员工持股计划与股价崩盘风险  

Employee Stock Ownership Plan and Stock Price Crash Risk

作　　者：姚树洁[1] 付璠洁 YAO Shu-jie;FU Fan-jie(School of Economics and Business Administration,Chongqing University,Chongqing 400045,China)

机构地区：[1]重庆大学经济与工商管理学院,重庆400045

出　　处：《海南大学学报（人文社会科学版）》2021年第4期144-155,共12页Journal of Hainan University （Humanities & Social Sciences）

基　　金：国家社会科学基金重大项目(18ZDA005);国家自然科学基金面上项目(71673033);教育部中央高校专项建设项目(2020CDJSK02ZH02)。

摘　　要：以2007—2019年中国A股上市公司为样本,研究员工持股计划的实施对股价崩盘风险的影响。实证研究发现:在控制了其他影响企业股价崩盘风险的因素后,员工持股计划会显著减小股价崩盘风险。进一步研究发现:对员工稳定性较低、努力程度较低的企业,实施员工持股计划对股价崩盘风险减小的作用更强。同时,员工持股计划也可以通过改善公司信息披露质量,降低股价崩盘风险。另外,员工持股计划结合良好的外部环境能够获得更好的效果。研究揭示了员工持股计划在股价崩盘风险中的重要作用,丰富并拓展了以员工为主体的股价崩盘风险影响因素研究,同时对促进员工持股计划制度设计和实施都具有一定的参考价值。Targeting China’s A-share listed firms in 2007-2019,this paper studies the impact of employee stock ownership plan(ESOP)on stock price crash risk.With other relevant variables controlled,ESOP can significantly reduce the risk of stock price crash.Further research shows that ESOP has a stronger effect on reducing the risk of stock price crash for the firms with the lower stability and less efforts among the employees.Meanwhile,ESOP can reduce the risk of stock price crash by improving the quality of information disclosure in the firms.In addition,ESOP,when combined with good external environment,can achieve better results.The study reveals the important role of ESOP in stock price crash risk,enriches the research into the influencing factors of stock price crash risk with the employee as the main body,and provides some guidance for promoting the system design and implementation of ESOP.

关 键 词：股价崩盘风险 员工持股计划 公司治理 

分 类 号：F272[经济管理—企业管理]