摘要
本研究以2014年发布的《关于上市公司实施员工持股计划试点的指导意见》作为剥离公司实施员工持股动机的准自然实验,从投资者预期角度考察员工持股能否促进企业创新并提升企业价值.实证发现:1)整体上,员工持股试点政策促进了企业价值提升,试点政策[-3,+3]窗口期内企业价值平均增长了1.9%;2)这一效应在知识经济密集的创新型公司中更强,企业创新水平每提升一个标准差,企业价值相比平均水平提升18%.以1998年《关于停止发行公司职工股的通知》进行反证也支持了上述结论;3)在员工权益保护较弱、员工稳定性较差、高学历员工比例较高的公司,创新型企业在员工持股试点政策表现出更强的正向市场反应;4)试点政策市场反应具有一定的预测功能,对于试点政策市场反应更高的公司,公司实际实施员工持股计划后的长期绩效也将更好.本研究发现在剥离内生实施动机之后员工持股能有效提升企业价值,表明积极推行员工持股,尤其是创新型企业的员工持股,能为高质量经济增长提供新的内在动力.
Based on the quasi natural experiment of employee stock ownership policy(ESOP policy)in 2014,this paper tries to control the firm’s endogenous motivations of implementing ESOP and examines whether investors expect the employee stock ownership to promote the firm’s innovation and firm value.The paper finds that,first,listed firms have significantly positive market reactions around the announcement of ESOP policy,indicating that employee stock ownership improves firm value.Specifically,the market value of the firms increases by 1.9%on average on the 7-days window[-3,+3]around the announcement of ESOP policy.Second,compared with those firms with less demand on innovation,innovation firms have significantly higher market returns around the announcement of ESOP policy:a one standard deviation increasein firm’s innovation increases firm’s market value by 18%relative to the average.Our result is robust to the market reactions around the date when the government banned the listed firms from issuing employee shares in 1998 as a counterevidence.Third,the positive market reaction for innovation firms is more salient in firms with weaker employee’s equity protection,with less employment stability and with higher ratio of high-degree employees.Finally,the market reactions around the ESOP policy can predicate firm perormance:the higher the market reaction of firms around the ESOP policy,the better long-term performance of firms conducting ESOP later on.Overall,employee stock ownership can mitigate the agency problems,stimulate innovation,and improve firm value after controlling for the endogenous influence of company motivations.Our paper indicates that implementing the employee stock ownership plan for listed firms,especially for the innovation firms,can become a new driving force for the economic development.
作者
曹春方
蔡贵龙
CAO Chun-fang;CAI Gui-long(School of Business,Center for Accounting,Finance and Institutions,Sun Yat-sen University,Guangzhou 510275,China)
出处
《管理科学学报》
CSSCI
CSCD
北大核心
2023年第9期41-62,共22页
Journal of Management Sciences in China
基金
国家自然科学基金资助项目(71672151,72072189,72002223)
广东省基础与应用基础研究基金资助杰出青年项目(2021B1515020052)
广州基础与应用基础研究专题科技菁英“领航”项目(SL2024A04J01813).
关键词
知识经济
员工激励
员工持股
企业创新
企业价值
knowledge economy
incentive of employees
employee stock ownership
innovation
firm value
