The Impact Of 2016 Endowment Insurance Phased Fee Reduction On The Actual Contribution Rate Of Enterprises

The 14 th Five-Year Plan proposed to reduce costs and burdens for enterprises,in order to promote the pace of economic restructuring and efficiency,to achieve the14 th five-year plan period of high-quality development of China’s economy.In order to reduce the burden of the system for enterprises,in order to stimulate the vitality of the main business.In the context of "tax reduction and fee reduction",in 2016,the Ministry of Human Resources and Social Security and the Ministry of Finance issued policies to advocate a phased reduction of social insurance premium rate,lowering the policy contribution rate from 20% to 19%.Then the decline of the policy rate,whether the actual rate of enterprises to decline,the decline of how? Whether there are differences in ownership,scale and other aspects? Does the reform of fee reduction play a role in improving enterprises’ social security compliance and employment crowding?Based on the above questions,this paper makes the following answers.First of all,based on the cost theory,labor demand supply model,information asymmetry theory,get the endowment insurance Jiang Fei policy and the enterprise endowment insurance payment rate of the inner link,and then from taian and WIND database in 2012-2018 a-share listed companies as samples,will be subject to 2016 endowment insurance payment rate decline in natural experiment,Then,the policy payment rate was selected as an instrumental variable to improve the effectiveness of the 2SLS regression model.The estimation results show that the decrease of the legal contribution rate of endowment insurance in 2016 makes the actual contribution rate of enterprise endowment insurance decrease significantly.Specifically,the legal rate of 1% reduction,the actual rate of enterprise payment 0.35% decline.After introducing instrumental variables,the results remain robust.Then,through the empirical analysis of mechanism variables,it is found that the policy of fee reduction significantly affects the actual contribution rate of enterprise endowment insurance through affecting the intensity of collection.Secondly,according to the results of heterogeneity analysis,the endowment insurance fee reduction policy is significantly effective in non-state-owned enterprises,enterprises above the scale,and enterprises with high labor intensity.The robustness of the baseline regression was tested by changing the regression method and changing the model window period to ensure the robustness of the above results.Subsequently,according to further analysis results,this paper found that under the background of the policy of fee reduction and burden reduction,enterprise payment compliance and employment crowding were significantly improved.Finally,based on the research conclusions of this paper,further strategic implementation of fee reduction policy;To achieve the goal of fee reduction under the solid payment base;Targeted and differentiated implementation of fee reduction policies;Some policy suggestions are given on developing the third pillar of pension fund.