上市公司员工持股计划的企业绩效研究

发布时间：2018-01-15 00:31

本文关键词：上市公司员工持股计划的企业绩效研究　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：西方很早就开始了对员工持股这一制度的理论与实证研究,学者们从利益相关者理论、委托代理理论、二元经济论、人力资本理论等方面系统的论证了员工持股对于提高公司治理水平,改善公司治理结构并提高企业绩效的重要性,而且得到了国际上广泛的关注。员工持股计划产生的一个主要目标就是希望企业借助员工持股能够完善公司治理结构,有助于提高企业绩效。因此,员工持股计划是如何通过公司治理结构而影响企业绩效,以及在我国员工持股对于企业绩效的影响究竟几何,这正是本文所要研究的内容。首先,本文对员工持股计划这一概念的理论基础进行了回顾与梳理。通过相关文献了解到,员工持股是通过激励员工,提升员工在企业的劳动地位进而促使员工释放更大的劳动积极性,一方面员工成为企业所有者能够对公司治理产生一定作用,同时起到监督与约束管理层的作用,使企业决策更具有效率,促进企业发展;另一方面,劳动热情的释放可能会使企业生产效率提高,从而提高企业绩效。其次,对员工持股与企业绩效之间的传导关系进行了梳理。员工持股并不是直接促进企业绩效的提高,而是通过提高公司治理水平,使企业治理结构得到完善从而提升企业绩效。企业绩效能够有效衡量公司治理水平,因此基于盈利能力状况、资产质量状况、债务风险状况、经营增长状况构建一个综合性的企业绩效评价指标可以更为合理的衡量员工持股对于企业绩效的影响情况。本文通过实证检验我国国有企业与非国有企业上市公司,在2003年至2016年期间实施员工持股计划后长期经营绩效表现。利用主成分分析构建起一个合理的企业绩效综合评价体系,并利用多元线性回归方法验证出我国国有上市公司与非国有上市公司员工持股与企业绩效的相关性,得出以下结论:(1)我国国有企业员工持股与企业绩效在统计上呈正相关关系;非国有企业员工持股与企业绩效的在统计上呈现不显著;(2)无法得出国有企业实施员工持股对企业绩效的促进作用高于非国有企业。可以证明员工持股确实对我国国有企业的企业经营绩效改善方面起到了积极作用,但对于非国有上市公司则无法证明员工持股有效性。
[Abstract]:The western countries have started the theoretical and empirical research on the ESOP system very early, scholars from the stakeholder theory, principal-agent theory, dualistic economic theory. Human capital theory and other aspects systematically demonstrate the importance of ESOP to improve corporate governance, improve corporate governance structure and improve corporate performance. One of the main objectives of the ESOP is to hope that the ESOP can improve the corporate governance structure and help to improve the corporate performance. How does ESOP affect enterprise performance through corporate governance structure, and how does ESOP affect corporate performance in China? this is exactly the content of this paper. This paper reviews and combs the theoretical basis of the concept of employee stock ownership plan. To improve the labor status of employees in the enterprise and then promote the release of greater labor enthusiasm, on the one hand, employees become owners of the enterprise can have a certain role in corporate governance. At the same time, it can supervise and restrain the management, make the enterprise decision more efficient, and promote the development of the enterprise. On the other hand, the release of labor enthusiasm may improve the efficiency of enterprise production, thereby improving enterprise performance. Secondly. The transmission relationship between ESOP and corporate performance is combed. ESOP does not directly promote the improvement of enterprise performance, but by improving the level of corporate governance. Corporate performance can effectively measure the level of corporate governance, so based on profitability, asset quality, debt risk. Construction of a comprehensive enterprise performance evaluation index can more reasonably measure the impact of employee stock ownership on the performance of enterprises. This paper empirically tests the public listing of state-owned enterprises and non-state-owned enterprises in China. Division. After implementing the ESOP from 2003 to 2016, a reasonable comprehensive evaluation system of enterprise performance is constructed by using principal component analysis (PCA). And using the multiple linear regression method to verify the state-owned listed companies and non-state-owned listed companies employee stock ownership and corporate performance correlation. The following conclusions are drawn: (1) there is a positive correlation between employee stock ownership and enterprise performance in China's state-owned enterprises; There is no statistical significance between employee stock ownership and enterprise performance in non-state-owned enterprises. 2). It can not be concluded that the effect of employee stock ownership on enterprise performance in state-owned enterprises is higher than that on non-state-owned enterprises. It can be proved that employee ownership has played a positive role in improving the performance of state-owned enterprises in China. But for non-state-owned listed companies can not prove the validity of employee ownership.
【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;F832.51;F272.5

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