关键词: 最低工资, 企业退出, 劳动密集度

Abstract: Based on matched data from Chinas Annual Survey of Industrial Firms database and monthly minimum wage data spanning from 1998 to 2013，this study examines the impact of minimum wage increases on firm exit and investigates the varying responses of firms with different levels of labor intensity The empirical findings reveal that raising the minimum wage raises the likelihood of laborintensive firms exiting while reducing the likelihood of capitalintensive firms exiting Mechanism tests further indicate that the minimum wage increase influences a firms markup，market share，and productivity，consequently affecting its profitability and likelihood of exit Overall，our results suggest that minimum wage hikes contribute to the deepening of industrial capital and foster highquality economic development

Key words: minimum wage；firm exit；labor intensity  ,