员工持股计划与企业风险承担——基于公司内外部治理机制的视角  

Employee Stock Ownership Plan and Corporate Risk-taking:From the Perspectives of Both Internal and External Governance Mechanisms

作　　者：单蒙蒙[1] 但菊香 宋运泽 SHAN Mengmeng;DAN Juxiang;SONG Yunze(School of Management,Shanghai University,Shanghai 200444,China)

机构地区：[1]上海大学管理学院,上海200444

出　　处：《华东经济管理》2021年第7期119-128,共10页East China Economic Management

基　　金：国家社会科学基金青年项目“跨国公司在华创新生态系统构建研究”(15CGL003);上海市软科学重点研究课题“跨国公司全球价值链重构现状及对策研究”(20692109500)。

摘　　要：基于公司内外部治理机制的视角,文章以2014—2019年全部A股非金融上市公司为研究样本,具体探讨了上市公司实施员工持股计划与企业风险承担水平之间的关系。研究发现,相比未实施员工持股计划的上市公司,实施员工持股计划的公司其风险承担水平更高。在内部治理环境方面,当企业信息透明度较低时,员工持股计划更能提高企业风险承担水平,这说明当公司内部披露机制存在缺陷时,员工持股计划改善了公司内部治理机制,增强了公司应对风险的能力;在外部治理环境方面,市场化程度越高的地区,员工持股计划对风险承担水平的促进作用越强,表明较好的外部治理环境有利于员工持股计划发挥监督和激励效应。进一步研究发现,相比国有企业,非国有企业实施员工持股计划更能增加企业风险承担水平。除此之外,员工持股计划要素特征对企业风险承担水平的影响同样存在一定的差异。通过对员工持股计划与公司风险承担水平的研究,拓展了企业风险承担的影响因素,同时对员工持股计划制度的设计与完善具有一定的借鉴意义。Based on the perspective of internal and external corporate governance mechanism,this paper takes all A-share non-financial listed companies from 2014 to 2019 as the research sample,and specifically discusses the relationship between the implementation of ESOP and the level of enterprise risk-taking.The results show that compared with the listed companies without ESOP,the companies with ESOP have higher risk-taking level.In the aspect of internal governance environment,when the enterprise information transparency is low,the ESOP can improve the enterprise risk-taking level,"which shows that when the company’s internal disclosure mechanism has defects,the ESOP can improve the internal governance mechanism and enhance the company’s ability to deal with risks;in terms of external governance environment,the higher the degree of marketization,the stronger the promotion effect of ESOP on risk-taking level,which shows that a better external governance environment is conducive to the supervision and incentive effect of ESOP.Further research shows that compared with state-owned enterprises,the implementation of ESOP in non-state-owned enterprises can increase the level of enterprise risk-taking.In addition,there are also some differences in the influence of the characteristics of ESOP elements on the level of enterprise risk-taking.The research on ESOP and corporate risk-taking level expands the influencing factors of corporate risk-taking,and has certain reference significance for the design and improvement of ESOP system.

关 键 词：员工持股计划 企业风险承担水平 信息透明度 市场化程度 

分 类 号：F271.5[经济管理—企业管理] F272.35[经济管理—国民经济]