降低企业基本养老保险政策缴费率能促进年金发展吗?  

Can Reducing Basic Pension Insurance Contribution Rates Promote Enterprise Annuities?

作　　者：唐珏 田柳 汪伟 TANG Jue;TIAN Liu;WANG Wei(School of Public Economics and Administration,Shanghai University of Finance and Economics)

机构地区：[1]上海财经大学公共经济与管理学院,上海300244

出　　处：《金融研究》2022年第4期39-56,共18页Journal of Financial Research

基　　金：国家自然科学基金青年科学基金项目《养老保险缴费基数对企业参保缴费和劳动就业的影响》的支持(项目号:72104136);国家社科基金重大项目《全面实施供给侧结构性改革研究》的资助(项目号:22ZDA049)。

摘　　要：构建有效的多层次养老保障体系是积极应对我国人口老龄化的重要举措。本文基于税收调查数据,利用政策缴费率的差异,识别企业基本养老保险缴费负担对企业年金发展的影响。研究发现,企业基本养老保险缴费负担抑制了企业年金发展,其中政策缴费率每提高1个百分点,企业建立年金的概率会下降0.29个百分点,年金缴费率会减少0.06个百分点。使用上市公司数据进行分析,基本结论依然成立。进一步分析表明,基本养老保险会通过利润分享渠道、缴费能力渠道和缴费动机渠道影响企业年金发展。此外,企业基本养老保险对年金的影响,在企业产品定价能力较弱或小规模企业中更大,也会随地区经济增速的差异而不同,且仅在非国有企业中显著存在。依据本文估计的结果可以推算,企业基本养老保险政策缴费率降低4个百分点,能使年金覆盖率增加1.2个百分点,这同目前5.7%的覆盖率相比,是一个较大幅度的提升,但也应注意到6.9%的覆盖率依然偏低,年金发展需要更为积极的支持政策。China has established a three-pillar pension system to support retirees'living standard,including public basic pension insurance,occupational annuities,and commercial pension insurance.Basic pension insurance is the dominant component in terms of the number of participants and the amount of pension funds;however,it faces increasing challenges due to rapid population aging.Thus,it is urgent to develop the other two pillars of the pension system,especially enterprise annuities.Enterprise annuities are an effective strategy to combat the issue of population aging in OECD countries.In 2018,only 87,400 chinese firms offered their employees enterprise annuities,and the 23.88 million enrolled workers accounted for 5.7%of all enrollees in the basic pension program for urban workers(2018 Bulletin on Human Resources and Social Security).Extensive discussions among policy makers and scholars extrapolate factors that affect firms'incentive to provide annuities,but no consensus has been reached.Despite much discussion,few studies empirically examine whether and to what extent the basic pension program affects firms'decisions about establishing enterprise annuities.This study aims to find the answers to these questions.In theory,the basic pension for urban workers can have a positive or negative effect on enterprise annuity provision.On the one hand,the higher labor cost involved in providing enterprise annuities may have a negative effect on firm profitability,cash flow,and innovation,lowering firms'incentive to provide annuities.On the other hand,the labor costs resulting from the high contribution rates of the basic pension program may motivate firms to increase their productivity.Therefore,firms may provide annuities to attract highly productive workers.In summary,the theoretical prediction of the relationship between the basic pension program and enterprise annuity provision is ambiguous.The goal of this study is to examine whether the high basic pension program contribution rates are the cause of the low offering of ente

关 键 词：企业基本养老保险 企业年金 

分 类 号：F842.67[经济管理—保险]