社会保险“五险合一”对企业创新的影响:掣肘抑或助推?

The Impact of “Five-insurance Integration” for the Social Insurance System on Corporate Innovation: Hindrance or Facilitation?

曾益,张秋伊

2026 第 28 卷 第 05 期 页码 33-47

DOI: 10.16538/j.cnki.jsufe.2026.05.003

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摘要

为解决我国五项职工社会保险参保人数差异显著、经办分散等问题,五项职工社会保险统一参保与征收(即“五险合一”)政策在各地逐步推进。文章基于2007—2023年A股上市公司数据,运用双重差分模型发现“五险合一”政策能够显著促进企业创新,即研发投入占营业收入的比重提高0.305~0.609个百分点,表明要素替代效应、经办效率提升效应强于劳动力成本效应,这一政策效应主要通过提升企业社会保险缴费遵从度、提升企业人力资本水平两条路径实现。异质性分析显示,“税务+人社+医保”协同的“五险合一”政策的创新促进效应强于人社部门主导的“五险合一”政策,且政策效应在东部地区、小微企业、非国有企业、非税务代征地区更明显。基于此,我国应强化“五险合一”政策与稳岗等政策协同、推进部门间信息共享与经办整合,支持企业创新与社会保险制度可持续发展。

China has long been confronted with pronounced disparities in the number of participants across its five employee social insurance programs and with fragmented administrative procedures. To enhance the operational efficiency of the social insurance system, a policy of unified enrollment and contribution collection for the five employee social insurances—commonly referred to as the “Five-insurance Integration”—has been progressively rolled out across regions. This integration has evolved through two major stages: an initial stage of internal integration within human resources and social security (HRSS) departments, and a subsequent stage of coordinated integration involving tax authorities, HRSS departments, and healthcare security (medical insurance) departments. “Five-insurance Integration” will raise corporate social insurance contributions, which may impede corporate innovation through a labor-cost effect, or may reduce overall costs and foster corporate innovation through a factor-substitution effect (capital substituting for labor) and an efficiency-enhancing effect. To empirically determine the net impact on corporate innovation, this paper employs a DID approach using data on A-share listed companies from the CSMAR database over the period 2007-2023. The results show that “Five-insurance Integration” significantly promotes corporate innovation. The ratio of R&D expenditure to operating revenue increases by 0.305-0.609 percentage points, indicating that the factor-substitution and efficiency-enhancing effects outweigh the labor-cost effect. This policy effect works primarily through two channels—raising corporate social insurance compliance and upgrading human capital, and is characterized by short-term cash-flow pressures coupled with medium-to-long-term improvements in resource allocation. Heterogeneity analysis further demonstrates that the policy effect is more pronounced in eastern regions, SMEs, non-SOEs, and regions with non-full-responsibility collection by tax authorities. Based on the findings, it is recommended that China strengthen the synergy between the “Five-insurance Integration” policy and policies such as employment stabilization, and advance inter-departmental information sharing and administrative service consolidation, so as to further amplify the effectiveness of “Five-insurance Integration”, and provide robust support for corporate innovation and the sustainable development of the social insurance system.

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