为企业"松绑":养老保险改革何以增效?OACHSSCD

Based on data from Chinese A-share listed enterprises from 2014 to 2024,this study takes the"Comprehensive Plan for Reducing Social Insurance Premium Rates implemented in 2019"as a starting point to examine the impact of the premium reduction policy on enterprises' total factor productivity.The study finds that the implementation of the premium reduction plan effectively improves enterprises' total factor productivity by enhancing their operational and fi-nancing capacity.The positive effect of the policy on total factor productivity is more pronounced in labor-intensive enterprises,state-owned enterprises,and enterprises located outside the Yan-gtze River Delta region.In light of these findings,it is recommended to implement differentiated policy guidance,support the efficient transformation of corporate dividends,and collaboratively improve corporate financing environments,thereby promoting the enhancement of total factor productivity and achieving high-quality economic development.