Pension insurance contribution rate and corporate investment efficiency

Donghui Pei and Baoqian Wang

Finance Research Letters, 2024, vol. 62, issue PB

Abstract: 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 crowding-out 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.

Keywords: Pension insurance contribution; Investment efficiency; Crowding-out effect (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:62:y:2024:i:pb:s1544612324002769

DOI: 10.1016/j.frl.2024.105246

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