关键词:

国有资本划转, 
	                                                                        											                                       国有企业, 
	                                                                        											                                       分红, 
	                                                                        											                                       共同富裕

Abstract:

In the context of escalating social security expenditure pressures，leveraging stateowned capital to bolster the sustainability of basic pensions is crucial for addressing population aging The “Implementation Plan for Transferring Part of Stateowned Capital to Enrich the Social Security Fund” aims to utilize equity earnings as an innovative funding channel and a mechanism for income redistribution This study examines the impact of stateowned capital transfer on local SOE dividends and broader socioeconomic outcomes，using the phased implementation across regions as a quasinatural experiment The findings reveal that the transfer enhances SOE dividend levels，improves capital preservation，and alleviates fiscal subsidies to social funds
The findings indicate that stateowned capital transfer can transmit public financial pressure and improve internal governance efficiency，thereby increasing local SOE dividend levels Economic significance calculations show that the dividend level per hundred units of stateowned assets increased by approximately 2576% The dividend enhancement effects vary among different posttransfer equity management entities，with “social security funds” achieving the highest effect，followed by “finance bureaus” and “stateowned asset supervision commissions” The dividend enhancement effect is more significant in SOEs with stronger profitability and richer monopolistic resources Moreover，stateowned capital transfer not only increases the market value and pricing efficiency but also reduces local financial subsidies to social funds，alleviating their “crowding out” effect on other livelihood expenditures In pilot provinces，the total dividends of SOEs increased by 1652%，with an average dividend contribution to social security of approxi mately 15 billion yuan，accounting for about 2% of the financial subsidies to social security，equivalent to covering the annual minimum living security for at least 180 000 people
This paper makes three contributions：（1） It examines the economic consequences of stateowned capital transfer at the microlevel of SOEs and incorporates the heterogeneity of posttransfer governance models into the analysis framework，extending relevant theoretical research（2） It provides theoretical guidance for improving the institutional mechanisms for sharing the fruits of stateowned economic development with all citizens from the perspective of stateowned equity redistribution（3） It offers empirical evidence for assessing the policy effects of enriching social security funds with stateowned capital and provides references for improving the investment and management system of social security funds

Key words:

transfer of stateowned capital to social security, 
	                                    	                            											                                       state-owned enterprises, 
	                                    	                            											                                       dividends, 
	                                    	                            											                                       common prosperity