员工持股计划对企业业绩的影响研究——基于企业所有制结构的视角

ESOP's Influence on Business Performance—A Perspective of Enterprise Ownership Structure

本文选取2014年6月以来发布员工持股计划的上市公司,检验员工持股计划对企业业绩的短期影响,并采用上世纪90年代的历史实践数据分析员工持股计划对企业业绩的中长期影响。结合国有企业与非国有企业、垄断性与竞争性国有企业的对比分析,研究发现:短期内,员工持股计划能有效提高企业业绩,且在国有企业中表现得更显著;中期内,在员工股允许流通前,员工持股计划对企业业绩有正面影响,在国有企业以及其中的竞争性国有企业中表现得更显著,但员工股流通后,正向作用消失,甚至对企业业绩产生负面影响;长期中,员工持股计划对企业业绩未产生显著影响。

This paper selects the listed companies which issued Employee Stock Ownership Plans （ESOPs） since June 2014 and enterprises joined in the practice of ESOP in the 90s to study ESOP＇s short- term and long-term influence on business performance. After comparing the differences between state- owned and non-state-owned enterprises, monopolistic and competitive state-owned enterprises, we have come to conclusions as follows. ESOPs may improve business performance in short-term, particularly in state-owned enterprises. In the mid-term, ESOPs affect business performance positively before employee stock circulates, particularly in state-owned enterprises and, more exactly, competitive state-owned enterprises. However, the effect fades away and even turns to be negative after stock circulating. In the long-term, ESOPs don＇t show significant effect on beautiful performance.