养老保险降费政策与企业投资

Pension Insurance Fee Reduction Policy and Enterprise Investment

养老保险降费政策是我国近年来减税降费改革的重要组成部分。基于2016年的阶段性降低养老保险费率政策构建双重差分模型,分析了养老保险降费政策对企业投资的影响及相关机制。研究发现:养老保险降费政策降低了企业的缴费负担,抑制了企业的投资规模和过度投资行为。养老保险降费政策对企业投资的影响在平均工资水平低和非国有企业的子样本中更为显著。此外,养老保险降费政策使员工工资增加的同时,也引致企业以劳动力替代资本,从而有利于稳就业。本文的研究为政府部门进一步深化养老保险降费改革提供理论支撑。

The pension insurance fee reduction policy is an important part of China’s tax and fee reduction reform in recent years.Based on the periodic policies of pension insurance fee reduction in 2016,this paper constructs a Double Difference Model,and analyzes the impact of pension insurance fee reduction policy on enterprise investment.The study finds that the pension insurance fee reduction policy not only reduces the payment burden of enterprises,but also suppresses the investment scale and over-investment behavior of enterprises.The impact of this policy on corporate investment is more significant in those enterprises with low average wage level or in those non-state-owned enterprises.In addition,the pension insurance fee reduction policy not only increases the wages of employees,but also causes enterprises to replace capital with labor,which is conducive to stable employment.This study will provide theoretical support for government departments to further deepen the reform of pension insurance fee reduction.