社保降费、融资约束与僵尸企业处置

Social Security Fee Reduction,Financing Constraint and Disposal of Zombie Firms

减税降费的意义不仅在于降低企业负担,还包括“结构”效应。社保降费能否增强企业活力,助推僵尸企业处置?本文基于中国工业企业数据,利用社保征收机构变更的准自然实验,构造双重差分模型探讨了社保降费对僵尸企业复活的影响。实证结果表明:社保降费能够缓解因金融市场扭曲带来的融资约束问题,从而显著地增加了僵尸企业的“复活”概率;该效果在非国有僵尸企业中更为明显,提升了其投资效率与盈利能力。向降费要活力,本文的结论为“僵尸企业处置过程中的分类施策”提供了一个依据,也为我国社保降费效果提供了一个经验事实。

Tax and fee reductions can not only reduce the burden on enterprises,but also lead to“structural”effect.Can social security fee reductions increase the vitality of enterprises and facilitate the disposal of zombies?Based on the data of Chinese industrial enterprises,this paper uses the quasi-natural experiment on the change of social security collection agency to construct a difference-in-differences model to explore the impact of social security fee reduction on the resurrection of zombies.The empirical results show that the social security fee reduction can alleviate the financing constraints caused by the distortion of the financial market,thereby significantly increasing the probability of“resurrection”of zombies;this effect is more obvious in non-state zombies and improves their investment efficiency and profitability.It is vital to reduce fees,and the conclusion of this article provides a basis for“classification measures in the process of zombie enterprise disposal”,and an empirical fact about the effect of inclusive social insurance fee reduction in China.