Ni et al Wang & Gunderson Ni et al Wang & Gunderson 2010 Xiao & Xiang

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1 * % 0. 4% 0. 5% % 0. 6% Flinn 2006 Brown et al Belman and Wolfson * gmail. com seraphj15@ gmail. com gmail Burdett and Mortensen 1998 Flinn 2006 Card and Krueger

2 Ni et al Wang & Gunderson Ni et al Wang & Gunderson 2010 Xiao & Xiang variation

3 Belman & Wolfson Stigler 1946 Welch 1976 Gramlich 1976 Mincer 1976 Abowd & Killingsworth 1981 Heckman & Sedlacek Brown et al % 1% 3% Neumark & Wastcher % Card 1992 Katz & Krueger 1992 Card & Krueger 1994 quasi-experiment 2 monopsony search model Burdett & Mortensen 1998 search friction 3 spike Flinn 2006 Flinn Du & Pan Wang and Gunderson 2010 Card & Krueger Dong & Putterman

4 % % % 8%

5 % 43% % 85% % % / * % / / / = / GDP / / / / % 30% 30% Du & Pan 2009

6 lnwage ijt = α 0 + βx ijt + θln miwage ijt + ν ij + π j + γz jt + T t + u ijt 1 lnwage j i t X ν ij π j Z jt T u θ 1 Card and Krueger θ OLS 1. 2 OLS 1 10% 1. 7% 1% % 1. 1% % 0. 5% 2 Xiao & Xiang % 0. 06% 10% 10% 0. 75% 20% 0. 42% % 4. 8% 10% 0. 82% 10% 3. 6% 15. 7% 1% 0. 16% 1 Ni et al Wang & Gunderson

7 1 2 OLS t t t t ** ** ** ** ** ** ** e e ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** R ** * 1% 5% 3 3 t t ** ** ** ** 4. 04e e ** ** ** ** ** 10% ** ** 0. 38% Hausman ** ** ** ** ** ** Hausman

8 OLS / % % % 19% DID lnwage ijt = α 0 + βx ijt + θ 1 Time t + θ 2 Treat ij + θ 3 Inter ijt + π j + γz jt + u ijt 2 Time Treat 1 0 Inter 5 Time Treat 2006 DID VS VS t t Time ** Treat ** Inter ** ** ** ** ** ** * ** ** % ** 1% ** % ** % ** R

9 % % % 10% 0. 32% % % % GDP GDP % % % GDP % t ** ** * ** 10% 0. 61% ** 0. 28% ** Xiao & Xiang 2009 R % 140

10 ** * q 20% 40% ** * q 40% 60% ** * q 60% 80% ** * 80% 100% ** R t ** t ** * * R % 10% 1. 29% 0. 55% 10% 0. 55% 10% % 0 Belman & Wolfson 1997 Brown Belman & Wolfson 1997 Brown % Xiao and Xiang

11 Xiao and Xiang 2009 lnemploy ijt = α 0 + βx ijt + θln miwage ijt + ν ij + π j + γz jt + T t + u ijt 3 lnemploy j i t θ t t ** ** 10% ** ** 0. 59% e ** e ** ** ** ** ** % ** ** ** ** 5. 65% ** ** ** ** 9. 4% ** ** R % Hausman % 2. 84% 10% 0. 16% % 8. 8% 8. 8% DID % 1 Ni et al Xiao & Xiang Wang & Gunderson

12 DID 4. 14% VS VS t t Time ** ** Treat ** ** Inter ** ** ** ** ** * ** ** ** * ** ** ** ** ** ** R % 1. 18% Brown et al % 1% 3% ** ** * ** t ** * q 20% 40% ** * q 40% 60% ** * q 60% 80% ** * q 80% 100% ** R R t 1 10% 143

13 13 10% 2. 14% 14 10% 0. 79% 10% % Wang & Gunderson % 2. 06% 1 14 t t ** ** * ** ** * ** ** ** ** R % 0. 3% 0. 6% 10% 0. 61% 0. 28% 10% 0. 63% 10% 0. 6% 10% 1. 2% 1 10% 0. 14% 10% 4% 144

