Research On The Impact Of Enterprise Contribution To Old—Age Security System On Corporate Innovation Performance

Innovation is a key strategy for an enterprise to achieve long-term development and enhance its competitive advantage.At present,China has shifted to the stage of high-quality development,and scientific and technological innovation has been elevated to the height of national strategy.The importance of innovation-driven and innovation development is self-evident.However,corporate innovation activities not only have a long research and development cycle,full of uncertainty and complexity,but also have a large amount of investment,hard to estimate the value and high risk of failure.In addition,restricted by the limited decision-making ability of managers and the executive force of employees,corporate innovation performance will be greatly affected.The report of the 19th CPC National Congress pointed out that we should focus on building an economic system with an effective market mechanism,vigorous micro-entities and moderate macro-control,so as to continuously enhance the innovation and competitiveness of enterprises.In this context,how to combine the basic characteristics of innovation activities,optimize the innovation institutional environment of enterprises,and how to clearly identify and recognize the institutional factors that affect the output of corporate innovation and the efficiency of technological innovation are important considerations to improve the innovation performance of enterprises.After more than 40 years of reform and opening up,social security,including pension,has already become the regulator of market economy operation and the safety net of social stability.At present,the problem of aging population is becoming increasingly serious.The World Bank once proposed that the best solution is to establish a three-pillar old-age security system consisting of basic pension insurance,enterprise annuity and commercial endowment insurance.As a key component of the national social security system,old-age security is also an important human resource policy of enterprises,which affects the economic behavior of enterprises.Therefore,based on the current strategic background of high-quality development,human resource incentive and innovation-driven,this paper attempts to focus on the application of human resource policy at the national level in enterprises and the relationship between it and corporate innovation performance from the perspective of old-age security.In China’s three-pillar old-age security system,commercial endowment insurance(the third pillar)is independent from enterprises and the country,therefore,this paper respectively from the basic pension insurance(the first pillar)and the perspective of enterprise annuity(the second pillar),and combining with respectively in the position and role of the old-age security system,study the impact of enterprise contribution to old-age security system on the performance of corporate innovation and its underlying mechanism,and further exploration in the face of different enterprise characteristics and economic environment,the heterogeneity of the impact of old-age security enterprise contribution on corporate innovation performance,so as to more comprehensive and in-depth understanding of old-age security as a human resources policy to support the development of high-quality innovation of enterprises.This paper follows the research paradigm from normative to empirical,and the research content mainly includes four levels.First of all,the concepts of the old-age security and the performance of corporate innovation are clearly defined,and then respectively from policy research of old-age security system and its economic consequences,the factors influencing the performance of corporate innovation to summary and review of the literature,and on this basis,through literature review for our research provides support and feasibility of space;Secondly,the paper sorts out and elaborates the resource-based theory,human capital theory,incentive theory,principal-agent theory and social exchange theory to provide strong theoretical support for the research content of this paper.At the same time,in terms of institutional background,the paper introduces the institutional background of China’s multi-level old-age security system,basic pension insurance and enterprise annuity in detail,so as to provide institutional foundation and support for the study of the full text.Thirdly,the relationship between the pension contribution rate and corporate innovation performance and its underlying mechanism,the relationship between enterprise annuity and corporate innovation performance and its underlying mechanism are theoretically analyzed and logically deduced,and the corresponding research hypotheses are put forward.Further,on this basis,we examine the difference of the impact of enterprise contribution to old-age security system on corporate innovation performance when enterprises have different attribute characteristics or are facing different economic environments,so as to clarify the specific circumstances under which enterprise contribution to old-age security system plays an innovation-driven role.Finally,based on the requirements of the new accounting standards in the notes to the financial statements should be disclosed to pay employees salary bonus allowance,all kinds of social insurance benefits,all kinds of insurance,annuity,education funds,housing provident fund and other items of the detailed data,and take all A-share listed companies in China from 2007 to 2019 as research samples,our paper conducts empirical tests on the above issues,and draws the research conclusions of this paper:(Ⅰ)There is a significant negative correlation between the pension contribution rate and the corporate innovation performance.Specifically,a higher pension contribution rate will significantly reduce the innovation output and innovation efficiency of enterprises.Then,the mechanism of the relationship between the pension contribution rate and the corporate innovation performance was further explored.The research results showed that the higher contribution ratio of basic pension insurance could inhibit the corporate innovation performance through two channels,namely,reducing the disposable income of employees and intensifying the managers’ myopia.