员工持股计划、内部控制与创新绩效  

Employee Stock Ownership,Internal Control and Innovation Performance

作　　者：钟凤英[1] 冷冰洁 ZHONG Feng-ying;LENG Bing-jie(School of Economics and Management,Northeast Forestry University,Harbin 150040,China)

机构地区：[1]东北林业大学经济管理学院,黑龙江哈尔滨150040

出　　处：《经济问题》2022年第8期120-128,共9页On Economic Problems

摘　　要：通过对2014—2020年沪深A股上市公司开展的员工持股计划进行实证分析,结果表明,上市公司实施员工持股计划会对创新绩效产生积极效应;企业内部控制质量越高,创新绩效的水平也较高;内部控制在员工持股计划和创新绩效之间发挥部分中介效应。另外,在企业异质性的基础上研究发现,员工持股计划在非高新技术企业与高市场化的环境中发挥的创新效应更为积极。上述研究一定程度上丰富了该政策创新路径的相关研究,为企业设计良好的实施方案、建立完善的内部控制系统、促进企业创新绩效水平提供决策支持。This paper makes an empirical analysis on the ESOP carried out by A-share listed companies in Shanghai and Shenzhen from 2014 to 2020.The results show that the implementation of ESOP by listed companies will have a positive effect on innovation performance;The higher the quality of internal control,the higher the level of innovation performance;Internal control plays a partial intermediary effect between employee stock ownership plan and innovation performance.In addition,on the basis of enterprise heterogeneity,the study found that ESOP plays a more positive innovation effect in non-high-tech enterprises and high market-oriented enterprises.The above research enriches the relevant research of the policy innovation path to a certain extent,and provides decision support for enterprises to design good implementation schemes,establish perfect internal control systems,and promote the level of enterprise innovation performance.

关 键 词：员工持股计划 内部控制 创新绩效 

分 类 号：F272.92[经济管理—企业管理] F426.6[经济管理—国民经济]