养老保险缴费比例会影响企业生产效率吗？
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| Title | Does Pension Affect Firm Productivity?
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| 作者 | 赵健宇 陆正飞 |
| Author | Zhao Jianyu and Lu Zhengfei |
| 作者单位 | 北京大学光华管理学院 |
| Organization | Peking University |
| 作者Email | jianyu.zhao@pku.edu.cn;zflu@gsm.pku.edu.cn |
| 中文关键词 | 养老保险 缴费比例 生产效率 员工工资 |
| Key Words | Pension; Rate; Productivity; Employee wage |
| 内容提要 | 现有文献对员工的薪酬支付结构如何影响企业产出缺少关注。以养老保险为代表的社会保险是员工薪酬的重要构成，而我国基本养老保险缴费比例偏高，给企业造成了沉重的负担，这是否会阻碍企业生产效率的提高呢？我们利用A股上市公司财务报告附注中特有的“应付职工薪酬”明细科目披露构建指标，发现企业为员工支付的养老保险占员工总薪酬的比重与全要素生产率负相关，且这一负向关系仅在员工平均工资较低的企业中显著。我们利用公司总部所在地法定养老保险企业缴费比例的时间和横截面政策变化构建双重差分检验，结论依然稳健。我们还发现，较高的养老保险缴费比例增加了企业劳动力成本支出占收入中的比重，同时却降低了员工当期可支配收入。养老保险缴费也并没有“倒逼”企业通过技术创新实现增长方式的转变。我们的研究对我国当前的养老保险体制改革，特别是如何优化养老保险缴费结构，具有借鉴意义。 |
| Abstract | As the most important kind of insurance in China, pension fee takes a large part of employee wage, and it also brings firms a heavy burden. Whether pension burden can hinder firms’ productivity is still unobvious in literature. Using the unique data obtained from the detailed disclosure of listed corporation’s annual report footnotes, we construct a measurement of “effective pension rate” and show that it reduces the firm’s productivity. Further, this negative relationship is only held in low average wage sample group. We use the different trend of firm contribution proportions for its employees in different regions to identify the impact and find the same results. In addition, we find that high pension rate increase firm’s labor cost proportion in total sales and decrease the employees’ deposable income in current period at the same time. Meanwhile, high pension burden does not lead firm to update the growth mode through innovation. Overall, our result is important to the on-going pension system reform. |
| 文章编号 | WP1420 |
| 登载时间 | 2019-10-09 |
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