员工持股计划能降低企业权益资本成本吗?--基于多期双重差分模型的检验  

Do Employee Stock Ownership Plans Affect the Cost of Equity Capital:Based on the Model Testing of Multi-period Difference-in-Difference

作　　者：李培根 李阳 LI Pei-gen;LI YANG(Lanzhou University of Finance and Economics,Lanzhou 730020,China)

机构地区：[1]兰州财经大学会计学院,甘肃兰州730020

出　　处：《金陵科技学院学报（社会科学版）》2024年第1期18-25,共8页Journal of Jinling Institute of Technology(Social Sciences Edition)

摘　　要：将实施员工持股计划看作一项准自然实验,以2011—2022年沪深A股上市公司为研究样本,构建多期双重差分模型,实证检验员工持股计划的实施对企业权益资本成本的影响。研究表明:实施员工持股计划能显著降低企业权益资本成本,该结论在经过平行趋势检验、安慰剂检验等一系列内生性和稳健性检验后依然成立;中介效应检验发现,员工持股计划通过提高企业现金股利支付意愿和支付水平来降低企业权益资本成本。基于研究结论,提出以下政策建议:持续完善相关制度设计,积极推进员工持股计划的实施;健全资本市场功能,引导企业制定适宜的现金股利政策;完善相关法律法规,加强监管,改善企业外部融资环境。Taking the implementation of employee stock ownership plans as a quasi-natural experiment and using the listed companies in Chinese Shanghai and Shenzhen A-share from 2011 to 2022 as research samples,a multi-period difference-in-difference model is constructed to empirically test the impact of the implementation of employee stock ownership plans on the cost of equity capital.The research demonstrates that the implementation of employee stock ownership plans can significantly reduce the cost of equity capital,which remains true after a series of endogenous and robust tests such as parallel trend test and placebo test.The mediating effect test finds that employee stock ownership plans reduce the cost of equity capital by improving the desire to pay cash dividends and the amount paid.Based on the research findings,the following policy recommendations are put forward:continuously improving the relevant system design and actively promoting the implementation of employee stock ownership plans;perfecting the function of capital market and guiding enterprises to formulate appropriate cash dividend policies;improving relevant laws and regulations and strengthening supervision,and improving the external financing environment of enterprises.

关 键 词：员工持股计划 企业权益资本成本 现金股利政策 

分 类 号：F832.5[经济管理—金融学]