关键词: 最低工资标准, 人力资本扩张, 企业成本加成

Abstract: Conducting a unified theoretical analysis，this paper takes minimum wage, expansion of human capital and firms ' markups into account. Meanwhile, this paper uses the Chinese Industrial Enterprises Database and 284 citylevel data from 1998 to 2013 to do empirical research. The conclusions show that: the increase of minimum wage could decrease the firms ' markups and reduce firms ' market power. However, the expansion of human capital weakens the negative effects. Further analysis shows that the minimum wage and the expansion of human capital have heterogeneous impacts on firms ' markups. Therefore, adjusting the minimum wage moderately and steadily and promoting quality of human capital will maintain firms' markups and competitiveness.

Key words: minimum wage, expansion of human capital, firms' markups