社会保险缴费、企业投资与投资效率——基于2011年《社会保险法》实施的证据

江西财经大学学报 ›› 2023, Vol. 0 ›› Issue (4): 134-148.

• 法与经济 • 上一篇

社会保险缴费、企业投资与投资效率——基于2011年《社会保险法》实施的证据

郭飞¹, 黄瑾¹, 罗靓溪²

1.中南财经政法大学会计学院,湖北武汉 430000;
2.南方电网国际有限责任公司,广东广州 510000

收稿日期:2022-12-11 出版日期:2023-07-25 发布日期:2023-07-28
通讯作者: 郭飞,中南财经政法大学教授,经济学博士,主要从事公司财务与金融风险管理研究,联系方式 fei_guo@zuel.edu.cn
作者简介:黄瑾,中南财经政法大学博士研究生,主要从事财务会计与风险管理研究;罗靓溪,南方电网国际有限责任公司研究人员,主要从事跨境投资涉税相关工作。
基金资助:
国家社会科学基金一般项目“银行监管和会计监管协调下商业银行风险管理决策与信贷资源配置研究”（20BJY029）; 中南财经政法大学中央高校基本科研业务费专项中研究生科研创新平台项目“预期信用损失模型与贷款拨备的顺周期效应——基于中国银行业的经验证据”（202311104）

Social Insurance Contributions, Corporate Investment and Investment Efficiency: Evidences Based on the Implementation of the Social Insurance Law in 2011

GUO Fei¹, HUANG Jin¹, LUO Liang-xi²

1. Zhongnan University of Economics and Law, Wuhan 430000;
2. China Southern Power Grid Co., Ltd, Guangzhou 510000, China

Received:2022-12-11 Online:2023-07-25 Published:2023-07-28

摘要/Abstract

摘要： 社会保险缴费是一项重要的社会保障机制。2011年7月颁布的《社会保险法》增加了企业的社会保险缴费,使企业面临更高的用工成本和更低的自由现金流水平,迫使其在财务压力和投资效率之间寻找平衡点并调整投资决策。基于2007—2021年中国A股上市公司的数据,运用双重差分模型分析发现,社会保险缴费增加提高了企业劳动力雇佣成本,减少企业可支配现金流,降低企业投资水平;但同时也促使企业提高生产技术水平,审慎投资决策,进而提升企业的投资效率。在竞争度较高的行业、注册地在东部以及融资约束程度较高时这种效应更为显著,原因在于这些企业更加敏锐地感受到社会保险缴费增加带来的财务压力。因此,社会保险制度在一定程度上通过影响企业投资行为来达到资源分配和经济调控的目的。在此制度背景下,中国要持续推动减税降费改革措施,有针对性地实施补助政策,以鼓励企业稳定投资,提高投资效率;同时还应采取相应措施以防范企业过度金融化所带来的系统性风险。

关键词: 社会保险法, 社会保险缴费, 企业投资水平, 企业投资效率

Abstract: Social insurance contribution is an important social security mechanism. The Social Insurance Law issued in July 2011 has increased the social insurance contributions of enterprises, causing them to face higher employment costs and lower levels of free cash flow, so that they are forced to find a balance between financial pressure and investment efficiency and adjust their investment decisions. Based on the data of A-share listed companies in China from 2007 to 2021, this paper employs a double difference model to conduct an analysis. The findings show that an increase in social insurance contributions will increase the labor employment cost of enterprises, reduce their disposable cash flow, and lower their investment level. However, at the same time, it also promotes enterprises to improve their production technology level, make prudent investment decisions, and thereby improve their investment efficiency. This effect is more significant in industries with higher competition, registered in the eastern region, or with higher levels of financing constraints, because these enterprises are more sensitive to the financial pressure brought about by the increase in social insurance contributions. Therefore, the social insurance system can achieve the goals of resource allocation and economic regulation to a certain extent by influencing the investment behavior of enterprises. In this institutional context, China should continue to promote tax and fee reduction reform measures, and implement targeted subsidy policies to encourage stable investment by enterprises and improve their investment efficiency. At the same time, corresponding measures should be taken to prevent the systematic risks brought by the excessive financialization of enterprises.

Key words: Social Insurance Law, social insurance contributions, investment level of enterprises, corporate investment efficiency

中图分类号:

D922.25

郭飞, 黄瑾, 罗靓溪. 社会保险缴费、企业投资与投资效率——基于2011年《社会保险法》实施的证据[J]. 江西财经大学学报, 2023, 0(4): 134-148.

GUO Fei, HUANG Jin, LUO Liang-xi. Social Insurance Contributions, Corporate Investment and Investment Efficiency: Evidences Based on the Implementation of the Social Insurance Law in 2011[J]. Journal of Jiangxi University of Finance and Economics, 2023, 0(4): 134-148.

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社会保险缴费、企业投资与投资效率——基于2011年《社会保险法》实施的证据

Social Insurance Contributions, Corporate Investment and Investment Efficiency: Evidences Based on the Implementation of the Social Insurance Law in 2011

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