Research On The Influence Of Social Insurance Contribution On Enterprise Investment Efficiency

Since the 18 th National Congress of the Communist Party of China,my country’s social insurance system has made great progress,the scope of protection has gradually expanded,the level of protection has continued to improve,and the reform has become more systematic,holistic,and synergistic.While fully affirming the achievements,the social insurance system still faces many difficulties and challenges in the new development stage,one of which is the problem of high payment.High social insurance premiums have had a non-negligible impact on business operations,leading to a decline in employment,weakened innovation,and loss of production efficiency.At the same time,with the advancement of supplyside structural reforms,phenomena such as "zombie enterprises","overcapacity" and "slow investment growth" have occurred frequently,which are ultimately reflected in the low efficiency of corporate investment.For an enterprise,investment is the direct source of its profit growth,and the level of investment efficiency determines the future growth space of the enterprise.Since social insurance payment is a mandatory and continuous cash outflow of enterprises,it is of great significance to study the impact of social insurance payment on enterprise investment efficiency.On the basis of clarifying the mechanism of the influence of social insurance premiums on corporate investment efficiency,this paper takes the data of nonfinancial A-share listed companies from 2008 to 2019 as a sample,and uses the fixed effect model to test the impact of social insurance premiums on corporate investment efficiency and Mechanism.The research finds that: first,social insurance payment has a significant negative relationship with enterprise investment efficiency,and every increase of one unit in the payment rate in the baseline regression reduces enterprise investment efficiency by 0.105 units.Second,free cash flow and R&D investment play an important role in the impact of social insurance contributions on corporate investment efficiency.The increased burden of social insurance payment reduces the free cash flow of enterprises and reduces the investment in research and development of enterprises,resulting in a decline in the efficiency of enterprise investment.In addition,accounting conservatism has an obvious moderating effect,which can weaken the negative impact of social insurance contributions on corporate investment efficiency.Third,the results of heterogeneity analysis show that the negative impact of increased social insurance payment burden on enterprise investment efficiency is more obvious in non-state-owned enterprises,laborintensive enterprises and enterprises with high financing constraints.Based on the above conclusions,this paper puts forward relevant policy suggestions on improving the social insurance payment system and improving the investment efficiency of enterprises: first,continue to implement the social insurance fee reduction policy;carry out the design of the social insurance payment differentiation system.The second is to improve the financing environment and broaden financing channels;optimize the quality of enterprise R&D investment;improve the soundness of accounting policies.The marginal contributions of this paper are mainly reflected in the following aspects: First,it expands the research perspective on the microeconomic consequences of social insurance premiums,and provides empirical evidence for further reducing social insurance premiums and improving corporate investment efficiency.Second,theoretical analysis and empirical testing on the relationship between social insurance premiums and enterprise investment efficiency have been carried out,which has enriched the relevant literature in the intersecting fields of labor and finance.Of course,there are still some deficiencies in this research.First,due to the availability of data,the research object of this paper is listed companies,and the conclusions obtained may lack guiding significance for small and micro enterprises.Second,due to the large impact of the new crown pneumonia epidemic on the economy,this paper It was not possible to assess the impact of the 2019 social insurance fee reduction policy on the investment efficiency of enterprises.The above two points are the shortcomings of this paper and need to be improved in the future.