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，本文考察了最低工资标准上调对当地企业转型升级的影响，并进一步研究了不同资本密集度企业对最低工资上调所产生的异质性反应。结果显示，最低工资上调将显著促进资本密集型企业转型升级，遏制劳动密集型企业转型升级。机制检验表明，最低工资上调会增加企业劳动力成本，并通过作用于固定资产投资、在职人员培训、销售额等推动企业转型过程，进而影响其转型升级。本文结论表明，最低工资上调对资本密集型企业转型升级具有明显的推动作用，从而促进了国家经济的高质量发展。

Based on the matching data of Chinese industrial firm database and urban minimum wage from year 1998 to 2013, this paper studies the impact of the increasing minimum wage standard on the transformation and upgrading of enterprises, and in-depth research on the heterogeneous response of different capital intensity enterprises to this impact. The empirical results show that the increase of minimum wage will significantly promote the transformation and upgrading of capital-intensive enterprises and curb the transformation and upgrading of labor-intensive enterprises. The mechanism test shows that the increase of minimum wage will increase the firm labor costs and promote the transformation process of enterprises by acting on fixed asset investment, on-the-job personnel training and sales, and then affect the transformation and upgrading. The conclusion of this paper illustrates that the increase of minimum wage has a significant role in promoting the transformation and upgrading of enterprises, and thus promotes the high-quality development of the national economy.