14 NO AbowdJand M. Killingsworth 1981 Structural Models of Minimum Wage Effects Analysis of Wage and Coverage Policies in Report of the Minimum Wage Study CommissionVol. V US Government Printing OfficeWashingtonDC BelmanD. and P. Wolfson1997 A Time-series Analysis of EmploymentWages and the Minimum Wage Unpublished paper. Brown C. C Gilroyand A. Kohen1982 The Effect of the Minimum Wage on Employment and Unemployment Journal of Economic LiteratureVol. 20No. 2 June BrownC 1999 Minimum WagesEmploymentand the Distribution of Income In Orley Ashenfelter and David CardHandbook of Labor EconomicsVol New York Elsevier. BurdettKand D. TMortensen1998 Wage DifferentialsEmployer Size and Unemployment International Economic Review CardDavid1992 Do Minimum Wages Reduce Employment A Case Study of California Industrial and Labor Relations Review CardDavidand Alan B. Krueger1994 Minimum Wages and Employment A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania American Economic Review CardDavidand Alan B. Krueger1995 Myth and Measurement The New Economics of the Minimum Wage PrincetonNJ Princeton University Press. Du and Pan2009 Minimum Wage Regulation in China and Its Applications to Migrant Workers in the Urban Labor Market China and World Economy /79 93Vol. 17No. 2. DongX. and L. Putterman2002 China's State-Owned Enterprises in the First Reform Decade An Analysis of a Declining Monopsony Economics of Planning Vol FlinnC Minimum Wage Effects on Labor Market Outcomes under SearchMatchingand Endogenous Contact Rates EconometricaVol. 74No. 4July GramlichE1976 Impact of Minimum Wages on Other WagesEmployment and Family Incomes Brooking Papers on Economic Activity HeckmanJ. and G. Sedlacek1981 The Impact of Minimum Wage on the Employment and Earnings of Workers in South Carolina in Report of the Minimum Wage Study CommissionVol. V US Government of Printing OfficeWashingtonDC KatzL. and A. Krueger1992 The Effect of the Minimum Wage on the Fast Food Industry Industrial and Labor Relations ReviewVol. 46No. 1 October MincerJ Unemployment Effects of Minimum Wages Journal of Political Economy 84 4part 2 S87 S104. NeumarkD. and W. Wastcher2006 Minimum Wages and Employment A Review of Evidence from the New Minimum Wage Research NBER Working Paper NiJ. G. Wangand X. Yao2011 Impact of Minimum Wages on Employment Evidence from China Chinese EconomyVol StiglerG. J The Economics of Minimum Wage Legislation American Economic ReviewVol. 36No. 3 June WelchF Minimum wage legislation in the United States in O. Ashenfelter and J. Blumeds. Evaluating the Labor 145

15 Market Effects of Social Programs Princeton University PressPrincetonNJ WangJ. and M. Gunderson2010 Minimum Wage Impact in China Estimation from A Prespecified Research Design Contemporary Economic PolicyVolume 29Issue XiaoX. and B. Xiang2009 The Impact of Minimum Wage Policy on Wages and Mployment in China International Conference on Information ManagementInnovation Management and Industrial Engineering. The Effect of Minimum Wage on Average Wage and Employment Ma Shuang a Zhang Jie b and Zhu Xi c a Southwestern University of Finance and Economics b Texas A&M University c Shanghai Jiaotong University Abstract This paper evaluates the relationship among minimum wageaverage wage and employment in Chinese manufacturing firms based on the exogenous variation of city-level minimum wages from It is found that if the minimum wages increase by 10% then the average wages in firms would pick up by 0. 4% 0. 5% though there are some heterogeneity in the effect of minimum wage on various firms in different industries and asset per capita levels. The minimum wage policy would contribute more to the average wages hikes of labor intensive firms or firms with lower asset per capita than to other firms. With regard to the employment it is shown that every raise of minimum wage by 10% would lead to significant employment loss by 0. 6% or so. The policy makers should balance the positive effect of minimum wage on the income distribution and its negative effect on the employment as far as the labor regulation is concerned. Key Words Minimum Wage Average Wage Employment JEL Classification J08J21J31 檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵檵 82 Bilateral Investment Treaties Institutional Environment and Outward FDI Location Choices of Firms An Empirical Study of Chinese Listed Firms Zong FangyuLu Jiangyong and Wu Changqi Guanghua School of ManagementPeking University Abstract Bilateral Investment Treaty BIT is a bilateral agreement signed by two countries to promote and protect bilateral investments. As a specific bilateral institutional link of the home and host countriesbit provides different protections from that of the institutional environmentsthus exerting an influence on the FDI location strategies of the multinational firms. This study builds a framework of bilateral investment treatiesinstitutional environments of the home and host countries and outward FDI location choices of emerging market multinational firms. Using data of Chinese listed firms from 2003 to 2009 this paper shows that I BITs encourage and promote investments of firms from one of the signatory countries to the other II BITs have more effect in promoting firms to locate in signatory countries with a worse institutional environment III BITs can help firms overcome the drawbacks of the institutions of home country and play a significant role in promoting non-soes to invest in signatory countries. Key Words Bilateral Investment Treaties Institutional Environments Outward FDI Location Choices JEL Classification F23 F42 146

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Lewis 2011 6 World Economic Papers December, 2011 * 2005 2010 2005 * 985 email jadeyyx@ 163. com 600 200433 985 email zhangping_4@ sina. com 985 2011SHKXZD003 2011M500711 20110490654 11CJL024 2011 6 33 Lewis