员工持股计划的微观经济效应——来自中国上市公司的新证据  

The Microeconomic Effects of Employee Stock Ownership Plans:New Evidence from Chinese Listed Companies

作　　者：郭范勇 彭嘉欣 GUO Fan-yong;PENG Jia-xin(School of Business,Chengdu University,Chengdu,Sichuan,610106,China;School of Finance,Capital University of Economics and Business,Beijing,100070,China)

机构地区：[1]成都大学商学院,四川1成都610106 [2]首都经济贸易大学金融学院,北京100070

出　　处：《经济管理》2024年第8期123-139,共17页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金青年项目“金融资产收益多元波动结构的DCGAN深度预测及应用研究”(72201042);首都经济贸易大学新入职青年教师科研启动基金资助项目(XRZ2024037)。

摘　　要：企业推行员工持股计划的初衷是希望构建所有者与劳动者的利益共同体,激发员工积极性,进而推动企业效率提升和绩效改善。但现实也发现,实施员工持股计划的企业出现了大量的“浮亏”问题。为此,本文以员工持股计划是否推行为核心解释变量,分析了员工持股计划对公司绩效的影响及潜在机制。研究发现,我国上市公司推行的员工持股计划并未实质性贡献于企业绩效改善,此结论在经过一系列稳健性检验后仍然成立。机制分析发现,员工持股计划未能促进公司全要素生产率的提升,反而成为了大股东减持股份、公司过度投资的策略性工具;而上市公司内外部治理结构有效性的提高在一定程度上遏制了大股东的利益侵占行为。本研究明晰了当前员工持股计划不能提升公司绩效的原因,有助于规避早期实施中的误区,为科学实施员工持股计划及完善相应的政策监管框架提供了重要启示。Following the decision of the Third Plenary Session of the Eighteenth Central Committee to use employee stock ownership to promote mixed ownership economic reform, in June 2014, the China Securities Regulatory Commission issued the “Guiding Opinions on the Pilot Implementation of Employee Stock Ownership Plans by Listed Companies”, which marked China Employee stock ownership has once again entered everyone's research horizon. Generally speaking, employee stock ownership can motivate employees to work hard, and improve corporate performance by boosting employee morale. However, the employee stock ownership plan has a large number of floating losses in the actual operation process, which makes it difficult to realize the original intention of using employee stock ownership as a means to motivate employees and enhance corporate value. According to market analysis, one of the possible reasons behind this is that the employee stock ownership plan is implemented in order to satisfy the self-interested motives of major shareholders, not solely to motivate employees.In the past, most domestic literature on employee stock ownership plans focused on theoretical explanations and empirical analysis of its advantages. However, many cases of listed firms in reality show that employee stock ownership plans are not as beneficial as they claim. As a result, some studies have begun to give negative evaluations to employee stock ownership plans from the perspectives of invalidation of employee stock ownership plans, unfair distribution and market shocks. However, few documents truly reveal the reasons and channels for the failure of employee stock ownership plans from an empirical perspective. We hope to make a more systematic and comprehensive exploration of economic consequences of the employee stock ownership plan.We investigate the effect of the implementation of employee stock ownership plan by using the relevant data of listed companies in China from 2012 to 2019.This paper finds that the employee stock ownership plans im

关 键 词：员工持股计划 大股东减持 公司绩效 利益侵占 

分 类 号：F832.5[经济管理—金融学] F830.91