养老保险缴费比例会影响企业生产效率吗?  

Does Pension Contribution Rate Affect Firm Productivity?

作　　者：赵健宇[1] 陆正飞[1] ZHAO Jianyu;LU Zhengfei

机构地区：[1]北京大学光华管理学院

出　　处：《经济研究》2018年第10期97-112,共16页Economic Research Journal

基　　金：国家自然科学基金重点项目(71132004);国家自然科学基金面上项目(71872014);北京大学光华管理学院院长基金项目资助

摘　　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,而中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?本文利用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,以及公司总部所在地法定养老保险缴费比例的时间和横截面政策变化构建外生变量,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。本文还发现,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的比重,同时却降低了员工当期可支配收入。养老保险缴费比例的提高还导致企业创新的下降。本文对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。The real effects of managers'pay structure have been well studied.However,few papers have examined the real effects of employees pay structure.As the pension insurance is the most important kind of insurance in China,pension contributions take a large part of employees'pay and place a heavy burden on firms.According to statistics presented by Nielson&Smyth(2008),employee pension fees on average comprise 40%-50%of total labor costs in Chinese firms,significantly higher than in other Asian countries.Whether pension burden hinders or enhances firms productivity is still unclear in the literature.In our opinion,the optimal pension rate is at equilibrium,where the marginal costs of increasing the pension contribution rate are equal to the marginal benefits.The costs of increasing the contribution rate are as follows.First,increased employee contribution rates lead to increased labor costs,which may crowd out firms'cash flow for innovation.A decrease in innovation input may eventually lead to a decrease in productivity.Second,faced with increasing pension fees,firms transfer part of the burden to employees,lowering their disposable income in the current period and leading to a decrease in employee effort.Increasing the pension contribution rate also has three benefits.First,pension fees can be deducted from an employee's pay before tax,so increasing the contribution rate is a kind of personal tax avoidance for employees.Second,the government operates the pension fund,and the return rate may be higher than that of the investments operated by employees.Lastly,pension contribution are enforced deposit and can ensure the basic living spending of employees after retirement.Increasing the contribution rate means ensuring better living standards for the retired.Using Chinese listed non-financial firm data from 2007 to 2015,this paper investigates the causal correlation between the employee pension contribution rate and firms productivity,and the potential mechanism behind it.We construct two measures of firms employee contrib

关 键 词：养老保险 缴费比例 生产效率 员工工资 

分 类 号：H55[语言文字] J31[艺术—美术]