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

摘要： 本文以人力资本扩张为切入点，构建了最低工资、人力资本扩张影响企业成本加成的理论框架，并使用中国1998-2013年284个地级市的工业企业数据进行了经验研究。结论显示：最低工资上调会显著抑制企业成本加成的提升，削弱了企业的市场势力，但该抑制效应在人力资本扩张的背景下得以缓解。同时本文通过进一步分组回归发现，最低工资标准与人力资本扩张对企业成本加成具有明显的异质性影响。因此，适度、稳定调整最低工资标准及推动人力资本质量的整体提升有助于保持企业成本加成能力及其动态竞争力。

关键词: 最低工资标准, 人力资本扩张, 企业成本加成