作　者：陈祎 鲁元平
关键词：社保缴费；脱实向虚；企业金融化
摘　要：

脱实向虚是当前阶段我国经济最突出的结构性矛盾之一，其中，企业沉重的社保缴费负担是导致实体企业加速脱实向虚的重要原因。利用上市公司2007-2017 年的数据研究社保缴费对企业脱实向虚的影响，可发现：社保缴费对企业的金融投资利润占比具有显著正向影响，表明社保缴费压力加重了企业脱实向虚程度。研究还发现，社保缴费会显著降低企业的实体投资收益率，但对企业金融投资的收益率影响不大，社保缴费加重企业脱实向虚的效应在实体投资收益率低、金融投资收益率高的企业中更大。同时，社保缴费显著减少了企业当期现金流，社保缴费加重企业脱实向虚的效应在现金流不充裕的企业中更大。最后，企业主要通过增加持有交易类金融资产和投资性房地产来增加脱实向虚程度。分析企业脱实向虚的成因，可以为治理当前中国企业脱实向虚现象提供新思路。

 

Social Security Contribution Burden and Enterprises' Transformation from being Real to being Fictitious

Chen Yi（Hubei University of Economics）

Lu Yuanping（Zhongnan University of Economics and Law）

Abstract  Transformation of the economy from being real to being fictitious is one of the most prominent structural contradictions in current China. The heavy burden of social security contributions of enterprises is an important reason for the acceleration of transformation from being real to being fictitious among non- financial firms. Based on the data of listed companies from 2007 to 2017, this paper studies the impact of social security contribution burden on the transformation of enterprises from being real to being fictitious, and finds that social security contribution burden has a significant positive impact on the proportion of financial investment profits of enterprises, indicating that the pressure of social security payment aggravates the degree of transformation of enterprises from being real to being fictitious. We also find that social security contribution burden can significantly reduce the return on real investment of enterprises, but has little effect on the re‐ turn on financial investment of enterprises. Social security contribution burden aggravates the effect of trans‐ formation from being real to being fictitious of enterprises, especially in enterprises with low return on real in‐ vestment and high return on financial investment. At the same time, social security contribution burden significantly reduces the enterprises’ current cash flow. Additionally, the effect of social security contribution bur‐ den aggravating transformation from being real to being fictitious is greater in enterprises with insufficient cash flow. Finally, enterprises mainly increase their holding of trading financial assets and investment real estate to increase the degree of transformation from being real to being fictitious. This paper deepens the under‐ standing of the causes of transformation, and provides new ideas for the governance of the current phenomenon of transformation from being real to being fictitious in China.

Key words      social security contributions; transformation from being real to being fictitious; enterprises financialization

 

■    作者简介 陈 祎，管理学博士，湖北经济学院财政与公共管理学院讲师；湖北 武汉 430205；

鲁元平，管理学博士，中南财经政法大学财政税务学院教授、博士生导师，教育部“收入分配与现代财政学科创新引智基地”执行副主任；湖北 武汉 430073。

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