养老保险缴费率对全要素生产率的影响:传导机制与实证检验

The Impact of Pension Contribution Rate on Total Factor Productivity:Transmission Mechanism and Empirical Test

保持一定的全要素生产率增速是实现经济高质量发展的基本要求。基于A股上市公司数据,探讨养老保险缴费率对全要素生产率的影响及其传导机制。研究发现,养老保险缴费率的上升抑制了全要素生产率的提高。构建中介效应模型并进行机制分析表明,养老保险缴费通过降低企业研发支出和员工收入影响全要素生产率。进一步在中介效应模型中加入融资约束调节变量,验证了融资约束会加剧养老保险缴费对研发支出的负向影响。异质性分析表明,对于高缴费率地区和国有企业,养老保险缴费率对全要素生产率的负向影响更大,且研发支出路径仅在高缴费率地区和国有企业中显著。研究结论为进一步调整养老保险费率,以实现养老保险降费、释放更多的“生产率红利”提供了经验证据。

Maintaining a certain growth rate of total factor productivity is a basic requirement for achieving high-quality economic development.Based on the data of A-share listed companies in China stock market,this paper discusses the effect of pension contribution rate on total factor productivity and its transmission mechanism.The study found that the increase in the contribution rate of pension inhibited the increase in total factor productivity.The mediating effect model and the mechanism analysis show that pension contributions affect total factor productivity by reducing corporate R&D expenditures and employee income.Further adding the financing constraint adjustment variable to the mediating effect model verifies the negative adjustment effect of financing constraints on R&D expenditure,which means that financing constraints will exacerbate the negative impact of pension contributions on R&D expenditure.Heterogeneity analysis shows that for regions with high contribution rates and state-owned enterprises,the pension contribution rate has a greater negative impact on total factor productivity,and the R&D expenditure path is only significant in regions with high contribution rates and state-owned enterprises.The conclusions of this paper provide empirical evidence for further adjustment of pension contribution rate and the release of more“productivity dividends”through pension contribution reduction.