新时期员工持股计划:止步还是前行  

Employee Stock Ownership Plan in the New Era:Stop or Proceed

作　　者：呼建光[1] 毛志宏[1] 

机构地区：[1]吉林大学商学院

出　　处：《南方经济》2016年第7期95-111,共17页South China Journal of Economics

基　　金：教育部人文社会科学研究一般项目"公允价值分层披露的经济后果研究"(14YJA630042);中国博士后科学基金面上资助项目"投资者有限注意与股票价格行为研究"(2012M520686);吉林省软科学项目(20150418067FG);吉林大学基本科研项目(2014BS011;2015ZZ038)的资助

摘　　要：新时期员工持股计划对于改善公司治理水平,通过资本市场实现社会资金的优化配置具有重要意义。然而,近期部分公司在宣布推出员工持股计划后又迅速退出。以2014年7月到2016年3月沪深A股上市公司为样本,使用事件研究法检验了新时期员工持股计划的公告效应。研究发现,在员工持股计划发布后市场给予了正向反应,投资者认为在目前的市场环境下,员工持股计划的推出能够实现员工收益和公司价值的共同增长。检验了不同持股比例、非管理层持股和不同股票来源对于员工持股计划公告效应的影响,发现在员工持股比例较高和非管理层持股比例较高的情况下,市场并未给予更高的回应;而投资者对于股票来源不同的员工持股计划有着理性的认知。Employee stock ownership plan in the new era is of importance for the resources allocation through capital market. But some ESOPs were suspended after the corporation first announcing the plan. ESOPs announcement effect after June 2014, which is the time of the announcement of the ＂ESOPs Guidance＂, is tested using a sample of listed companies in China stock market under event study method. It is found that ESOPs have a positive announcement effect in the new era and it means that employee wealth and corporation value can increase as a whole in certain extent. Some factors affecting market reaction of the announcement are also tested. The scale of the ESOPs and the non - executive participation can not increase the market reaction. But the investor is rational when judging the effects of different types of ESOPs according to the stock sources.

关 键 词：共享资本 公告效应 员工持股计划 非管理层持股 

分 类 号：F833.5[经济管理—金融学]