员工持股计划提高了企业全要素生产率吗?——基于激励与治理双重效应视角  

Does ESOP Improve Total Factor Productivity of Enterprises?-Based on the Dual Effects of Incentives and Governance

作　　者：吕镯 李连伟 杜明泽 Lv Zhuo;Li Lianwei;Du Mingze(School of Statistics,Shandong Technology and Business University,Yantai 264005,China;School of Finance,Shandong Technology and Business University,Yantai 264005,China;School of Mathematics and Statistics,Liaoning University,Shenyang 110036,China)

机构地区：[1]山东工商学院统计学院,山东烟台264005 [2]山东工商学院金融学院,山东烟台264005 [3]辽宁大学数学与统计学院,辽宁沈阳110036

出　　处：《数量经济研究》2024年第3期190-212,共23页The Journal of Quantitative Economics

基　　金：国家自然科学基金青年项目“股权激励影响国有企业全要素生产率的机理、路径与制度优化研究”(72102129);国家自然科学基金青年项目“股权激励对企业创新的影响机理与制度优化研究”(71904107)的联合资助。

摘　　要：本文以2014~2021年A股上市公司为样本,在国民经济核算体系(SNA)框架下,采用控制函数法,测算了剥离研发资本与数字资本的企业全要素生产率,进而利用机器学习中的因果森林算法评估了员工持股计划影响企业全要素生产率的政策效应。结果表明:(1)实施员工持股计划显著提高了企业全要素生产率,且在不同混改程度和不同要素密集度的企业间具有异质性,而在不同个体间不存在显著差异;(2)机制检验表明,员工持股计划通过吸引优秀员工、促进企业创新的激励效应,优化资源配置和提高内部控制质量的治理效应,提升了企业全要素生产率;(3)契约异质性分析发现,提高员工持股比例、合理控制员工参与人数和资金规模,均有利于强化员工持股计划的实施效果,且非杠杆型员工持股计划的实施效果强于杠杆型。本文的研究为员工持股计划的方案优化和“双向混改”的持续深化提供了理论参考与经验证据。Taking A-share listed companies from 2014 to 2021 as samples,this paper uses the control function method to measure the total factor productivity of enterprises stripped of R&D capital and digital capital under the framework of the System of National Accounts(SNA),and then uses the causal forest algorithm in machine learning to assess the policy effect of employee stock ownership plans(ESOP)on enterprise's total factor productivity.The results show that:(1)The implementation of ESOP significantly improves the total factor productivity of enterprises,and there is heterogeneity among enterprises with different degrees of mixed reform and different factor intensities,but there is no significant difference among individuals;(2)The mechanism test shows that ESOP improves the total factor productivity of enterprises by the incentive effect of attracting excellent employees and promoting enterprise innovation,and the governance effect of optimizing resource allocation and improving internal control quality;(3)The analysis of contract heterogeneity found that increasing the proportion of employee stock ownership,reasonably controlling the number of employees participating and the scale of funds,are all conducive to strengthening the implementation effect of ESOP,and the implementation effect of non-leveraged ESOP is stronger than that of leveraged ones.This study provides theoretical reference and empirical evidence for the scheme optimization of ESOP and the continuous deepening of“two-way mixed reform”.

关 键 词：员工持股计划 全要素生产率 激励效应 治理效应 契约异质性 

分 类 号：F272.92[经济管理—企业管理]