Pension insurance contribution rate and corporate investment efficiency

被引：2
|
作者：
Pei, Donghui [1 ]
Wang, Baoqian [1 ]
机构：
[1] Zhanjiang Univ Sci & Technol, Sch Econ & Finance, Zhanjiang 524000, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 62卷
关键词：
Pension insurance contribution; Investment efficiency; Crowding -out effect; CASH FLOW;
D O I：
10.1016/j.frl.2024.105246
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
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.
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收藏
页数：6
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