价值还是行情?——员工持股计划的股东财富效应研究

Value or Market?——The Shareholder Wealth Effect of Employee Stock Ownership Plans

本文设计了事前、事后、价值三种交易策略回测员工持股计划的股东财富效应。得到以下结论:第一、员工持股计划中部分企业存在内幕消息,事前拉高股价增加股东财富。第二、大部分二级市场投资者看好员工持股计划。第三、员工持股计划本身的价值也能增加股东财富,但不如行情为股东带来的财富效应大。

This paper designed three kinds of trading strategies including beforehand strategy, afterwards strategy and valuable strategy aimed at ESOPs. There are three main conclusions.First, some enterprises presenting ESOPs have insider news and raise the share prices ahead of time advance thereby increasing shareholder wealth. Second, most investors on secondary mar- ket are optimistic about the ESOP. Third, The valuable strategy can also increase shareholder wealth, but the wealth effect not as good as the other two strategies.