员工持股计划、内部控制质量对企业创新绩效的影响  

On Influence of Employee Stock Ownership Plan and Internal Control Quality on Enterprise Innovation Performance

作　　者：徐燕[1] 钱佳亮 骈子涵 XU Yan;QIAN Jialiang;PIAN Zihan(Xinjiang University of Finance and Economics,Urumqi 830012,China)

机构地区：[1]新疆财经大学工商管理学院,新疆乌鲁木齐830012

出　　处：《新疆财经》2022年第6期67-78,共12页Finance & Economics of Xinjiang

基　　金：国家自然科学基金地区项目“高新技术企业灵活性人力资源管理系统对组织和员工创新绩效的多层影响机制研究”(71562032)。

摘　　要：文章以2011年—2020年我国A股上市公司数据为样本,实证分析员工持股计划、内部控制质量与企业创新绩效之间的关系。研究发现:员工持股计划对企业创新绩效的提升具有促进作用,且该促进作用具有一定的滞后性和持续性;内部控制质量对员工持股计划促进企业创新绩效的提升具有中介作用,员工持股计划主要通过提高企业内部控制质量来促进企业创新绩效的提升。进一步分析发现,员工持股人数的增加会在企业创新绩效层面引发“搭便车”问题;相较于国有企业,员工持股计划对非国有企业创新绩效提升的促进作用更显著。基于此,企业应根据自身情况合理制定员工持股计划,相关部门应进一步完善监督评价机制,更好地激发员工积极性,充分发挥员工持股计划对企业创新绩效提升的促进作用。Based on the data of Chinese A-share listed companies from 2011 to 2020,this paper empirically analyzes the relationship between employee stock ownership plan(ESOP),internal control quality and enterprise innovation performance.The results show that ESOP can promote the innovation performance of enterprises,and the promotion effect has a certain lag and continuity;the quality of internal control has a mediating effect on ESOP to promote enterprise innovation performance.ESOP mainly improves enterprise innovation performance by improving the quality of internal control.Further analysis shows that the increase in the number of employee stock ownership will lead to the"free riding"problem in terms of enterprise innovation performance;compared with state-owned enterprises,ESOP plays a stronger role in promoting the innovation performance of nonstate-owned enterprises.Based on this,enterprises should formulate employee stock ownership plan reasonably according to their own conditions,and give full play to its role in promoting the improvement of enterprise innovation performance.

关 键 词：员工持股计划 内部控制质量 企业创新绩效“ 搭便车”问题 产权异质性 

分 类 号：F272.92[经济管理—企业管理] F273.1[经济管理—国民经济]