上市公司员工持股计划公告的市场反应及其影响因素的实证研究

发布时间：2018-05-02 01:44

本文选题：员工持股 + 市场反应　；参考：《浙江财经大学》2017年硕士论文

【摘要】：近些年来,员工持股这一概念已悄然走入国人的经济生活中。员工持股计划最早被界定为员工受益计划,它将资本与劳动这两种关键性要素进行有机结合,从而使员工与其所在公司的利益诉求相一致并实现共赢。同时它也被认为有效的缓解了“委托代理理论”中所有权与经营权相分离而产生的矛盾。员工持股计划在我国的发展经历了数次的停滞和反复。随着社会主义市场经济制度的不断完善,2014年6月20日,国务院证监会制定并颁布了《关于上市公司实施员工持股计划试点的指导意见》(以下简称《指导意见》)。在《指导意见》中,证监会对上市公司实施员工持股计划的相关内容进行了明确规定。该《指导意见》出台之后,沪深两市众多上市公司都对员工持股计划进行了尝试。从2014年7月特锐德宣布员工持股计划预案至今,员工持股计划又经历了2年的发展期,截至2016年8月15日已有466家公司共推出了524份员工持股计划。这表明在A股总数不到3000家的情况下,有接近15%的企业推出了员工持股。以此为契机,本文主要运用事件研究法对员工持股计划资本市场的公告反应进行了研究,并进一步对这一反应的影响因素做出合理的假设并给予验证。本文的研究内容主要分为七个部分:第一部分为引言,主要介绍本文的研究背景及意义,阐述了本文的研究内容、论文框架以及本文的研究思路与方法。第二部分为文献综述,主要对国内外学者的相关研究进行阐述,其中国外学者的研究分为员工持股与经营绩效的关系、员工持股与市场价值的关系和员工持股实施绩效与员工参与度的关系三个部分;国内学者的研究分为产权性质对员工持股实施绩效的影响、员工持股与经营绩效的关系和员工持股与市场价值的关系三个部分。在研读国内外相关文献的基础上,总结研究现状,并对此进行评述。第三部分为理论基础,介绍了员工持股计划的理论背景,包括委托代理理论、组织行为理论、人力资本理论和有效市场假说理论。第四部分为研究假设与研究设计,通过对国内外相关文献的研读以及对理论基础的梳理,提出本文的研究假设,并按照研究假设构建相应的回归模型。第五部分为实证检验,首先运用事件研究法对员工持股计划的公告效应进行检验。其次,运用回归分析的方法,对员工持股计划实施的市场效应的影响因素进行逐一的检验。第六部分为研究结论与相关建议,根据上文的理论分析、实证分析得出本文的主要研究结论,并从监管部门角度以及上市公司自身角度提出相应的合理化建议。最后在此基础上提出本文的局限性和对未来研究的展望。本文的研究结论为:(1)我国上市公司宣布实施员工持股计划公告这一事件会产生显著为正的市场反应,上市公司宣告实施员工持股计划普遍被看做是公司传出的利好消息。(2)资本市场对公司内部不同类型的人员持股反应也有所不同。具体而言,市场对管理层持股的正向反应比广泛的员工持股反应强烈。(3)上市公司通过非公开发行以及自筹资金的方式实施员工持股计划可以向资本市场传递出更加积极和明确的信号,从而具有更好的宣告效应。本文的创新点为:(1)视角上的创新。由于《指导意见》规范了上市公司实施员工持股计划的披露细节,因此本文以员工持股的短期影响为研究方向,对员工持股的市场反应进行研究,弥补了国内相关研究的不足。(2)方法上的创新。本文选用事件研究法和回归模型分析法对员工持股的短期效应进行检验,研究方法较为新颖,在国内学者的研究中比较少见。
[Abstract]:In recent years, the concept of ESOP has quietly entered the economic life of the Chinese people. ESOP is first defined as the employee benefit plan, which combines the two key elements of capital and labor, so that employees are consistent with their company's interests and achieve win-win results. It is also considered effective. The contradiction between the separation of ownership and management right in the "principal-agent theory" has been alleviated. The development of ESOP in China has experienced several stagnation and repeated times. With the continuous improvement of the socialist market economy system, in June 20, 2014, the CSRC issued and promulgated < about the implementation of employee stock ownership of listed companies. Guidelines for the pilot project (hereinafter referred to as < directive >). In the guiding opinion, the CSRC made a clear provision for the implementation of the employee stock ownership plan of listed companies. After the introduction of the guidance, many listed companies in Shanghai and Shenzhen have tried the employee stock ownership plan in the two cities of Shanghai and Shenzhen. From July 2014, the staff announced the employee stock ownership plan. Up to now, the ESOP plan has gone through the 2 year development period. As of August 15, 2016, 466 companies have launched 524 ESOP plans. This shows that nearly 15% of the enterprises have put out ESOP in the case of less than 3000 A shares. The announcement reaction of the shareholding planned capital market is studied, and the reasonable hypothesis and verification are made to the influencing factors of this reaction. The research content of this paper is divided into seven parts: the first part is the introduction, which mainly introduces the background and significance of the study, and expounds the content of this paper, the framework of the paper and the paper. The second part is the literature review, which mainly deals with the related research of scholars at home and abroad. The study of foreign scholars is divided into three parts: the relationship between employee stock ownership and management performance, the relationship between employee stock ownership and market value, the relationship between employee stock ownership performance and the degree of employee participation; The study is divided into three parts: the influence of property rights on the performance of ESOP, the relationship between employee stock ownership and management performance and the relationship between employee stock ownership and market value. On the basis of studying the relevant literature at home and abroad, this paper summarizes the research status and reviews it. The third part is the theoretical basis and introduces the theoretical back of ESOP. It includes principal-agent theory, organizational behavior theory, human capital theory and effective market hypothesis theory. The fourth part is the research hypothesis and research design. Through the study of relevant literature at home and abroad and the theoretical basis, this paper puts forward the research hypothesis, and constructs the corresponding regression model according to the research hypothesis. The fifth part is the research hypothesis. Empirical test, first of all, use event research method to test the announcement effect of ESOP plan. Secondly, the regression analysis method is used to test the influence factors of the market effect of employee stock ownership plan. The sixth part is the research conclusion and relevant suggestions, according to the theoretical analysis above, the empirical analysis results in this paper. In the end, the limitations of this paper and the prospect of future research are put forward on this basis. The conclusions of this paper are as follows: (1) the announcement of the announcement of the implementation of the employee stock holding plan in China's listed companies is significantly positive. Market response, listed companies declaring the implementation of ESOP is generally regarded as a good news from the company. (2) the capital market has different reactions to different types of ESOP in the company. Specifically, the positive response of the market to managerial ownership is stronger than that of the extensive employee stock ownership. (3) listed companies through the non public. The implementation of ESOP in the way of issuing and self financing can deliver a more positive and clear signal to the capital market and thus have a better declaration effect. The innovation of this article is: (1) innovation in the perspective. The short-term influence of shareholding is the research direction, and the research on the market reaction of ESOP has made up the shortage of domestic related research. (2) innovation of methods. This paper uses event research method and regression model analysis method to test the short-term effect of ESOP, and the research method is more novel, which is rare in domestic scholars' research.

【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F272.92

【引证文献】