社保缴费负担对企业投资的影响

The Impact of the Social Security Contribution on Corporate Investment

优化企业投资结构和减轻企业负担是促进企业高质量发展的重要手段。本文使用2008-2015年的中国税收调查数据,探讨了社保缴费负担对企业总投资和投资结构的影响。研究发现,社保缴费负担对企业总投资和固定资产投资存在显著的"挤出效应",但是增加了企业的创新投资和金融投资。机制分析表明,社保缴费负担通过增加企业的劳动成本,挤占企业的内部现金流,强化企业的融资约束,增加企业用资本替代劳动,对企业总投资和投资结构产生影响,且其对资本或劳动密集型企业以及不同所有制类型企业投资的影响存在明显差异。本文采用替换指标法进行重新估计,并使用工具变量法解决可能存在的内生性问题之后,实证结论依然稳健。本文的发现有利于政策制定者厘清两者之间的关系,并为如何充分发挥中国的社会保险制度的优势和优化企业的投资结构提供参考。

Optimizing corporate investment structure and reducing corporate burden are both important means to promote high-quality development of enterprises.This paper uses China Tax Survey data(2008-2015)to explore the impact of corporate social security contribution on the total investment and investment structure of enterprises.The results show that the social security contribution has a significant squeezing effect on its total investment and fixed asset investment of enterprises.However,it increases the innovation investment and financial investment.Mechanism analysis indicates that the increasing of social security contributions improves the labor costs,squeezing the internal cash flow,strengthening the financing constraints,promoting the replacement of labor with capital,and therefore affecting the total investment and investment structure of enterprises.For capital or labor-intensive enterprises and enterprises of different ownership types,these influencing impacts on enterprise investment and its structure are significantly different.After we use the substitution index method,and apply the instrumental variable method to solve the possible endogenous problems,the empirical conclusions are still robust.This study clarifies the relationship between social security contribution and corporate investment and bears policy implications for giving full play to the advantages of China’s social insurance system and optimizing the investment structure of enterprises.