社会保险缴费负担对企业人力资本结构的影响研究

Research on the Impact of Social Insurance Payment Burden on Enterprise Human Capital Structure

理解社会保险缴费负担如何影响企业人力资本结构,对社保缴费制度改革和供给侧结构性改革尤为重要。本文以中国沪深A股2007-2020年2847家制造业上市公司为研究样本,采用固定效应模型实证检验了社会保险缴费负担对企业人力资本结构的影响。研究发现,社会保险缴费负担能够提高高低技能劳动力的相对雇佣比,具有显著的人力资本结构升级效应。机制分析表明,社会保险缴费负担主要通过固定资产投资规模和员工人均薪酬两个渠道对企业人力资本结构产生影响。进一步地分析表明,社会保险缴费负担的人力资本结构升级效应在非国有、劳动密集型、小规模及高融资约束企业中存在较强的异质性。因此,当前我国社会保险缴费率下调的大背景下,政府应该审慎权衡社会保险缴费负担与企业人力资本结构的内在联系,警惕社保缴费负担降低过多反而会阻碍企业人力资本结构的提升。

It is particularly important to understand how the social insurance payment burden affects the human capital structure of an enterprise when considering the reform of the social insurance payment system and the supply-side structural reform.This study takes 2847 listed manufacturing companies in Shanghai and Shenzhen A shares from 2007 to 2020 as a research sample,and uses a fixed-effect model to empirically test the impact of social insurance payment burden on enterprise human capital structure.The study found that the social insurance payment burden can increase the relative employment ratio of high and low-skilled labor,and that it has the significant effect of upgrading the human capital structure.Mechanism analysis shows that the social insurance payment burden mainly affects the human capital structure of enterprises through two channels,the scale of fixed asset investment and the per capita salary of employees.Further analysis demonstrated that the upgrading effect of the human capital structure of the social insurance payment burden is quite heterogeneous among non-state-owned,labor-intensive,small-scale and high-financing-constrained enterprises.Therefore,under the current background of the downward adjustment of the social insurance contribution rate in China,the government should carefully weigh the internal connection between the social insurance contribution burden and the human capital structure of enterprises.Furthermore,it should be wary that the excessive reduction of the social insurance contribution burden will hinder the improvement of enterprises'human capital structure.