关键词: 社会保险缴费率, 创新产出, 员工激励, 失败容忍度

Abstract: Social insurance contributions are an important component of payroll. This paper empirically examines the impact of social insurance contribution rates on firms? innovation output, using A-share listed manufacturing firms as a research sample from 2013—2019. It is found that the impact of social insurance contribution rate on manufacturing firms? innovation output is inverted “U” rather than monotonically linear, and the innovation output is optimal when the social insurance contribution rate is 0.1314. The optimal social insurance contribution interval estimated by introducing the panel threshold regression model is [0.0946, 0.1572), and within the optimal interval, manufacturing firms enhance innovation output through the combined effect of effective personnel input (incentive) and innovation input. In further analysis, social insurance contributions are found to have the same antecedent and postecedent effects in terms of attracting and retaining talent and tolerance for innovation failure, respectively. The findings of this paper enrich the impact study of employee salary structure on manufacturing firms? innovation output and provide some reference for relevant authorities to formulate reasonable social insurance contribution rate.

Key words: Social Insurance Contribution Rate, Innovation Output, Employee Motivation, Failure Tolerance