共同富裕与企业价值——来自上市公司员工持股计划的证据  

Common Prosperity and Corporate Value:Evidence from ESOP of Listed Companies in China

作　　者：杨文慧 罗党论[1] 何建梅 YANG Wenhui;LUO Danglun;HE Jianmei

机构地区：[1]中山大学岭南学院 [2]广东白云学院

出　　处：《新经济》2024年第8期62-85,共24页New Economy

基　　金：国家自然科学基金项目“‘救助’抑或‘接盘’:政府纾困基金运行的动因、机制与效果研究”(72272157);广东金融学会基础课题:企业ESG表现与产业链融资(JCKT202404);中山大学中央高校基本科研业务费专项:“‘救助’抑或‘接盘’:政府纾困的动因、机制与效果研究”(22wklj03)。

摘　　要：本文以2014-2020年间上市公司实施员工持股计划的相关数据,实证检验了共同富裕对企业价值的影响,研究结果发现:(1)员工持股计划带来的共同富裕对企业价值具有显著的提升作用,且在更换关键代理变量以及考察内生性问题后依然成立;(2)通过探索内部需求和外部环境的调节作用,进一步发现在员工薪酬竞争力越差的企业和“先富”地区中,实现共同富裕更有利于促进企业价值增长;(3)机制分析表明,共同富裕通过优化企业全要素生产率来作用于企业价值;此外,员工持股计划的实施次数反映了共同富裕的强度,强度越大越能激发企业价值提升。有别于以往同类文献,本文聚焦于共同富裕视角,揭示其对企业价值的积极影响,丰富了现有关于共同富裕经济后果的研究文献,为扎实推进共同富裕提供了微观证据。This paper empirically examines the impact of common prosperity on corporate value based on the implementation of ESOP(common prosperity plans)by listed companies from 2014 to 2020.The study finds that:(1)the common prosperity plan has a significant effect on the improvement of corporate value,and it is still established after replacing key variables and considering endogenousness;(2)further examining the regulatory role of internal demand and external environment,it finds that in corporations with poorer employee compensation competitiveness and“first to get rich”areas achieving common prosperity is more conducive to improving corporate value;(3)mechanism analysis shows that common prosperity acts on corporate value by optimizing total factor productivity of corporations;in addition,the number of times the ESOP is implemented reflects the intensity of common prosperity,and the greater the intensity,the more it can stimulate corporate value.Different from previous literature on ESOP,this paper focuses on the perspective of common prosperity,enriches the research on the economic consequences of common prosperity,and provides micro-evidence for solid promotion of common prosperity.

关 键 词：共同富裕 企业价值 员工持股计划 

分 类 号：F272.3[经济管理—企业管理]