Research on the Effect of Pension Insurance Provincial Pooling on Pension Insurance Fund Balance
Due to the superimposed effects of continuous aging and economic slowdown,the pressure of pension fund payment is increasing sharply,the sustainable development of pension insurance system is facing challenges,and the imbalance of pen-sion insurance fund is prominent.Raising the level of basic pension insurance pooling is an important reform initiative to en-hance the ability to pay pensions and the key to achieving the safe and standardized development of the pension system.Based on a quasi-natural experiment of pension insurance provincial pooling reform,the article constructs a difference-in-difference model to empirically assess the impact of pension insurance pooling reform on corporate actual contribution rates and basic pension fund balance using data of Chinese A-share listed companies from 2008 to 2019.The study finds that pro-vincial pooling significantly reduces the actual contribution rate of enterprise pension insurance,and this result still holds in a series of robustness tests such as changing the variable measure,excluding competitive explanations,and considering hetero-geneity treatment effects.Provincial pooling of pension insurance has heterogeneous effects on the actual contribution rate of enterprise pension insurance in different modes of collection and management,enterprise types and regional levels,and the ef-fects are more obvious for enterprises in social security collection and tax collection mode,enterprises with high labor-intensi-ty,and enterprises in regions with low aging and low financial pressure.The analysis of the mechanism finds that the insuffi-cient intensity of collection and management by municipal and county governments due to"relative deprivation effect"and"bottom-up competition effect"is an important factor causing the decrease of enterprise contribution rate after provincial pooling reform.Further analysis shows that the reform of provincial pooling reduces the fund balance and has a more pro-nounced impact on the central and western provinces.The study has important implications for strengthening the governance of local government collection and administration and promoting the balanced development of pension insurance funds,and provides empirical evidence for the balance of interests among collection and administration subjects and the smooth promo-tion of national integration of pension insurance.
Pension Insurance PoolingCollection IntensityActual Contribution RatePension Fund Balance
NETL
NSTL
万方数据
维普
