社保缴费推升了企业劳动技能溢价吗？

——来自沪深A股制造业上市公司的经验证据

王文剑¹　齐丹坤²

（1.河南财政金融学院；2.上海理工大学）

内容提要：社保缴费作为企业劳动力成本的重要组成部分，其变化直接作用于企业的财务状况、投资结构和劳动力资源配置效率。本文基于2011—2021年沪深A股制造业上市公司数据，实证检验社保缴费对企业劳动技能溢价的影响及作用机制。研究发现，社保缴费通过“成本倒逼-要素重构”机制推升劳动技能溢价，其作用路径体现为企业为应对社保缴费成本压力，增加固定资产投资与研发投入，强化高技能劳动力的互补效应并加速对低技能劳动力的替代，同时社会保险的福利效应进一步扩大了高技能劳动力收入的优势。异质性分析结果表明，该效应在融资约束较弱的企业、劳动力议价能力较强的地区和市场竞争度较低的行业中更为明显。此外，劳动技能溢价与社保缴费呈U型关系，当人均缴费超过临界值后，其促进效应增强，而样本企业的平均缴费已高于拐点，表明适度降低缴费可缓解劳动技能溢价过快增长的趋势。本文揭示了社会保险缴费对企业收入分配的影响，为优化社会保障政策、平衡企业成本与劳动者福祉提供了理论依据和实践参考。

关键词：社保缴费；劳动技能溢价；要素结构调整；福利效应；融资约束；劳动力议价能力；市场竞争

作者简介：王文剑，河南财政金融学院金融学院副教授，郑州，451464；齐丹坤，上海理工大学管理学院博士研究生，上海，200093。

基金项目：河南省哲学社会科学规划一般项目“河南省金融结构影响产业结构升级的机制及其效应研究”（2022BJJ025）

引用格式：王文剑,齐丹坤.社保缴费推升了企业劳动技能溢价吗?——来自沪深A股制造业上市公司的经验证据[J].经济与管理研究,2025,46(10):110-128.

Do Social Security Contributions Increase Corporate Labor Skill Premiums?

—Empirical Evidence from Listed Manufacturing Companies in China

WANG Wenjian¹, QI Dankun²

(1. Henan Finance University, Zhengzhou 451464;

2. University of Shanghai for Science and Technology, Shanghai 200093)

Abstract: The persistent expansion of labor skill premiums has emerged as a critical factor shaping income distribution patterns. Under the guidance of common prosperity goals, exploring how social insurance systems influence internal wage structures within firms carries significant theoretical value and practical implications.

This paper examines the impact of social security contributions on labor skill premiums using data from Chinese A-share listed manufacturing companies from 2011 to 2021. It constructs a comprehensive measurement framework for labor skill premiums, defining high- and low-skilled workers through job skill content and educational attainment. Multiple regression models and instrumental variable approaches provide deep insights into the underlying mechanisms. Empirical results demonstrate that social security contributions can elevate labor skill premiums. A 10% increase in per capita social security contributions corresponds to approximately 1.83% growth in skill premiums. This finding remains robust across endogeneity tests, difference-in-differences validation, and various robustness checks, indicating strong statistical reliability.Mechanism analysis reveals a core transmission pathway from cost pressure to factor restructuring. Facing social security contribution pressures, firms optimize production structures through increased fixed asset investment and R&D spending. This adjustment creates complementary effects for high-skilled labor while generating substitution effects for low-skilled workers.Heterogeneity analysis reveals pronounced structural differences in how social security contributions affect skill premiums. The effect proves more prominent in firms with weaker financing constraints, stronger bargaining-power of labor and lower market competition.Further investigation reveals a nonlinear relationship between social security contributions and skill premiums, characterized by a significant U-shaped pattern. In lower contribution ranges, social security contributions suppress skill premiums; once contribution levels exceed the threshold, promotional effects gradually strengthen.

The policy implications are clear and actionable. Moderately reducing social security contribution burdens could help alleviate excessively rapid growth in the skill premium, thereby optimizing the income distribution structure. Simultaneously, policymakers should establish precise and dynamic adjustment mechanisms that are aligned with the characteristics of manufacturing transformation, fully considering firm heterogeneity and implementing differentiated rate policies. Furthermore, improving coordinated governance mechanisms between social security systems and labor markets becomes essential to achieve dual objectives of social security functions and income distribution regulation while protecting worker rights and interests through integrated policy tools. This paper offers fresh theoretical perspectives on the role of social security systems in factor allocation, providing important empirical evidence and policy recommendations for coordinating labor-management relations and advancing common prosperity goals.

Keywords: social security contributions; labor skill premium; factor structure adjustment; welfare effect; financing constraint; bargaining-power of labor; market competition

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