Research On The Impact Of Enterprise Social Security Investment On Total Factor Productivity

In recent years,the level of social security investment in listed enterprises in China has shown an upward trend.In 2021,the total income of urban employee social security funds has significantly increased compared to the previous year,and the number of new urban employment has also increased throughout the year,indicating that the population covered by social security is becoming wider and wider.Although it has always been a growth trend,the growth rate is relatively slow.Currently,listed companies and employees in China have a low sense of identification with the value of social security,and there are instances of companies paying false fees.In some regions,the coverage of social security has decreased.In response to the above issues,scholars have extensively discussed the relationship between social security investment and enterprises in listed companies.It is generally believed that excessive social security investment in listed companies may have a squeezing effect on their total factor productivity.However,social security investment is by no means solely affecting the total factor productivity of listed companies.At present,the mechanism of the interaction between social security investment and TFP of listed companies in China is still unclear and needs to be addressed urgently.This article mainly explores the relationship between social security investment and total factor productivity of listed companies.Using mathematical model analysis method to build a theoretical model,analyze factors such as mesomeric effect and heterogeneity,and propose research hypotheses.Secondly,verify the mesomeric effect of three intermediary variables,namely,operation and management cost,human capital,and innovation spirit,through empirical research to analyze the influence mechanism of social security input on total factor productivity of listed enterprises,and add heterogeneity analysis,robustness test,and endogenous test to conduct further research.The study selects listed enterprises in Shanghai and Shenzhen Stock Exchanges from 2001 to 2020 as samples,and uses the fixed effect model to empirically test the relationship between their social security investment and Total factor productivity.The results show that the social security investment of listed companies has a positive and significant impact on their Total factor productivity both before and after the control variable is added;After adding operation and management costs,human capital,and innovation spirit,social security investment of listed enterprises still has a positive and significant impact on their Total factor productivity,indicating that the three variables have a promoting effect.From the results of heterogeneity analysis,the social security investment of non-state-owned enterprises and specialized enterprises has a positive and significant impact on their Total factor productivity,while the social security investment of state-owned enterprises and non specialized enterprises has no significant impact on their Total factor productivity.Based on the above research results,this article proposes the following suggestions:enterprises should increase their enthusiasm for insurance participation,improve management efficiency,increase research and development investment,and develop manpower cost planning plans,which can help enterprises better handle the relationship between social insurance investment and their own development.