养老保险全国统筹对企业创新能力的影响：促进或抑制？

The Impact of National Pension Insurance Coordination on Corporate Innovation Capability: Promotion or Inhibition?

摘要:

为缓解养老保险基金省际失衡矛盾,我国于2018年和2022年我国相继实施了差额调剂模式的中央调剂制度和余缺调剂模式的全国统筹制度等广义上的全国统筹制度。全国统筹制度使得基金缺口省份获得转移支付,易滋生其长期依赖转移支付的道德风险,而基金结余省份失去部分收入或结余资金的管理权限,从而基金缺口和结余省份的保费征缴积极性均下降,企业社保缴费负担减轻,可能释放更多内部现金流用于研发投入。本文基于2007—2023年CSMAR上市企业数据,运用交叠双重差分法研究发现:第一,养老保险全国统筹制度显著提升了企业创新能力0.719个百分点；第二,政策效应呈现显著的企业异质性与区域梯度特征,非国有企业、大型企业、西部地区企业以及受益地区的企业创新能力提升更为明显；第三,制度通过减轻企业养老保险负担、增加企业融资约束与增加员工薪酬三重机制发挥作用,即扩充了创新内源融资空间、抑制低效投资、倒逼资金向研发集中,并通过薪酬激励员工研发创新,从而加速技术升级与创新投入。基于上述研究,本文提出三项建议,即统一政策执行标准、优化征缴激励约束、衔接企业社保合规缴费与创新政策。本文对科学准确理解养老保险全国统筹制度的改革效应及其对企业创新的影响提供了有益补充。

Abstract:

To alleviate the interprovincial imbalance in pension insurance funds, China successively implemented the central adjustment system with a differential transfer model in 2018 and the national pooling system with a surplus-deficit transfer model in 2022, among other broad national pooling systems. The national pooling system enables deficit provinces to receive transfer payments, which may foster moral hazards of long-term reliance on such transfers, while surplus provinces lose partial revenue or management authority over surplus funds. Consequently, both deficit and surplus provinces experience reduced enthusiasm for premium collection, easing corporate social insurance burdens and potentially freeing more internal cash flow for R D investment.? Based on CSMAR listed company data from 2007 to 2023 and employing the staggered difference-in-differences method, this study finds:? Firstly, the national pension pooling system significantly enhances corporate innovation capability by 0.719 percentage points; Secondly, policy effects exhibit significant heterogeneity across enterprises and regional gradients, with more pronounced improvements in innovation capability for non-state-owned enterprises, large enterprises, Western region enterprises, and beneficiary-region enterprises; Thirdly, the system operates through three mechanisms: reducing corporate pension burdens, increasing financing constraints, and raising employee compensation, thereby expanding internal financing space for innovation, curbing inefficient investment, incentivizing R D funding concentration, and motivating employees to innovate through compensation incentives, ultimately accelerating technological upgrades and R D investment. Based on these findings, this paper proposes three recommendations: standardizing policy implementation criteria, optimizing collection incentives and constraints, and linking corporate social insurance compliance payments with innovation policies. The study provides valuable insights for scientifically and accurately understanding the reform effects of the national pension pooling system and its impact on corporate innovation.