摘要
基于2008-2016年我国A股上市公司样本,考察员工持股计划的创新效用,进一步揭示员工持股催生企业创新的作用路径。研究发现:较之侧重于激励高管的传统型员工持股计划,侧重于激励核心员工的扩展型员工持股计划能够降低核心人才离职率,即能更好地为企业留住核心人才;并且这部分接受激励选择留下的员工能够有效地推动企业的创新产出。进一步的分析发现,较之非劳动密集型企业,劳动密集型企业实施员工持股计划的创新效用更为显著。
Based on sample from China's A-share listed companies ( 2008-2016 ) to test innovative effectiveness of the employee stock ownership plan ( ESOP ) and reveal the role of the ESOP in promoting corporate innovation, it can be found that: extended ESOP can reduce the turnover rate of the core talents than the traditional ESOP. And these employees choosing to remain in business can effectively promote the innovation output of enterprises. Furthermore, we examined the impact of industry types on the incentive effectiveness of the ESOP. It is found that the implementation of the extended ESOP in labor-intensive enterprises has a more significant effect on innovation than that in non-Iabor-intensive enterprises.
作者
曹玉珊
魏露露
CAO Yu-shan;WEI Lu-lu
出处
《财务研究》
2019年第3期64-74,共11页
Finance Research
基金
2018年江西省社会科学规划项目(18YJ14)
关键词
员工持股计划
传统型
扩展型
核心人才离职率
创新
employee stock ownership plan
traditional type
extended type
core talent turnover rate
corporate innovation
