Abstract
This paper examines the impact of minimum wage levels in the regions where companies are located on their short-term and long-term investment preferences, using listed companies in China as the research subjects and combining micro corporate data with regional level data. The results show that higher minimum wage levels in the regions where companies are located have a significant inhibitory effect on their short-term investments, but not on their long-term investments. Further analysis shows that inhibitory effect of minimum wage levels on short-term investment by enterprises is mainly evident in non-state-owned enterprises and enterprises in regions with lower resource endowments.
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