所有制影响企业年金参保的实证研究

摘要

Although China's enterprise annuity has been regarded as ‘ State-Owned Enterprises' (SOEs') Club'for a long time,there has been little evidence about how ownership affects participation.Using a sample of China's listed firms in 2013,this paper examines the effect of ownership on firm-level participation in enterprise annuity after controlling tax factors,human resources factors and firm characteristics.The main findings are:ownership affects participation significantly.SOEs are associated with more than 20 per cent higher participation probability;central government controlled SOEs are associated with a 17.6-23 per cent higher participation probability compared with local government controlled SOEs;ownership has not significant moderating effect on the relationships between other factors and participation.%长期以来,企业年金被视为国有企业的“富人俱乐部”,但一直缺乏实证检验.以2013年全部上市公司为样本,控制税收、人力资源、企业经营等因素,考察所有制对企业年金参保的影响.结果表明所有制显著影响企业年金参保:依实际控制人划分,国有企业的参保概率比非国有企业高20％以上;依股权结构划分,国有股比重与参保概率正相关,国有股控股的企业参保概率比其他企业高12.3％-30％;依实际控制人性质划分,中央政府控制的国有企业参保概率比地方政府控制的国有企业高17.6％-23％;所有制对其他企业年金参保影响因素的调节作用不显著.该研究拓展了企业年金参保影响因素研究,对中国企业年金制度优化有借鉴意义.