Implementation of the Social Insurance Law, mismatch in investment and financing maturities, and corporate innovation

Kun Qian and Shiyu Xu

International Review of Economics & Finance, 2025, vol. 101, issue C

Abstract: This paper leverages the implementation of the Social Insurance Law as a quasi-natural experiment and uses listed companies from 2006 to 2021 as the research sample. A difference-in-differences model is constructed to explore the effect of the law's implementation on corporate innovation. The results indicate that the implementation of the insurance law significantly promotes corporate innovation, with the effect being more pronounced among non-state-owned enterprises, those with relatively dispersed ownership, and those operating in highly competitive industries. Further mechanism analysis reveals that the law facilitates corporate innovation by reducing the mismatch between investment and financing maturities.

Keywords: Implementation of the social insurance law; Mismatch in investment and financing maturities; Corporate innovation (search for similar items in EconPapers)
JEL-codes: G32 J32 L22 O31 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:101:y:2025:i:c:s1059056025004186

DOI: 10.1016/j.iref.2025.104255

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