上市公司员工持股计划的股东财富效应研究——来自我国证券市场的经验数据  

Research on Shareholder's Wealth Effect of Employee Stock Option Plan in Listed Companies: Evidence from China's Stock Market

作　　者：章卫东[1] 罗国民[1] 陶媛媛[1] 

机构地区：[1]江西财经大学会计学院,江西南昌330013

出　　处：《北京工商大学学报（社会科学版）》2016年第2期61-70,共10页JOURNAL OF BEIJING TECHNOLOGY AND BUSINESS UNIVERSITY:SOCIAL SCIENCES

基　　金：国家自然科学基金项目"地方国有上市公司定向增发资产注入动机及经济后果研究"(71262004);江西省研究生创新专项资金项目"上市公司实施员工持股计划股东财富效应的实证研究"(YC2015-B039)

摘　　要：以我国2014年6月—2015年6月宣告员工持股计划的上市公司为样本,检验了上市公司公告员工持股计划对股东财富的影响,对不同股票来源和不同认购股票资金来源员工持股计划的股东财富效应进行了检验。研究发现,上市公司公告员工持股计划后,股东将获得正的累计超额收益率。公司通过定向增发新股方式实施员工持股计划的宣告效应要好于通过二级市场购买赠送给员工的宣告效应,无论股票来源是上述两种方式中的哪一种,其认购股票的资金来源为员工自有资金的宣告效应要好于通过其他资金来源认购员工持股的宣告效应。研究结论为证监会进一步完善相关法律、法规及我国上市公司更好地设计员工持股计划方案提供了一个新的经验。Taking the samples of listed companies to announce the Employee Stock Option Plan（ ESOP） during the period from June 2014 to June 2015 on China＇s stock market,this paper tests the impact of ESOP on shareholder＇s wealth and examines the ESOP shareholder＇s wealth effect from different capital sources and stock sources. The research indicates that after listed company announced their ESOP,the shareholders would obtain the positive Cumulative Abnormal Return（ CAR）. Moreover,as to the announcement effect of ESOP,the announcement effect of private placement as the way of stock sources is better than the announcement effect to buy from the secondary market as coupons to employees. No matter whether the stock source is private placement or the purchase on the secondary market,the announcement effect of employees＇ own fund as the way of capital source is better than the announcement effect of other sources of funding. Thus,this research can provide a new reference to ESOP system for China Securities Regulatory Commission（ CSRC） to further perfect the＂Guidance of Listed Company to Implement Pilot Employee Stock Option Plan＂and help China＇s listed companies to design a better scheme of ESOP.

关 键 词：员工持股计划(ESOP) 股东财富效应 股票来源 资金来源 定向增发 事件研究法 

分 类 号：F832.5[经济管理—金融学] F271