养老保险法定缴费率与企业创新——基于倾向得分匹配法

Legal Contribution Rate of Pension Insurance and Enterprise Innovation——Based on PSM

近年来,给企业减负是国家扶持实体经济的重要举措。养老保险是社会保险占比最重的组成部分,研究它与企业创新之间的关系具有较强的现实意义。本文以2013—2017年中国A股上市公司数据为样本,将省(市)养老保险企业法定缴费率低于国家指导费率的地区视作优惠区,运用倾向得分匹配法分析养老保险缴费率与企业创新之间的关系。研究发现:整体上,养老保险费率优惠地区的企业创新活力及研发投入力度均要强于非优惠地区的企业;分样本讨论中,养老保险费率优惠对企业创新活力、研发投入力度存在异质性,但制造业费率优惠政策所带来的平均处置效应与总样本保持一致。上述研究结论有助于理解养老保险缴费率优惠对企业创新的影响,丰富了企业创新的相关研究,并在一定程度上解释了社会保险法定缴费率高低对企业创新产生的效应。

In recent years,reducing the burden on enterprises is an important measure for the country to support the real economy,and there is a strong practical significance to study the relationship between enterprise innovation and pension insurance which is the most important part of social insurance.This paper takes the data of Chinese A-share listed companies from 2013 to 2017 as the sample,regards the area in which legal contribution rate of provincial(municipal)pension insurance companies is lower than the national guidance rate as a preferential area,and uses the propensity score matching method to analyze the relationship between contribution rate of pension insurance and enterprise innovation.The findings are as follows:on the whole,the innovation vitality and R&D input of enterprises in the areas with preferential contribution rate of pension insurance are stronger than those in non-preferential areas;according to the discussion by samples,the preferential contribution rate of pension insurance has heterogeneity in the innovation vitality and R&D input of enterprises,but the average disposal effect brought by preferential rate policies in manufacturing industries is consistent with the total sample.The above research conclusions are helpful to understand the impact of preferential contribution rate of pension insurance on enterprise innovation,enrich the relevant research on enterprise innovation,and to some extent explain the effect of the legal contribution rate of social insurance on the innovation of enterprises.