非高管员工持股影响混合所有制企业创新的路径分析--基于结构方程模型的多重中介效应  

The Path Analysis of Non-executive Employee Stock Ownership Affecting the Innovation of Mixed Ownership Enterprises:Multiple Mediating Effects Based on Structural Equation Model

作　　者：王新红[1] 孙美娟 WANG Xinhong;SUN Meijuan(School of Management,Xi'an University of Science&Technology,Xi'an 710600,China)

机构地区：[1]西安科技大学管理学院,陕西西安710600

出　　处：《华东经济管理》2023年第8期59-70,共12页East China Economic Management

基　　金：国家社会科学基金项目“放权改革、控制权配置与企业并购中CEO腐败治理的理论与实证研究”(17BGL060);陕西省社会科学基金项目“陕西省高新技术产业创新链与产业链融合机制研究”(2021R033)。

摘　　要：文章以2014—2020年我国实施员工持股计划的混合所有制上市企业为研究样本,采用结构方程模型(SEM)探究非高管员工持股对企业创新的影响路径。研究表明:持股强度与持股广度对混合所有制企业创新的影响存在差异,其中持股强度影响企业创新的效应为正,而持股广度对企业创新的影响效应为负,且该负面影响大于持股强度的正面影响,说明非高管员工的大规模持股会稀释员工持股计划的激励作用,反而不利于混合所有制企业创新;在非高管员工持股影响混合所有制企业创新的作用路径中,直接作用路径发挥了主要作用,贡献率为71.66%,而28.34%是通过间接作用路径实现的,其中风险承担路径的贡献率最高,为11.02%,融资约束路径及人才保留路径次之,分别为5.26%和5.12%。因此,混合所有制企业实施员工持股计划时,应合理设计持股比例、持股范围等契约要素,以充分发挥员工持股在混合所有制企业中的制度改革效应和创新激励效应。This paper takes mixed ownership listed companies in China that implement employee stock ownership plans from 2014 to 2020 as the research sample,and uses Structural Equation Modeling(SEM)to explore the impact path of non executive employee stock ownership on enterprise innovation.Research has shown that there are differences in the im‐pact of shareholding intensity and shareholding breadth on the innovation of mixed ownership enterprises.Among them,the impact of shareholding intensity on enterprise innovation is positive,while the impact of shareholding breadth on en‐terprise innovation is negative,and this negative impact is greater than the positive impact of shareholding intensity.This indicates that large-scale shareholding by non executive employees dilutes the incentive effect of employee shareholding plans and is not conducive to the innovation of mixed ownership enterprises;in the role path of non executives'sharehold‐ing affecting the innovation of mixed ownership enterprises,the direct role path plays a major role,with a contribution rate of 71.66%,while 28.34%is achieved through the indirect role path,of which the assumption of risk path has the highest contribution rate of 11.02%,followed by the financing constraint path and talent retention path,with 5.26%and 5.12%re‐spectively.Therefore,when implementing employee stock ownership plans in mixed ownership enterprises,contract ele‐ments such as shareholding ratio and shareholding range should be reasonably designed to fully leverage the institutional reform and innovation incentive effects of employee stock ownership in mixed ownership enterprises.

关 键 词：非高管员工持股 企业创新 混合所有制企业 路径分析 结构方程模型 

分 类 号：F273.1[经济管理—企业管理] F272.92[经济管理—国民经济] F832.51