员工持股计划与企业创新绩效——基于创新文化的中介效应  

ESOP and Enterprise Innovation Performance——Based on the Mediating Effect of Innovation Culture

作　　者：王文华 何杭娟 钟海连 WANG Wenhua;HE Hangjuan;ZHONG Hailian(School of Business,Changzhou University,Changzhou 213000,China;Business School,Nanjing University,Nanjing 210000,China)

机构地区：[1]常州大学商学院,江苏常州213000 [2]南京大学商学院,江苏南京210000

出　　处：《经济与管理评论》2023年第4期97-108,共12页Review of Economy and Management

基　　金：国家社会科学基金重大项目“我国就业量质协调发展的动态监测与保障体系研究”(20&ZD128);江苏高校哲学社会科学重大项目“一体化战略促进企业绿色转型的机理研究”(2021SJZDA137);江苏省研究生科研创新计划基金项目“员工持股计划与企业创新基于融资约束与代理成本的中介视角”(KYCX222996)。

摘　　要：员工持股计划有助于激发员工价值,增强企业凝聚力,推动企业创新发展。创新文化对企业员工具有价值引领和行为约束作用。员工持股计划对创新文化培育和创新绩效的影响机制研究对企业创新发展具有重要意义。以2014-2020年沪深A股上市公司数据为样本,基于创新文化的中介效应深入探讨上市公司员工持股计划(ESOP)与企业创新绩效的关联关系,研究发现ESOP可以有效促进企业创新绩效的提升,且经过一系列异质性检验和稳健性处理后结论仍然稳健;ESOP对企业创新的促进作用可以通过鼓励企业完善创新文化建设来实现;ESOP通过赋能创新文化进而对企业创新绩效的提升产生积极影响。Employee stock ownership plans(ESOP) can stimulate employee value,enhance enterprise cohesion,and promote enterprise innovation and development.Innovation culture has the function of value guidance and behavior restraint for employees.The research on the influence mechanism of ESOP on the cultivation of innovation culture and innovation performance is of great significance to the innovation development of enterprises.This paper takes the data of A-share listed companies in Shanghai and Shenzhen from 2014 to 2020 as a sample to explore the relationship between ESOP of listed companies and corporate innovation performance based on the mediating effect of innovation culture.After a series of empirical analysis and testing,this paper draws the following conclusions:ESOP can effectively promote the improvement of enterprise innovation performance,and the conclusion is still robust after a series of heterogeneity tests and robustness treatment.The promoting effect of ESOP on enterprise innovation can be achieved by encouraging enterprises to improve their innovation culture construction.ESOP has a positive impact on the improvement of enterprise innovation performance by empowering innovation culture.

关 键 词：员工持股计划 创新文化 企业创新 创新绩效 中介效应 

分 类 号：F272[经济管理—企业管理]