摘要
实施员工持股计划,是企业鼓励其员工持有本公司股票的一种有效方式,有利于完善员工与企业的利益共享机制。本文针对376家已实施员工持股计划的上市公司的研究表明:股权集中度高、盈利能力强的企业更倾向于实施该计划,实施该计划的公司市值增速和负债增速均显著高于未实施的公司;TMT(Telecommunication,Media,Technology)行业实施该计划,能显著提高公司的现金流量增速以及盈利增速。员工持股计划总体上受到市场正面评价,但在实践中也存在高杠杆风险、企业行为短期化等问题。建议将员工持股计划作为混合所有制改革的抓手加快推进实施,扩大行业覆盖面,加强事中、事后监管,完善员工持股计划的激励约束机制,建立多维度的税收优惠体系。
By using a sample of 376 listed firms with Employee Stock Ownership Plans （ESOPs） in China, we investigate the ESOPs motivations, market reaction and their impacts on firms＇ performance. The results suggest that firms with concentrated ownership and higher ROE are more likely to apply an ESOP; ESOP finns tend to have a higher growth in firm size, leverage and ROE than that of Non-ESOP firms; compared with other industries, the impact of ESOPs on firm performance are more significant in the TMT industry. Additionally, the evidence suggests market reactions to ESOP, on average, are significantly positive. However, ESOPs in China still face several practical and institutional issues, for example, high leverage risk, short term behavior of enterprises and double taxation. Combining the results of this paper and current institutional circumstance, we propose advice to supervisors： The implementation of ESOPs can assist in reforming of mixed ownership in state owned enterprise; appropriate ESOPs can create employee incentive and thus improve firm performance; a better tax system is necessary to promote the implementation of ESOP.
出处
《金融监管研究》
2016年第3期90-103,共14页
Financial Regulation Research
