员工持股计划能抑制企业脱实向虚吗?  

Can the Employee Stock Ownership Plan Prevent Enterprise from Abandoning Reality?

作　　者：任灿灿[1] 郭泽光[1] 田智文 REN Can-can;GUO Ze-guang;TIAN Zhi-wen(Shanxi University of Finance and Economics,Taiyuan 030006,China;Department of Finance,Taiyuan Macalline Co.Ltd,Taiyuan 030006,China)

机构地区：[1]山西财经大学会计学院,山西太原030006 [2]红星地产太原分公司财务部,山西太原030006

出　　处：《现代财经（天津财经大学学报）》2021年第5期47-67,共21页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：教育部人文社会科学研究一般项目(19YJC630058)。

摘　　要：人力资本价值是影响企业金融资产配置的重要因素。本文从信任理论和共生治理理论视角探究员工持股计划对企业脱实向虚的影响。以2011-2018年中国A股上市公司为研究样本的检验结果表明,员工持股计划能显著降低企业金融化水平,缓解实际金融化与最优金融化的偏离程度。这一治理效应在非国有企业中更显著。进一步地,机制检验结果表明,员工持股计划能增强企业对员工人力资本的依赖,提高员工参与公司治理的积极性,进而抑制脱实向虚。对要素设计差异的分析发现,控制权较高、分配公平性较高、风险性较低的员工持股计划对企业脱实向虚的治理效果较好。The value of human capital is an important factor affecting the financial asset allocation. Based on the trust theory and symbiotic governance theory, this paper investigates the impact of employee stock ownership plan(ESOP) on enterprise financialization. It find that ESOP can reduce the level of financialization and can significantly prevent the enterprise from abandoning reality. This governance effect is more significant in non-state-owned enterprises. Furthermore, the mechanism test shows that ESOP can enhance the dependence of enterprises on human capital of employees, boost the enthusiasm of the employees to participate in corporate governance, and then inhibit the shift from real to virtual. Based on the analysis of the differences in element design, It finds that ESOP plays a good role in preventing enterprise from abandoning reality, when the share of ESOP is higher, the distribution of shares is more equitable, and the risk of ESOP is lower.

关 键 词：员工持股计划 信任 共生治理 企业金融化 脱实向虚 

分 类 号：F272[经济管理—企业管理]