在国内外经济下行压力下，“减税降费”已成为增强企业活力，促进高质量发展的重要手段。不同于其他税费政策改革，社会保险降费政策会通过财务资本和人力资本两个方面影响企业发展。然而，该政策对企业高质量发展的影响及作用机制尚不明晰。基于此，本文以各地级市政府实施的社会保险降费政策作为外生事件，运用双重差分模型，从企业技术创新的微观视角，考察社会保险降费政策对企业高质量发展的影响。研究结果显示，社会保险降费政策有利于提高企业技术创新水平。进一步分析发现，社会保险降费政策主要通过增加研发投入和优化人员结构推动企业技术创新，但两条路径的影响存在差异：其通过研发投入可以同时促进企业实质性创新和策略性创新，其通过人员结构仅促进企业实质性创新。最后，异质性分析发现，相较而言，上述影响在国有企业及所处监管环境较好的企业中更为显著。本文的研究结论既为“劳动经济学与微观企业行为”领域的研究提供了增量证据，也为“减税降费”等营商环境优化措施提供理论支持。
Abstract
Under the downward pressure of domestic and foreign economy, "Tax reduction and Fee reduction" has become an important means to enhance the vitality of enterprises and promote high-quality development. Different from other tax policy reforms, the social insurance premium reduction policy will affect the development of enterprises through two aspects: financial capital and human capital. However, the impact and mechanism of the policy on the high-quality development of enterprises are not clear. Based on this, this paper takes the social insurance premium reduction policy implemented by various prefecture level municipal governments as an exogenous event, using difference-in-difference (DID) model, and examines the impact of the social insurance premium reduction policy on the high-quality development of enterprises from the micro perspective of enterprise technological innovation. The results show that the social insurance premium reduction policy is conducive to improve the level of enterprise technological innovation. Further analysis shows that the social insurance premium reduction policy mainly promotes enterprise technological innovation by increasing R&D investment and optimizing personnel structure, but there are differences in the impact of the two paths: it can promote enterprise substantive innovation and strategic innovation through R&D investment, and it can only promote enterprise substantive innovation through personnel structure. Finally, the heterogeneous analysis shows that the above effects are more significant in state-owned enterprises and enterprises with better regulatory environment. The research conclusions of this paper not only provide incremental evidence for the research in the field of "Labor economics and Micro enterprise behavior", but also provide theoretical support for "Tax reduction and Fee reduction" and other business environment optimization measures. Innovation is the strategic support for building a modern economic system, but the lack of innovative talents, excessive tax burden on R&D talents and high labor cost are all important factors to inhibit enterprise innovation.
The research conclusion has important policy enlightenment and practical significance. First, under the downward pressure of the economy, how to revitalize enterprises has become an important problem for high-quality economic development. Since 2015, the central government has repeatedly announced the policy of reducing social insurance rates. The goal of the social insurance premium reduction policy is to "release water to raise fish" and obtain the long-term and high-quality development of enterprises and economy at the expense of the government′s short-term interests. However, the implementation of the policy of tax reduction and fee reduction has brought huge financial pressure to the government. What is the significance of the implementation of the tax reduction and fee reduction policy and whether it needs to be continued has become a prominent problem faced by the current government′s finance work. This paper finds that the implementation of social insurance premium reduction policy can promote enterprise technological innovation. It provides confidence and theoretical evidence for the implementation of the social insurance premium reduction policy. Secondly, for enterprises, the dividend of the social insurance premium reduction policy is not only to reduce the burden, improve cash flow and anti-risk ability. The research of this paper shows that the social insurance premium reduction policy can improve the personnel structure and promote the level of technological innovation of enterprises. Therefore, enterprises should seize this policy dividend, further optimize the personnel structure, and realize the improvement of quality and efficiency through the upgrading of their own innovation level.
关键词
社会保险降费政策 /
企业技术创新 /
作用机制
Key words
social insurance premium reduction policy /
enterprise technology innovation /
mechanism
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基金
国家社会科学基金项目：“数字经济时代企业跨界投资的动因、后果与制度优化研究”（21BGL007，2021—2024）；“国企混合所有制改革中公司治理对企业创新的多维影响机制与效应研究”（OBGL073，2020—2023）；山东省社会科学基金项目：“社会保险降费政策对企业技术创新的影响研究”（21CGLJ14,2021—2024）。
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