社会保险费征收体制改革与企业债务融资决策

The Reform on Social Insurance Premium Collection System and Corporate Debt Financing Decision

为了加强对企业社会保险缴费的监管,提高社会保险费的征缴效率,各地区陆续开展社会保险费征收体制改革。本文将各地区社会保险费征收体制改革作为社会保险缴费的外生冲击,采用多时点双重差分模型,研究社会保险缴费对上市公司企业债务融资决策的影响。研究发现,社会保险费移交税务部门统一征收能够影响企业债务融资决策,显著提高企业的负债率。机制分析表明,社会保险缴费主要通过降低企业员工要求的工资溢价,增加企业的债务融资规模。异质性分析表明,社会保险缴费对企业债务融资决策的影响主要存在于劳动密集程度较高、规模较大的企业以及非国有企业。本文的研究为政府进一步深化社会保险体制改革,做好就业、社会保障和企业经营之间的平衡提供了理论依据和政策参考。

In order to strengthen the supervision of enterprise social insurance contributions and improve the efficiency of social insurance collection,various regions have carried out reforms on the social insurance premium collection system.In this paper,the reform on social insurance collection system in various regions is regarded as the exogenous impact of social insurance contribution,and the multi-time-point DID model is used to study the impact of social insurance contribution on corporate debt financing decisions of listed companies.It is found that the transfer of social insurance premiums collection to tax authorities can affect the debt financing decisions of enterprises and significantly increase the debt ratio of enterprises.Mechanism analysis shows that social insurance contributions increase the debt financing scale of enterprises mainly by reducing the wage premium demanded by employees.Heterogeneity analysis shows that the influence of social insurance contributions on corporate debt financing decisions mainly exists in large and labor-intensive enterprises and non-state-owned enterprises.The research provides a theoretical basis and policy reference for the government to further deepen the reform on the social insurance system and do a good job in the balance among employment,social security and enterprise operation.