Research On The Incentive Effect Of Enterprise Annuity

Since the Tenth Five-Year Plan outline made the development of enterprise supplementary old-age insurance one of the important goals of China's social security system,the government has issued a series of policies to guide and regulate the development of enterprise annuity,which has effectively promoted the promotion and implementation of enterprise annuity system.The data shows that the overall scale of enterprise annuity in China presents a growing trend,the total amount of enterprise annuity increased from 68 billion yuan in 2005 to 1368.605 billion yuan in 2018,and the proportion of total enterprise annuity in GDP also increased from 0.37% in 2005 to1.65% at the beginning of 2018.Therefore,enterprise annuity is playing an increasingly important role in our national economy,and it is necessary to evaluate the economic effect of enterprise annuity in China.Considering the lack of empirical research methods to study the economic effects of enterprise annuity system at this stage in China.This paper examines the impact of occupational pension on employee productivity and turnover rate from two perspectives of employee productivity and turnover rate,hoping to provide empirical evidence of the economic consequences of the implementation of occupational pension system in Chinese enterprises at this stage,and put forward corresponding countermeasures and suggestions to promote the development of occupational pension system.Based on the empirical evidence of A-share listed companies in 2010-2016,this paper finds that:(1)from the perspective of the current situation of enterprise annuity implementation,the number and scale of enterprise annuity implemented by listed companies in China are increasing at this stage,but the number of listed companies implementing enterprise annuity is relatively small,which indicates that the enterprise annuity system needs to be further promoted and implemented.When considering the differences between state-owned enterprises and non-state-owned enterprises,we find that the number of enterprise annuities implemented by state-owned enterprises is significantly more than that of non-state-owned enterprises,but the scale difference between state-owned enterprises and non-state-owned enterprises has been eliminated.(2)When examining the incentive effect of enterprise annuity system,the results show that the implementation of enterprise annuity system not only helps to improve the production efficiency of enterprise employees,but also can significantly reduce firms' employee turnover rate,which indicates that the implementation of enterprise annuity system in our country can not only play an incentive effect,but also play a retention effect function.Further,considering the difference between state-owned enterprises and non-state-owned enterprises,the results show that the effect of occupational pension on employee turnover rate is not significant,and there is no significant difference between state-owned enterprises and non-state-owned enterprises.However,the implementation of enterprise annuity system has a more significant impact on the productivity of employees in state-owned enterprises than non-state-owned enterprises.This may be because state-owned enterprises tend to pay more attention to social responsibility and bear more policy burden.The implementation of enterprise annuity can strengthen the perception of employees' stable security in state-owned enterprises,so as to give full play to the incentive effect.On the contrary,non-state-owned enterprises are lack of the implicit guarantee of state-owned enterprises,and the implementation of enterprise annuity system makes employees' stable perception smaller,thus to a certain extent weaken the incentive effect of annuity system.The contributions of this paper may include two points: Firstly,it enriches the literature research on the incentive effect of enterprise annuity.At this stage,domestic scholars pay less attention to the incentive effect of enterprise annuity,and the existing literature mainly studies the incentive effect of enterprise annuity,and less attention is paid to the retention effect of enterprise annuity.This paper examines the incentive effect of enterprise annuity of listed companies from the perspectives of employee productivity and turnover rate,thus enriches the relevant domestic research on the incentive effect of enterprise annuity.Secondly,the domestic literature on the incentive effect of enterprise annuity neglects the influence of property rights on the incentive effect.Based on the study of the incentive effect of enterprise annuity,this paper further investigates the influence of property rights,and thus deepens the research on the incentive effect of enterprise annuity.