关键词: 职工董事, 社保遵从度, 职工权益回应

Abstract: In recent years, in the process of China's economic and social transformation, the contradictions between labor and capital have become increasingly prominent, and incidents in which the legitimate rights and interests of workers have been infringed upon have occurred from time to time. How to improve the mechanism for regulating labor-capital relations and effectively safeguard the legitimate rights and interests of employees is of great concern to the government, enterprises and the public. As an important part of the democratic management system of enterprises in China, the employee director system is of great significance in promoting the democratic participation of employees, safeguarding the legitimate rights and interests of employees, and realizing the common prosperity of all employees. Existing literature mainly focuses on the supervisory and governance effects of employee directors, and it finds that employee directors can increase the market value of the enterprise, reduce the agency cost of debt, improve the efficiency of investment, reduce the degree of tax avoidance, and reduce the behavior of earnings management, etc. Not much literature pays attention to the role of employee directors in the protection of employees' rights and interests.
Based on the hand-collected data of employee directors, this paper takes A-share state-listed enterprises in China from 2008 to 2021 as the research samples and systematically explores the role of employee directors in the protection of employees' rights and interests from the perspective of corporate social security compliance, and on the basis of which, it probes into the mechanism and differentiated situation of employee directors' impact on the social security compliance of enterprises. The study finds that employee directors can significantly enhance social security compliance of enterprises, and this conclusion still holds after a series of robustness tests. Mechanism test indicates that employee directors enhance social security compliance of enterprises by strengthening managers' response to employee rights and interests. Heterogeneity analysis shows that the enhancing effect of employee directors on social security compliance of enterprises is more pronounced in enterprises when the employee director is also member of the party committee and voluntarily set up. In addition, the enancing effect is more pronounced in enterprises with higher labor intensity and located in regions with lower aging degree. In terms of the type of social security, employee directors mainly have an enhancing effect on compliance with basic endowment insurance, basic medical insurance, work injury insurance and unemployment insurance. The analysis of economic consequences shows that the positive effect of employee directors on social security compliance of enterprises can effectively enhance enterprise value.
This paper explores in depth the relationship between employee directors and corporate social security compliance, which not only provides theoretical support and empirical evidence for the government to assess the implementation effect of the existing employee directorship system so as to further implement and optimize it, but also provides practical references for the government to effectively explore the realization path of common prosperity.

Key words: Employee Director, Social Security Compliance, Response to Employees' Rights and Interests