降低养老保险缴费率能否缩小企业内部收入差距？

摘要/Abstract

摘要： 养老保险缴费率的降低减轻了企业负担,有利于实现企业发展与养老保险制度发展的良性循环。现有研究多聚焦于降低养老保险缴费率对员工收入和就业的影响,鲜有文献研究降低养老保险缴费率对企业内部收入差距的影响。文章基于2012—2022年A股上市公司数据,采用双重差分法考察2019年养老保险缴费率下调政策对企业内部收入差距的影响。研究发现,降低养老保险缴费率显著缩小了企业内部收入差距。机制检验表明,降低养老保险缴费率能够通过促进企业创新和缓解企业融资约束缩小企业内部收入差距。异质性分析表明,对于小规模企业、资本技术密集型企业、东部城市企业和中心城市企业,降低养老保险缴费率对企业内部收入差距的抑制作用更为显著。进一步分析表明,养老保险缴费率下调幅度相对较大时,养老保险缴费率下调政策对企业内部收入差距的影响更为明显。研究结论可为推进养老保险缴费制度改革、进一步完善再分配调节机制进而促进收入分配公平提供经验证据和决策参考。

关键词: 养老保险缴费制度改革, 养老保险缴费率, 企业内部收入差距

Abstract: The reduction of the pension insurance contribution rate reduces the burden of enterprises and is conducive to the realization of a virtuous circle between the development of enterprises and the development of the pension insurance system. Existing studies mostly focus on the impact of reducing the pension insurance contribution rate on employees' income and employment, and there is little literature on the impact of reducing the pension insurance contribution rate on the internal income gap of enterprises. Based on the data of A-share listed companies from 2012 to 2022, the article uses the double-difference method to examine the impact of the 2019 pension insurance contribution rate reduction policy on the intra-enterprise income gap. It is found that reducing the pension insurance contribution rate significantly reduces the intra-enterprise income gap. The mechanism test shows that reducing the pension insurance contribution rate can reduce the intra-enterprise income gap by promoting enterprise innovation and alleviating enterprise financing constraints. Heterogeneity analysis shows that for small-scale enterprises, capital and technology-intensive enterprises, enterprises in eastern cities and enterprises in central cities, the inhibiting effect of reducing the pension insurance contribution rate on the intra-enterprise income gap is more significant. Further analysis shows that the impact of the pension insurance contribution rate reduction policy on the intra-enterprise income gap is more pronounced when the pension insurance contribution rate reduction is relatively large. The findings of the study provide empirical evidence and decision-making references for promoting the reform of the pension insurance contribution system, further improving the redistribution adjustment mechanism, and thus promoting the fairness of income distribution.

Key words: reform of the pension insurance contribution system, pension insurance contribution rates, intra-enterprise income gap

中图分类号:

孙继国, 高新茹. 降低养老保险缴费率能否缩小企业内部收入差距？[J]. 贵州财经大学学报, 2026(01): 99-109.

SUN Jiguo, GAO Xinru. Can the Decline in Pension Insurance Contribution Rates Reduce the Internal Income Gap Within Enterprises?[J]. Journal of Guizhou University of Finance and Economics, 2026(01): 99-109.

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