标题： 企业对最低工资的风险调整：财务杠杆与劳动力份额的权衡 显示英文标题

标题： Firms' Risk Adjustments to Minimum Wage: Financial Leverage and Labor Share Trade-off

摘要： 本文评估了德国最低工资政策对企业财务杠杆的影响。 通过使用全面的企业-分支机构-员工关联数据集，并采用基于企业层面处理强度变化的差异中的差异估计方法，分析表明平均最低工资水平使企业的财务杠杆降低了约0.5至0.9个百分点，相当于财务杠杆均值的1至2%。 进一步研究机制显示，最低工资并未导致显著的资本与劳动力替代；因此，劳动力份额增加。 企业通过对增加的劳动力份额做出去杠杆化的反应。 结果表明，虽然最低工资通过将更多收入分配给劳动力而使工人受益，但它也增加了运营风险，并促使企业采取更为保守的财务行为。 显示英文摘要

摘要： This paper evaluates the impact of the German minimum wage policy on firms' financial leverage. By using a comprehensive firm-establishment-employee linked dataset and a difference-in-differences estimation with firm-level variation in treatment intensity, the analysis shows that the average minimum wage level reduces firms' financial leverage by about 0.5 to 0.9 percentage points, corresponding to 1 to 2 percent of the mean of financial leverage. Further investigation of the mechanism shows that the minimum wage does not lead to significant capital-labor substitution; therefore, the labor share increases. Firms react to the increased labor share by deleveraging. The results suggest that while the minimum wage benefits workers by allocating more earnings to the labor force, it also introduces greater operating risks and encourages conservative financial behavior among firms.