养老保险实际缴费率与企业创新——基于非线性关系的研究  

Actual Contribution Rate of Endowment Insurance and Enterprise Innovation: A Research Based on Nonlinear Relation

作　　者：何子冕 江华[1] 李雅楠[1] He Zimian;Jiang Hua;Li Yanan(School of Labor Economics,Capital University of Economics and Business)

机构地区：[1]首都经济贸易大学劳动经济学院

出　　处：《劳动经济研究》2020年第4期95-120,共26页Studies in Labor Economics

摘　　要："减负税"与"促创新"是当前政府亟待解决中国企业"生存之困"的重要举措。本文以2013-2018年中国A股上市公司数据为样本,采用面板数据双固定模型分析养老保险实际缴费率对企业创新的影响及机制效应。研究发现,养老保险实际缴费率对企业创新的影响呈现倒U型非线性关系;养老保险缴费导致企业劳动成本上升所引起的要素替代效应会促进企业创新,但融资成本效应会抑制企业创新,两种效应相互叠加而产生了非线性关系;法定费率既定前提下,养老保险缴费遵从度越好的企业,创新水平越高;异质性分析结果显示,仅制造业企业养老保险实际缴费率对企业创新呈现明显的非线性关系,中小板和国有企业的养老保险实际缴费未对企业创新产业显著影响,其他类型企业的养老保险实际缴费率与企业创新之间呈现显著的正向关系。"Reducing tax burden " and "promoting innovation " are important measures for the government to solve the "survival dilemma"of Chinese enterprises currently. Based on the data of Chinese a-share listed companies from 2013 to 2018,this paper adopts the panel data double-fixed model to analyze the impact of actual contribution rate of endowment insurance on enterprise innovation and reveal its mechanism. The results show that,the effect of actual contribution rate of endowment insurance on enterprise innovation presents an inverted U-shaped nonlinear feature. The factor substitution effect caused by rising labor cost from endowment insurance will promote enterprise innovation, but the financing cost effect will inhibit enterprise innovation, the superposition of those two effects creates a nonlinear effect finally. Under the statutory rate of endowment insurance,the higher compliance degree of endowment insurance,the higher level of the enterprise innovation. Through the analysis of heterogeneity,we find that only the actual rates of endowment insurance of manufacturing enterprises present an obvious non-linear relation to enterprise innovation,and the actual contribution rates of endowment insurance of small or medium-sized boards and state-owned enterprises have not made a significant impact on enterprise innovation,while other classifications of enterprises show a significant positive linear relation between actual contribution rate of endowment insurance and enterprise innovation.

关 键 词：养老保险 缴费率 企业创新 非线性关系 

分 类 号：F842.67[经济管理—保险] F832.51F273.1