养老保险费率下调对企业高质量发展的影响

The Impact of Pension Insurance Rate Reduction on High-quality Development of Enterprises

以中国2010-2020年A股上市公司为主要研究样本,选取养老保险费率下调这一准自然实验,采取双重差分的方法,实证评估了养老保险降费政策对企业高质量发展的影响。结果显示:养老保险费率下调对企业高质量发展起着“助推器”作用;影响机制表现为养老保险降费政策会带来企业现金流增加和研发投入提高,助推企业全要素生产率的提升;养老保险降费对企业高质量发展的“助推器”作用显著存在于养老金支付压力较大地区、劳动密集型企业和国有企业。为进一步发挥养老保险降费政策的“助推器”作用,须适时推进养老保险“费改税”,逐步提高养老保险基金的全国统筹力度,促进企业年金和个人商业养老保险市场的发展。

This paper takes China's A-share listed companies from 2010 to 2020 as the main research sample,selecting the quasi natural experiment of pension insurance rate reduction,and adopting the method of difference in difference toempiricallyevaluatethe impact of pension insurance rate reduction policy on the high-quality development of enterprises.The study found that:Firstly,the reduction of pension insurance rates plays a“booster”role in the high-quality development of enterprises.Secondly,the impact mechanism is that the policy of reducing the cost of pension insurance will increase the cash flow of enterprises and the investment in research and development,and boost the improvement of total factor productivity of enterprises.Thirdly,the study also found that the“booster”effect of pension reduction on the high-quality development of enterprises was significantly found in areas with high pension payment pressure,labor-intensive and state-owned enterprises.In order to further play the role of the“booster”of the pension insurance reduction policy,it is necessary to timely promote the“fee to tax”of the pension insurance,gradually improve the national overall planning of the pension insurance funds,and promote the development of the enterprise annuity and individual commercial pension insurance market.