上市公司员工持股计划与企业绩效

发布时间：2018-03-06 23:29

本文选题：员工持股计划　切入点：员工认购结构　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：2014年6月20日,证监会颁布的《关于上市公司实施员工持股计划试点的指导意见》(下文简称《指导意见》),该政策一经发布,引起不小的反响,百余家企业跃跃欲试,纷纷发布员工持股计划公告。1998年我国暂停了员工持股计划,《指导意见》的发布,意味着员工持股计划在搁置十余年后,再一次进入大众视线。目前我国员工持股计划仍存在诸多争议,本文针对此现象,从员工持股计划的实施、普通员工认购结构、高管认购结构三个方面分析了该计划对企业市场绩效与财务绩效的影响。本文依托共享资本理论、产权理论、人力资本理论以及委托代理理论,借鉴国内外专家学者的研究成果,以我国2014年6月30日—2015年12月31日之间实施员工持股计划的上市公司为研究样本。考察了员工持股计划的实施对企业市场、财务绩效的影响,分析了普通员工认购比例、高管认购比例与企业市场、财务绩效的关系。通过研究发现:(1)实施员工持股计划对企业市场绩效、财务绩效均有正向影响;(2)普通员工认购规模的增大提升企业市场绩效、财务绩效效果明显;(3)高管认购规模对企业市场绩效、财务绩效有负向影响。本文以Tobin'Q衡量市场绩效,ROE衡量财务绩效,丰富了现有的研究视角与研究成果。以上研究结果表明,员工持股计划的实施会给企业市场绩效、财务绩效带来有利影响,但员工认购比例差异对企业市场、财务绩效的影响作用不可忽视。本文研究的主要贡献在于揭示了员工持股计划、普通员工认购结构、高管认购结构与市场、财务绩效的关系。近年来大量文献考察上市公司员工持股计划市场、财务绩效与市场反应问题,忽视了公告发布后员工认购结构带来的市场、财务绩效上的影响。因此,本文的研究有助于深入理解员工持股计划与市场、财务绩效的内在联系,拓展了员工认股结构的视角,丰富了我国员工持股计划研究成果。
[Abstract]:In June 20th 2014, the Securities Regulatory Commission issued the guidance on the implementation of the ESOP pilot in listed companies (hereinafter referred to as "the guidance"). Once this policy was issued, it caused no small repercussions, and more than 100 enterprises were eager to try it. In 1998, China suspended the ESOP. The release of the guidelines means that the ESOP has been shelved for more than a decade. At present, there are still many controversies about the ESOP in our country. This paper aims at this phenomenon, from the implementation of ESOP, the common employee subscription structure, The paper analyzes the influence of the plan on enterprise market performance and financial performance from three aspects: the theory of shared capital, the theory of property rights, the theory of human capital and the theory of principal-agent. Based on the research results of experts and scholars at home and abroad, this paper studies the effect of ESOP on the market and financial performance of enterprises, taking the listed companies that implemented ESOP between June 30th 2014 and December 31st 2015 as the research samples. This paper analyzes the relationship between the proportion of common employees' subscription, the proportion of senior executives' subscription and the market and financial performance of enterprises. Through the research, it is found that the implementation of employee stock ownership plan has great effect on the performance of enterprise market. Financial performance has a positive impact on the performance of enterprises. 2) the increase of the subscription scale of ordinary employees can improve the market performance of enterprises, and the effect of financial performance is significant. 3) the scale of executive subscription has a significant effect on the market performance of enterprises. Financial performance has a negative impact. This paper uses Tobin'Q to measure market performance, which enriches the existing research perspective and research results. The above results show that the implementation of ESOP will give enterprise market performance. Financial performance has a beneficial effect, but the effect of employee subscription ratio difference on enterprise market and financial performance can not be ignored. The main contribution of this study is to reveal the employee stock ownership plan, common employee subscription structure. In recent years, a large number of literatures have examined the ESOP market, financial performance and market reaction of listed companies, ignoring the market brought about by employee subscription structure after the announcement. Therefore, the research in this paper is helpful to understand the relationship between employee stock ownership plan and market, financial performance, expand the perspective of employee ownership structure, and enrich the research results of employee stock ownership plan in China.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92

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