摘要
员工持股计划(ESOP)作为一种企业发展的内部激励方式和分配形式在美国得到了广泛关注和充分运用;而员工持股计划是否适应中国国情,是否在本质上与我国的社会主义性质相吻合,这都需要进一步的理论说明和实证检验。文章基于员工持股计划的集体激励本质特性,从累积性、吸入性和异质性三个层面,构建了一个员工持股计划作用于企业创新的理论框架,并利用2007-2017年沪深两市相关上市公司的样本数据进行实证检验,结果表明:在我国,员工持股计划具有显著的创新激励效果,但对企业的创新影响并不是线性增加,而是呈现出"U"形的累积效应关系。进一步的讨论发现,员工持股计划对于创新性劳动的吸引力比较显著,且其创新激励效应在国有企业和高新技术企业中比较显著。文章对于如何推进员工持股计划在我国企业的创新实践中加以应用,以及如何落实社会主义基本分配制度的有效实现具有重要的政策启示。
As an internal incentive mode for enterprise development,Employee Stock Ownership Plan(ESOP)has got great attention and been widely used in US.In China,whether ESOP is suitable for China’s national conditions and whether it is essentially consistent with China’s socialist nature require theoretical explanation and empirical test.Although some studies have found that ESOP does promote enterprise innovation,its role and mechanism are always confused with those of equity incentives.Moreover,its unique role to enterprise innovation in theory is also automatically ignored as a“black box”with little systematic theoretical analysis.This leaves a large space for studying how ESOP promotes enterprise innovation.Therefore,this paper attempts to study the collective and cumulative incentive effects of ESOP on enterprise innovation by redefining the core nature of ESOP.Based on the basic theoretical assumptions,this paper applies the propensity score matching model and the difference-in-differences model(PSM+DID)to identify the impact of collective ESOP on enterprise technological innovation by using the policy impact of ESOP restart in China in 2014.The sample data of listed companies in Shanghai and Shenzhen stock markets from 2013 to 2017 have been used,and the empirical results show that:ESOP has a significant incentive effect on innovation;this effect does not increase linearly,but shows a U-shaped cumulative effect;and it is not notable in the short term.In addition,ESOP is significantly attractive for innovative talents,and it has different incentive effects for different types of enterprises.The research provides important policy suggestions on how to promote the application of ESOP in the innovation of Chinese enterprises and how to implement the basic socialist distribution system.The anticipated contributions of the paper are:(1)It identifies the core nature of ESOP as the collective incentive that can form the collective innovation power of enterprises.This reveals the mechanism of the“black box”effect of ESOP on enterprise innovation,and deepens the correlation analysis between this theoretical logic and the socialist basic economic system with Chinese characteristics;(2)To analyze the cumulative effect of ESOP on enterprise innovation,its attraction effect on innovative talents and its different incentive effects for different types of enterprises from the perspective of collective incentives for ESOP will make the research both logical and practical,and more systematic;(3)Based on Chinese data,it combines the propensity score matching model with a series of robust estimation methods to avoid potential endogenous problems as much as possible in policy evaluation.These methods not only are explorations and deepening based on previous researches,but also will provide data support for understanding the superiority of the current system for ESOP and the special national conditions,and for policy advice purposes.
作者
李韵
丁林峰
Li Yun;Ding Linfeng(Economics Department,University of Massachusetts,Lowell 01854,USA;School of Economics,Shanghai University of Finance and Economics,Shanghai 200433,China)
出处
《财经研究》
CSSCI
北大核心
2020年第7期35-48,共14页
Journal of Finance and Economics
关键词
员工持股
企业创新
集体激励
累积创新力
employee stock ownership plan
enterprise innovation
collective incentives
cumulative innovation
