本研究探討了最低工資上升對台灣製造業成本結構與投資行為的影響。透過 SUR 估計 Translog 成本函數中的要素份額，分類台灣製造業廠商為資本與勞動的替代或互補型，進一步以虛擬變數多元回歸，納入最低工資與產業類型之交互作用項，分析兩類產業在最低工資調升衝擊下資本配置及工資變化的差異。研究發現，最低工資上升對台灣製造業廠商整體資本投入具有顯著正向效果，尤以資本與勞動互補型產業反應最為明顯，實證估計發現，最低工資每上升1%，互補型產業的資本投入平均增加1.89%，而替代型產業則為1.273%。這反映出當勞動成本提高時，台灣製造業廠商多傾向同步擴大資本投入，以維持生產結構的穩定。整體而言，本研究突顯產業技術結構的異質性對最低工資政策效果的關鍵影響，顯示該政策在台灣部分產業中，可能反而促進勞工的福祉，並不會產生機器取代人力之現象。

This study investigates the impact of minimum wage increases on the cost structure and investment behavior of Taiwan’s manufacturing sector. Industries are first classified as capital-labor substitutes or complements by estimating factor shares—derived from a Translog cost function—using the Seemingly Unrelated Regression (SUR) method. Based on this classification, the study conducts a multiple regression analysis incorporating interaction terms between minimum wage levels and industry types to assess heterogeneous effects on capital allocation and wage dynamics.
Empirical results show that minimum wage hikes significantly stimulate capital investment across the manufacturing sector, with the effect being more pronounced in capital-labor complementary industries. Specifically, a 1% increase in the minimum wage is associated with an average 1.89% rise in capital investment in complementary industries, compared to 1.273% in substitute industries. These findings suggest that, in response to rising labor costs, Taiwanese manufacturers—especially those in complementary sectors—tend to increase capital investment to preserve production stability.
Overall, this study highlights the importance of accounting for technological heterogeneity in assessing policy impacts. Contrary to concerns about labor displacement, minimum wage adjustments may, in certain sectors, enhance labor welfare and promote balanced industrial upgrading, rather than triggering widespread automation-driven substitution.

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