Social Insurance Collection and Enterprise Investment—A Quasi-Natural Experiment Based on the Social Insurance Law
In the context of an economic downturn,maintaining investment levels is a crucial strategic objective for the national economy and the wellbeing of the population.This plays a pivotal role in ensuring economic stability and enhancing long-term competitiveness.This paper employs a quasi-natural experiment,the implementation of the Social Insurance Law in 2011,to investigate the influence of social insurance fee collection and management on enterprise investment.The difference-in-differences model is utilized to examine the effect and mechanism of social insurance fee collection and management on enterprise investment.The findings are as follows:(1)The strengthening of the collection and management of social insurance fees has led to a notable improvement in the investment of enterprises.(2)Mechanism tests indicate that the strengthening of social insurance fee collection and management promotes enterprise investment through the"factor substitution effect"while simultaneously producing a"cash flow constraint effect"that inhibits investment,with the former being the core mechanism.(3)Heterogeneity analysis reveals that enterprises with excess employment,high industry competition intensity,high external social insurance pressure,and social insurance fees collected by tax authorities are more sensitive to changes in the intensity of social insurance fee collection and management.The positive impact of strengthening collection and management on investment is more significant for these enterprises.(4)Further research shows that after the implementation of the Social Insurance Law,enterprises increase their innovation investment and debt financing,ultimately improving their performance and value.The above research helps clarify the relationship between social insurance fee collection and stable investment,providing useful insights for improving the social insurance fee collection and management system and promoting enterprise investment.Specific policy suggestions are as follows:First,strengthen social insurance fee collection and management to fully leverage its role in promoting enterprise investment.Second,reasonably reduce the statutory social insurance contribution rate to moderately alleviate the burden on enterprises.Achieve a coordinated effort between"strong collection and management"and"rate reduction"policies,balancing the relationship between production investment and employment.Third,facilitate enterprise financing channels to alleviate cash flow constraints.Pay attention to the impact of strengthening social insurance fee collection and management on enterprise costs and funds,optimize the enterprise financing environment,increase diverse financing channels,and improve the convenience of external financing to meet the capital needs of enterprises for long-term investment.Finally,consider the heterogeneous impact of strengthening social insurance collection and management on different enterprises.For enterprises with excess employment,intense industry competition,and high external social insurance pressure,fully leverage the positive role of social insurance collection and management,guiding enterprises to adjust their production factor structure in a timely manner and increase fixed asset investment and innovation input.
Social insurance collectionEnterprise investmentCash flow constraint effectFactor substitution effect
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