Pension insurance contribution rate and corporate investment efficiency

This study identifies the pension insurance contribution rate as an important factor affecting corporate investment efficiency. Empirical research findings reveal a significant crowding-out effect between the pension insurance contribution rate and corporate investment efficiency. That is, the higher the pension insurance contribution rate, the more pronounced the crowdingout effect on corporate investment efficiency. Further analysis of heterogeneity indicates that the crowding-out effect of the pension insurance contribution rate on corporate investment efficiency is more pronounced in non-state-owned enterprises and in enterprises with higher financing constraints.