(2)Enterprise annuity has a significant positive incentive effect on innovation performance.Specifically,the implementation of enterprise annuity plan can significantly improve the innovation output and innovation efficiency of enterprises.Furthermore,we examine the influence channels and mechanism of enterprise annuity in promoting innovation performance.The results show that enterprise annuity can promote innovation performance by enhancing employee satisfaction and increasing investment in employee innovation skills training.(3)This paper also distinguises economic seenarios such as property right nature,wage gap level,incentive environment,life cycle,industry attribute and market competition degree,and further explored the heterogeneity of the impact of the pension contribution rate on corporate innovation performance and the heterogeneity of the impact of enterprise annuity on innovation performance.The following research conclusions are drawn:on the one hand,the negative impact of higher contribution ratio of basic pension insurance on corporate innovation performance is particularly significant in non-state-owned enterprises,enterprises with large wage gap,enterprises without ESOP,mature enterprises,labor-intensive enterprises and enterprises with low degree of market competition.On the other hand,the positive impact of enterprise annuity on innovation performance will be significantly in non-state-owned enterprises,enterprises with small wage gap,enterprises implementing ESOP,enterprises in the growth stage,technology-intensive enterprises and enterprises with high degree of market competition.The main contributions of this paper are as follows:Firstly,It enriches the research on the economic consequences of old-age security.Existing studies on the old-age security system are mostly focused on the macro level and the level of labor factors.The enterprise perspective is relatively lacking,and most of them focus on the normative and qualitative analysis,and the empirical analysis is relatively few.In this paper,the research perspective focuses on micro enterprises,innovation as the breakthrough point,focus on the characteristics of old-age security of human resource management and incentive effects on enterprise economic behavior,enriched the relevant literature of old-age security system impact on the corporate innovation performance,to examine the effect of the policy of pension security system provides a new microscopic evidence,broadened the research theory about the old-age security boundary;Secondly,it expands the research on the influencing factors of corporate innovation performance.Existing researches have carried out abundant researches and discussions on corporate innovation performance from macro,meso and micro perspectives respectively.However,there are few literatures to discuss the relationship between enterprise contribution to old-age security system and corporate innovation performance,which provides the possibility for the study of this paper.This paper focuses on the human resource management and incentive functions of old-age security.Combined with the basic characteristics of corporate innovation activities and the position and role of the first and second pillars in the old-age security system,this paper systematically analyzed the pension contribution rate effects on corporate innovation performance and the influence of enterprise annuity to the corporate innovation performance theoretically,refined the study of the influence factor of corporate innovation performance;Thirdly,the paper explores the specific mechanism of enterprise contribution to old-age security system affecting corporate innovation performance.After examining the impact of enterprise contribution to old-age security system on corporate innovation performance,this paper further finds that a higher contribution ratio of basic pension insurance can inhibit corporate innovation performance by reducing employees’ disposable income and intensifying managers’ myopia.However,enterprise annuity plays a role in promoting innovation performance by enhancing employee satisfaction and increasing investment in employee innovation skills training.So this paper clarifies the different mechanism of the first pillar and the second pillar of the old-age security system on the performance of corporate innovation.It is conducive to the in-depth understanding of the relationship between enterprise contribution to old-age security system and corporate innovation performance,and more conducive to the relevant departments combined with the status and role of the pillars of the old-age security system to carry out targeted institutional reform so as to achieve high-quality development of innovation;Finally,it clarifies the specific situation of the impact of enterprise contribution to oldage security system on corporate innovation performance.This study further analysis when faced with a differentiation characteristics as well as the external economic environment,namely in the different nature of property rights,wage gap,incentive environment,life cycle,industry attribute and the degree of market competition situation,the heterogeneity of the impact of enterprise contribution to old-age security system on corporate innovation performance.It provides a practical basis for enterprises to combine their conditions in different economic environments to take their innovation-driven advantages,and also provides empirical support for the government to formulate and improve the old-age security system in combination with different enterprise characteristics and economic environments.