Medicare And Total Factor Productivity Of Enterprise

In the past,the rapid development of China’s economy was mainly driven by a large amount of cheap labor and investment.However,with the decline in the labor force,rising wages,and aging population,China’s demographic dividend is gradually disappearing.Furthermore,in the context of tightening policies in terms of resources and environment,relying on capital and cheap labor to promote China’s economy is no longer applicable.Increasing the total factor productivity of enterprises has become the impetus to maintain the sustained and stable development of China’s economy.Human capital is one of the important factors affecting the total factor productivity of enterprises.Employees are an important source of profits for an enterprise.They are not only workers,but also an important intellectual capital of the enterprise.In 2019,Ping An Insurance Company and BCG jointly released the "Chinese Enterprise Employee Health Insight Report 2019",the survey found that the health of employees is not good,which directly affects the productivity of the company.Therefore,in order to improve the productivity of enterprises,the most important means is to guarantee the health of employees.With the development of China’s economy,problems such as environment,health and medical care emerge.Especially,during the new outbreak of crown,health insurance is increasingly attracting people’s attention.As a health benefit provided by enterprises independently for employees,Whether the commercial medical insurance has an impact on the total factor productivity of enterprises,has not yet attracted the attention of scholars.On the other hand,the impact of commercial insurance on enterprises in recent years has attracted the attention of domestic scholars,such as D&O Insurance,and supplementary pension.Foreign studies have also found that employers providing employees with medical insurance have a "job lock-in" effect.These studies provide an important theoretical basis for this research.Therefore,using the data of the A-share listed companies between 2007 and2018,we examines the impact of commercial medical insurance on corporate production efficiency.Firstly,we find that the purchase of commercial medical insurance by enterprises improves the total factor productivity of the enterprise.Secondly,we find that the purchase of commercial medical insurance by enterprises attracts more highly educated employees.Thirdly,in the process of influence,which commercial medical insurance effect the enterprises’ total factor productivity,the human capital structure plays an intermediary effect.Finally,we find the result is still exist by using PSM+DID model to alleviate the endogeneity.Furthermore,we find that the purchase of commercial medical insurance by enterprises improve the profit-making ability of employees of non-state-owned enterprises,and the impact on state-owned enterprises is not obvious.The contribution of this paper is,first of all,to supplement the research on corporate commercial insurance by using large sample data to study the impact of commercial medical insurance on corporate productivity.Secondly,based on the theory of transaction costs,it reveals the importance of commercial medical insurance for improving enterprise productivity.Then,based on Maslow’s hierarchy of needs theory,it reveals the employees with different educational levels have different hierarchy of needs,and provides suggestions for the selection of talents for enterprises.Finally,it reveals the logical relationship among commercial medical insurance,human capital structure with corporate productivity.This paper provides enlightenment for China’s comprehensive construction of medical security system and the promotion of enterprise economic efficiency.