The Impact of Pension Insurance Rate Unification Reform on Debt Financing of Small and Medium-sized Enterprises:Empirical Evidence Based on a Quasi-natural Experiment
Using data from the 2008-2016 National Tax Survey,this paper constructs a Difference-in-Differences(DID)model to examine the impact of pension insurance rate unification reform on debt financing of small and medium-sized enterprises(SMEs).The findings indicate that the reform of pension insurance rate unification is conducive to the increase in the level of debt financing of SMEs.Mechanism analysis reveals that the pension insurance rate unification reform affects the level of corporate debt financing through the liquidity constraint effect and the capital-labor reallocation effect Heterogeneity analysis further demonstrates that the impact of pension insurance rate unification reform on the increase in SMEs'debt financing is more pronounced in the groups of high labor intensity,high wages,high financing constraints,and high social security contributions.Further analysis shows that the reform of pension insurance rate unification not only increases medium-and long-term financing of enterprises and alleviates the maturity mismatch in financing structure,but also contributes to the improvement of operating efficiency and enterprises scale expansion.In the future,it is supposed to continue to steadily promote the pension insurance rate unification reform,pay timely attention to the changes in corporate behavior during the reform process,and help enterprises achieve high-quality development.
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