"Structural Adjustment"and"Stable Employment":A Study on the Upgrading Effect of Social Insurance Contributions on Human Capital
Based on the data from Shanghai and Shenzhen A-share listed companies from 2007 to 2017,this study views the implementation of the Social Insurance Law as a quasi-natural experiment,em-ploying the difference-in-difference method to systematically examine th17e impact of social security col-lection and management system reform on the internal labor employment structure of enterprises.The re-search finds that the enforcement of the Social Insurance Law,which led to an increase in the intensity of social security collection and management,significantly promoted the upgrading of corporate human capital.This effect is more pronounced in large-scale,and non-high-tech enterprises.Mechanism tests reveal that the core logic behind the promotion of corporate human capital upgrading by the Social Insurance Law lies in the"cash flow effect"and the"substitution effect"rather than the"complementary effect"caused by an increase in capital.Specifically,the strengthening of social security collection and management reduces corporate cash flow and tightens financing constraints,leading to a priority reduction in non-skilled labor;furthermore,the increase in the relative price of labor capital due to enhanced social security collection and management encourages enterprises to substitute capital for non-skilled labor.These conclusions provide a theoretical basis and empirical support for further improving the reform of the social security collection and management system,increasing investment in human capital,and stabilizing employment.
social insurance contributionlabor and employment structureupgrading of human capitalstable employment
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