Chinese firms, we find significant negative effects of the minimum wage on human capital investment and significant positive effects on fixed capital investment. When grouping firms by their ownership structure, we find that all company groups - including state-owned and foreign-owned firms - have reduced their human capital investments, whereas only Chinese privately owned firms have increased their fixed capital investment rates, hence exhibiting a substitution effect between the two factors of production.

並列關鍵字

Mandated benefits ； minimum wage ； fixed capital investment ； human capital investment ； equalizing differences

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