社会保险缴费率会影响企业创新产出吗?

Does Social Insurance Contribution Rate Affect Firm Innovation Output?

企业为员工缴纳的社会保险是薪资的重要组成部分,本文以2013—2019年A股制造业上市公司为研究样本,实证检验了社会保险缴费率对制造业企业创新产出的影响。研究发现,社会保险缴费率对制造业企业创新产出的影响呈现倒“U”型,而非单调线性,且在社会保险缴费率为0.1314时,创新产出最优。引入面板门槛回归模型估计的社会保险最优缴费区间为[0.0946,0.1572),在最优区间内,制造业企业通过有效人员投入(激励)与创新投入合力提升创新产出。进一步分析发现,社会保险缴费同样具有前置效应和后置效应,分别表现为吸引并留住人才和对创新失败的容忍。本文结论丰富了员工薪资结构对制造业企业创新产出的影响,为相关部门制定合理社会保险缴费比率提供了一定参考。

Social insurance contributions are an important component of payroll. This paper empirically examines the impact of social insurance contribution rates on firms’ innovation output, using A-share listed manufacturing firms as a research sample from 2013—2019. It is found that the impact of social insurance contribution rate on manufacturing firms’ innovation output is inverted “U” rather than monotonically linear, and the innovation output is optimal when the social insurance contribution rate is 0.1314. The optimal social insurance contribution interval estimated by introducing the panel threshold regression model is [0.0946, 0.1572), and within the optimal interval, manufacturing firms enhance innovation output through the combined effect of effective personnel input(incentive) and innovation input.In further analysis, social insurance contributions are found to have the same antecedent and postecedent effects in terms of attracting and retaining talent and tolerance for innovation failure, respectively. The findings of this paper enrich the impact study of employee salary structure on manufacturing firms’ innovation output and provide some reference for relevant authorities to formulate reasonable social insurance contribution rate.