题目：Fees and Firm Investment: Quasi-experimental Evidence from a Social Security Policy Reform in China

主讲人：鲁建坤副教授

时间：2019年4月11日14：00-16：00

地点：浙江财经大学我院1号楼302室

主办单位：浙江财经大学现代公共经济学研究中心

内容摘要：This paper examines a causal relationship between the non-tax burden borne by firm and firm investment by exploiting a panel data set on a social security fee collection reform in China. Our difference-in-difference estimation find a significant increase in social security fee paid by firms after the collection authority is transferred from local social security institutions to tax department for better enforcement, i.e. 2% on average. The incurred increase of fee reduces firm investment significantly especially for those which paid less actually before the reform. Firms with higher production cost or tighter financial constraints appear more negatively affected. Firm scale shrinking and cash flow reduction are observed, but not the substituting labor by capital.