养老保险缴费比例、可支配收入对企业创新能力的影响——绿色发展背景下我国上市公司的中介效应分析

On the Influence of the Proportion of Endowment Insurance Payment and Disposable Income on the Innovation Ability of Enterprises:An Analysis of the Intermediary Effect of Chinese Listed Companies under the Background of Green Development

以养老保险为代表的社会保险是员工薪酬的重要构成,而中国基本养老保险缴费比例偏高,给企业造成了沉重的负担。基于可支配收入视角,利用A股上市公司财务报告附注中特有的“应付职工薪酬”明细科目披露构建指标,实证检验我国上市公司养老保险缴费比例和可支配收入对企业创新能力的作用机制,可以发现:养老保险缴费比例的降低有助于促进可支配收入的提高和企业创新能力的提升,可支配收入在养老保险缴费比例影响公司创新能力的作用机制中起到中介效应,中介效应值为35.85%,其中在国有企业和高劳动密集度企业的中介效应值分别达到37.01%和41.84%,在高新技术企业具有完全中介效应。这一结果对当前的养老保险体制改革,特别是如何优化养老保险缴费结构,具有借鉴意义。

Social insurance represented by endowment insurance is an important component of employee compensation,while the proportion of basic endowment insurance in China is on the high side,which causes a heavy burden to enterprises.Based on the analysis of disposable income and the empirical test of the proportion of endowment insurance payment and innovation ability of listed companies in China,this paper further analyzes the intermediary effect of whether they are state-owned enterprises,high-tech enterprises and high labor-intensive enterprises.The proportion reveals the mechanism of contribution proportion,disposable income and innovation ability of endowment insurance.The results show that the increase of the proportion of endowment insurance payment restrains the improvement of disposable income and the innovation ability of enterprises.Disposable income plays an intermediary effect in the mechanism of the proportion of endowment insurance payment affecting the innovation ability of companies.The intermediary effect value is 35.85%,among which the intermediary effect value of state-owned enterprises is 37.01%,and the intermediary effect value of high labor-intensive enterprises is 37.01%.It reaches 41.84%,which has a complete intermediary effect in high-tech enterprises.This paper is of great significance to the current reform of endowment insurance system,especially how to optimize the payment structure of endowment insurance.