“羊毛出在羊身上”?员工持股计划会提高全要素生产率吗?  

Does theWool Come out of the Sheep?Does Employee Stock Ownership Plan Improve TFP?

作　　者：黄荷暑[1] 江鲍昌 Huang Heshu;Jiang Baochang(School of Business Anhui University,Hefei Anhui 230601,China)

机构地区：[1]安徽大学商学院,安徽合肥230601

出　　处：《北京化工大学学报（社会科学版）》2020年第4期16-25,90,共11页Journal of Beijing University of Chemical Technology(Social Sciences Edition)

基　　金：教育部人文社会科学研究规划基金项目“企业社会责任影响资源配置效率的作用机制、理性边界与实证研究”(20YJA630024);安徽省哲学社会科学规划项目“企业社会责任影响特质风险的区间效应与融资后果研究”(AHSKY2019D020)。

摘　　要：以2014—2018沪深A股上市公司为研究样本,探讨实施员工持股计划对全要素生产率的影响。结果表明,企业实施员工持股计划提高了全要素生产率,创新产出在员工持股计划与全要素生产率中起到中介作用。相较于非国有企业,国有企业实施员工持股计划会显著提高全要素生产率。进一步研究结果表明,员工持股计划还可以通过提高经济增加值进而提升全要素生产率,代理成本越低,企业实施员工持股计划对于全要素生产率的提高效果就越显著。采用替换变量、工具变量法、倾向得分匹配和固定效应及随机效应回归证明研究结果具有稳健性。上述结论丰富了对企业实施员工持股计划所产生的经济后果的研究,并从员工视角为提高全要素生产率提供了一定的经验证据。Based on the data of A-share listed companies in Shanghai and Shenzhen from 2014 to 2018,this paper discusses the relationship between the implementation of employee stock ownership plan(ESOP)and total factor productivity(TFP).The results show that the implementation of ESOP improves TFP.Also,the innovation output plays an intermediary role between the ESOP and TFP.Then,compared with non-state-owned enterprises,the implementation of ESOP in state-owned enterprises significantly improves TFP.Furthermore,the results show that ESOP improves TFP by increasing economic value added.And with the reduction of agency cost,the implementation of ESOP has a more significant effect on the effective efficiency.In addition,this paper uses substitution variables,instrumental variables,propensity score matching,fixed effects and random effects regression to prove that the results of this paper are robust.The above conclusions enrich the research on the economic consequences of the implementation of ESOP and provide some empirical references for enterprises to improve TFP from the perspective of employees.

关 键 词：员工持股计划 全要素生产率 创新产出 产权性质 

分 类 号：F224[经济管理—国民经济] F832.51