《保险研究》20240707-《社会保险费征收体制改革与企业债务融资决策》（王空、雷汉云、胡彦琦、余明桂）

［摘   要］为了加强对企业社会保险缴费的监管,提高社会保险费的征缴效率,各地区陆续开展社会保险费征收体制改革。本文将各地区社会保险费征收体制改革作为社会保险缴费的外生冲击,采用多时点双重差分模型,研究社会保险缴费对上市公司企业债务融资决策的影响。研究发现,社会保险费移交税务部门统一征收能够影响企业债务融资决策,显著提高企业的负债率。机制分析表明,社会保险缴费主要通过降低企业员工要求的工资溢价,增加企业的债务融资规模。异质性分析表明,社会保险缴费对企业债务融资决策的影响主要存在于劳动密集程度较高、规模较大的企业以及非国有企业。本文的研究为政府进一步深化社会保险体制改革,做好就业、社会保障和企业经营之间的平衡提供了理论依据和政策参考。

［关键词］社会保险费征收体制改革；社会保险缴费；议价能力；债务融资

［基金项目］国家社会科学基金重点项目“促进实体经济高质量发展的金融结构优化研究”(22AZD132)、高等学校学科创新引智基地计划(B21038)、教育部新文科研究与改革实践项目“面向数字经济的金融学类专业复合型人才培养创新与实践”(2021100064)和中南财经政法大学中央高校基本科研业务费专项资金(2722024AL002)的资助。

［作者简介］王空(通讯作者),武汉大学经济与管理学院博士研究生；雷汉云,新疆财经大学金融学院教授；胡彦琦,武汉大学经济与管理学院硕士研究生；余明桂,中南财经政法大学金融学院教授。

The Reform on Social Insurance Premium Collection System and Corporate Debt Financing Decision

WANG Kong，LEI Han-yun，HU Yan-qi，YU Ming-gui

Abstract：In order to strengthen the supervision of enterprise social insurance contributions and improve the efficiency of social insurance collection,various regions have carried out reforms on the social insurance premium collection system.In this paper,the reform on social insurance collection system in various regions is regarded as the exogenous impact of social insurance contribution,and the multi-time-point DID model is used to study the impact of social insurance contribution on corporate debt financing decisions of listed companies.It is found that the transfer of social insurance premiums collection to tax authorities can affect the debt financing decisions of enterprises and significantly increase the debt ratio of enterprises.Mechanism analysis shows that social insurance contributions increase the debt financing scale of enterprises mainly by reducing the wage premium demanded by employees.Heterogeneity analysis shows that the influence of social insurance contributions on corporate debt financing decisions mainly exists in large and labor-intensive enterprises and non-state-owned enterprises.The research provides a theoretical basis and policy reference for the government to further deepen the reform on the social insurance system and do a good job in the balance among employment,social security and enterprise operation.

Key words：reform on the social insurance premium collection system;social insurance contributions;bargaining power;debt financing