최저임금 인상이 기업의 고용 및 생산성에 미치는 영향

The purpose of this study is to empirically analyze the effects of minimum wage increase on the firm employment and productivity in 2007~2017, and to suggest policy implications. Using Survey Report on Labor Conditions by Employment Type (SRLCET) from Korean Statistical Information Service (KOSIS) and Workplace Panel Survey (WPS) from Korea Labor Institute, we calculate the influence rates of minimum wage (IRMW) by firm size and industry level. This paper also studies IRMW’s effect on the firm productivity. The following results are found: First, in the firm level, the higher IRMW reduced firms’ employment, but it increased average wage of employees and the productivity. Second, in the industry level, IRMW has a positive (+) effect on the firms’ employment, however, it was not statistically significant on the productivity. Third, the Kaitz index by the firm size has a positive effect on firm productivity when the minimum wage increase is higher than the average wage, while the Kaitz index by industry has a negative effect. Forth, the rise in IRMW promotes the firm productivity by boosting the technological progress, while the Kaitz index increases it by improving the technological efficiency. Finally, the amount of the total assets and the increased rates of stock price index by Korea Composite Stock Price Index (KOSPI) showed positive effects on the productivity, while the increased rate of wage, capital intensity, inflation rate, and one time-lagged Total Factor Productivity (TFP) illustrated negative effects.