员工持股计划对国有企业全要素生产率的影响研究  

Research on the Impact of Employee Stock Ownership Plans on the TFP of State-owned Enterprises

作　　者：李连伟 林灿祥 吕镯 周姝含 Li Lianwei;Lin Canxiang;Lv Zhuo;Zhou Shuhan(School of Finance,Shandong Technology and Business University,Yantai 264003,China;School of Statistics,Shandong Technology and Business University,Yantai 264003,China;School of Business and Management,Jilin University,Changchun 130012,China)

机构地区：[1]山东工商学院金融学院,山东烟台264003 [2]山东工商学院统计学院,山东烟台264003 [3]吉林大学商学与管理学院,吉林长春130012

出　　处：《中国管理科学》2025年第2期347-355,共9页Chinese Journal of Management Science

基　　金：国家自然科学基金项目青年项目(72102129,71904107)。

摘　　要：提升国有企业全要素生产率(TFP)是新时代推动国有资本和国有企业做强做优做大的重要途径。本文以2010-2022年中国A股国有控股上市公司为样本,采用多时点双重差分模型(DID),考察了国有企业实施员工持股计划对其全要素生产率的影响。研究发现,员工持股计划的实施能够显著提升国有企业TFP,并且在行业竞争程度高、混改程度低和地方性国有企业表现更为显著。机制检验结果显示,员工持股计划发挥其利益协同效应、创新激励效应和监督治理效应,通过降低代理成本、促进企业创新和提高资本配置效率进而提升了国有企业TFP。基于契约异质性的拓展研究表明,员工覆盖范围大、员工认购比例高和持股锁定期限长的员工持股计划,其对国有企业TFP的提升效果更为明显。本文从全要素生产率的角度肯定了国有企业实施员工持股计划的积极成效,为相关政策部门出台一系列的政策文件推动国有企业实施员工持股计划提供了经验证据。Improving total factor productivity(TFP)is an important way to promote state-owned enterprises(SOEs)to become stronger,better,and larger.The existing literature on improving the TFP of SOEs mainly explores aspects such as mixed ownership reform,external supervision,and corporate governance.From the perspective of corporate governance,existing research mainly tests the construction of the board of directors of group companies,executive salary limit policies,and performance evaluation systems of state-owned enterprise executives.However,research based on the perspective of state-owned enterprise employees is relatively scarce.Only a few studies have tested it from the perspectives of total wage control and dividend incentive reform,while research from the perspective of employee shareholding is relatively scarce.Chinese A-share state-owned controlled listed companies from 2010 to 2022 are taken as samples and a multi-point difference-in-difference model is used to evaluate the impact of implementing employee stock ownership plans(ESOPs)on their TFP,in order to expand the research on incentive mechanisms for high-quality development of SOEs.The research results indicate that implementing ESOPs can significantly improve the TFP of SOEs,and is more significant in industries with high competition,low degree of mixed ownership reform,and local SOEs.The mechanism test results show that the ESOPs mainly exerts its benefits synergy effect,innovation incentive effect,and supervision and governance effect,improving the TFP of SOEs by reducing agency costs,promot⁃ing innovation,and improving capital allocation efficiency.The extended research based on the contract design of ESOPs shows that a larger employee coverage,higher employee subscription ratios,and longer lock up periods can more effectively promote the improvement of TFP in SOEs.It affirms the positive effects of implementing ESOPs in SOEs from the perspective of TFP,providing theoretical reference for further promot⁃ing the“reform to promote mixed ownership”

关 键 词：员工持股计划 国有企业 全要素生产率 契约异质性 多时点双重差分模型 

分 类 号：F276.1[经济管理—企业管理]