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  ,

摘要： 基于1998—2013年中国工业企业数据库和城市最低工资的匹配数据，本文研究了最低工资上涨对企业退出的影响，并进一步探究了不同劳动密集度企业的异质反应。实证结果表明，最低工资提升会显著提高劳动密集型企业的退出概率，降低资本密集型企业的退出概率。机制检验表明，最低工资提升会通过影响产品成本加成率、行业市场份额、企业生产率来影响企业利润，进而影响其退出概率。本文结果表明，最低工资上涨有利于产业资本深化和经济高质量发展。

关键词: 最低工资, 企业退出, 劳动密集度