上市公司员工持股计划与内部控制有效性的实证分析——基于我国A股上市公司的经验数据

The Relationship between ESOP and Effectiveness of Internal Control: Empirical Evidence from the Listed Companies in China's A-Share Market

基于委托代理理论、契约理论,运用我国上市公司2014—2016年的面板数据分析近三年员工持股计划的实施是否显著提高上市公司内部控制的有效性。研究成果证明,实施员工持股计划、提高员工参与度并不能有效提高内部控制的有效性,管理层持股比例与内部控制有效性显著正相关。根据截面数据分析这种相关性的时间效应,发现在管理层持股后的第三年管理层持股比例才开始明显影响内部控制的有效性,管理层持股对内部控制的影响并不具有短期效应。

Based on the Principal-agent Theory and Two Factor Theory, the study analyzed whether ESOP improved the effectiveness of internal control with the Panel from 2014 to 2016. During the empirical study, the following conclusion can be found: ESOP or employee engagement cannot impact the effectiveness of internal control. However, managerial ownership can enhance the effectiveness of internal control. Moreover, the studies show the effect is more significant after the following two years, which improves the effectiveness of internal control and cannot have the short-term effect. And the impact of managerial ownership on internal control doesn’t have a short-term effect.