Social Insurance Payment Management and Enterprise Digital Transformation:A Quasi-Natural Experiment Based on the Implementation of the Social Insurance Law
Based on the data of A-share listed companies from 2007 to 2019,this paper takes the imple-mentation of the Social Insurance Law in 2011 as A quasi-natural experiment,and adopts the generalized differential method to investigate the impact of social insurance payment management on the digital transfor-mation of enterprises. The results show that the implementation of the Social Insurance Law can help promote the digital transformation of enterprises,and this effect is more obvious in non-state-owned,highly competi-tive industries and enterprises in regions with good legal environment. Mechanism analysis shows that the implementation of the Social Insurance Law has increased labor costs.On the one hand,it will motivate en-terprises to increase equipment capital investment and optimize human capital structure,forcing them to un-dergo digital transformation from both material and human perspectives. On the other hand,it will also im-prove the level of cash flow constraints for enterprises,squeezing out digital transformation from a financial perspective. However,the positive effect of the former outweighs the negative effect of the latter,and the o-verall effect is to promote digital transformation of enterprises. Further analysis reveals that the transformation of the social insurance management agency to a tax department and the reduction of payment rates,two auxiliary policy reforms,will strengthen the promotion effect of the implementation of the Social Insurance Law on the digital transformation of enterprises. The research conclusion provides a theoretical ba-sis and empirical support for the institutional optimization direction of "strict collection and management"and "rate reduction" of social insurance under the current background of digital China construction.
Social Insurance Payment ManagementDigital TransformationCollection AgencyContribution RateGeneralized Double Difference
万方数据
