Theoretical Explanation And Empirical Test Of Occupational Pension Productivity Effect

At present,China is facing an increasingly aging population trend,and demographic dividends tend to disappear.The State Council and the Party Central Committee attach great importance to it and propose to establish a healthy and sustainable multi-level social security system repeatedly.Under the continuous improvement of China's multi-level pension insurance system and the increasing attention of enterprise annuities,the development of China's occupational pension is not satisfactory,far from the role of pillar pension insurance.Since most enterprises have not yet realized the positive effect of occupational pension on employee productivity and corporate profit margin,enterprises that have assumed the burden of basic pension insurance contributions have a wait-and-see attitude toward the establishment of occupational pension.Therefore,this paper collects the financial data of listed companies in the past three years,and actually calculates the mechanism and positive effect of the establishment of occupational pension affecting the total factor productivity of enterprises.Therefore,in the context of the current economic transformation and upgrading,it has pointed out the direction how to improve the enthusiasm of employees,reduce the frequent flow of labor,and thus improve the total factor productivity of enterprises.This paper follows the research ideas of current situation-analyzing problems--theoretical explanation-empirical test-policy recommendations.Using literature research method and quantitative analysis method,the annual report data of listed companies is taken as the research object,and the productivity theory of occupational pension is tested.The full paper is divided into six chapters:The first chapter is the introduction.This chapter introduces the background of the topic,theoretical contribution and explains the meaning of practice.Based on the research status,this chapter give a general introduction to the research framework and research ideas.Meanwhile this chapter summarized the innovations and shortcomings of the paper,so that the reader has a simple and clear understanding.The second chapter is the definition of relevant theories and concepts.The theory of occupational pension generation includes life cycle theory and human resource incentive theory of occupational pension.At the same time,the concept and principle of the total factor productivity and the Cobb Douglas production function to be used in the empirical part are also clearly explained in this chapter,which will provide support for the theoretical explanation and empirical test part of the following.The third chapter is the analysis of the status quo and problems.To study the productivity significance of occupational pension,it is necessary to comment on the development status and problems of occupational pension objectively.Therefore,this chapter first introduces the development of China's annuity system.Then,based on the latest statistics,the number of enterprises,the number of employees,industry and regional coverage of the occupational pension will be introduced.From the current situation,the development of occupational pension is far from expected,and the biggest obstacle to development comes from the micro-enterprises themselves.The lacking of objective economic strength of enterprises,the weak willingness of enterprises to establish subjectively will affect the development of enterprise annuities,so are the inaccurate positioning of enterprises on enterprise annuities and the constraints of industrial structure of enterprises.The fourth chapter is the theoretical explanation part of the occupational pension effect,which is the core chapter of this paper.Using literature research method combined with existing research literature at home and abroad,the mechanism and path of occupational pension affecting enterprise productivity path conclude: incentive mechanism,optimization of shareholding structure,screening mechanism,constraint mechanism and financial mechanism.Enterprise annuities will influence the company's production decisions and human resource management decisions through the above several paths.The fifth chapter is the empirical test part of the productivity effect of occupational pension,which is the core chapter of this paper.It includes principle description,data variable introduction,model design,statistical description and empirical conclusions.Taking listed companies as an example,this paper used Matlab mathematics software,and used OLS method to measure enterprise total factor productivity.It proposed two empirical hypotheses: Is an occupational pension beneficial to increase the productivity of the company? What kind of intermediary mechanism does an occupational pension use to exert its productivity effect? Through empirical research,it is found that the establishment of occupational pension has a significant positive effect on the total factor productivity of enterprises.Through further mediation test,it is seen that leaving high-quality employees,reducing employee turnover,improving executive performance and increasing training costs are the mediators for the improvement of productivity of enterprise annuities.The sixth chapter is policy recommendations and conclusions.Based on the core issue of this paper that the theoretical analysis and empirical test of the productivity effect of occupational pension,the paper proposes policy recommendations to promote the development of occupational pension.It is concluded that the positive effects of long-term neglect of occupational pension on the productivity creation and profit of enterprises will make the enthusiasm of enterprises to participate in insurance insufficient.The innovation of this paper is to break the previous research angle of occupational pension and analyze the mechanism of occupational pension from the perspective of productivity improvement.The paper studies the productivity effects of enterprise annuities from theoretical interpretation and empirical research,and proposes conclusions and policy recommendations in a targeted manner.However,there may be other factors in the theoretical elaboration that increase the efficiency of occupational pension production.It will be the focus of the future research.