人力资本禀赋、市场化程度与员工持股计划选择  

Human Capital Endowment,Marketization Level and Choice of Employee Stock Ownership Plan

作　　者：王烨[1] 孙慧倩[2] 吴婷[1] 王宁宁 WANG Ye;SUN Hui-qian;WU Ting;WANG Ning-ning(School of Accountancy,Wuxi Taihu College,Wuxi 214064,China;School of Accountancy,Nanjing Audit University,Nanjing 211815,China)

机构地区：[1]无锡太湖学院会计学院,江苏无锡214064 [2]南京审计大学会计学院,江苏南京211815

出　　处：《华东经济管理》2018年第12期133-142,共10页East China Economic Management

基　　金：江苏省社会科学基金项目(18GLB004);江苏高校品牌专业建设工程项目(PPZY2015A075);江苏高校人文社会科学校外研究基地"苏南资本市场研究中心"(2017ZSJD020)

摘　　要：文章选取2014年7月1日至2016年12月31日期间已公布员工持股计划公司的数据,运用logistic二元选择模型,对人力资本禀赋、市场化程度与员工持股计划选择之间的关系进行了研究,结果发现,人力资本禀赋与是否选择员工持股计划呈显著正相关关系,人力资本禀赋越高,公司越倾向于实行员工持股计划。研究还发现,所处地区市场化程度越高,公司选择员工持股计划的可能性就越大,同时,市场化程度高会强化人力资本禀赋与员工持股计划选择之间正相关关系。文章研究结论具有重要的政策启示:作为减少代理成本的手段,员工持股计划是人力资本禀赋较多的公司解决人力资本激励问题的一种可行的选择,同时,市场化程度对员工持股计划选择具有正相关影响,并且,市场化程度高对人力资本禀赋与员工持股计划选择之间正相关关系的强化效应为通过优化公司外部治理机制、进而降低代理成本提供了思路。This paper, based on the data of employee stock ownership plan issued by the listed companies from July 1, 2014 to December 31, 2016, studies the relationship among human capital endowment, marketization level and choice of employee stock ownership plan by applying the logistic binary choice model. The study finds that the human capital endowment is significantly positively correlated with whether to select the employee stock ownership plan, the higher the human capital endowment is, the more the possibility to implement the employee stock ownership plan by companies is. The study also finds that the higher the level of marketization is, the greater the likelihood to choose the employee stock ownership plan by companies is. Moreover, the positive relationship between the human capital endowment and the choice of employee stock ownership plan will be strengthened by the high degree of marketization. The study conclusions have important policy implications ： As a kind of method to reduce agency costs, the employee stock ownership plan is feasible to solve the problem of human capital incentive for companies with more human capital endowment. Furthermore, there is a positive con＇elation between the marketization level and the choice of employee stock ownership plan, and the high level of markefization can strengthen the positive relationship between the human capital endowment and the choice of employee stock ownership plan, which provides companies a train of thought to reduce agency costs by optimizing corporate external governance mechanism.

关 键 词：员工持股计划 人力资本禀赋 市场化程度 

分 类 号：F270[经济管理—企业管理] F275[经济管理—国民经济]