上市公司员工持股市场效应的实证分析

Empirical Analysis on the Market Effect of Employee Stock Ownership in Listed Companies

本文采集了自2014年6月至2018年4月共220家A股上市公司实施员工持股计划首次披露日前后30个交易日的股票收盘价及其对应的上证综指和深证成指的收盘价,按照是否为国有控股对上市公司分类并运用事件分析法对股价进行统计分析。研究结果表明,全样本上市公司股票价格在员工持股计划首次披露之后给投资者带来正面市场效应,非国有控股上市公司实施员工持股计划给个股股价带来正面市场效应,而国有控股上市公司实施员工持股不存在明显的正面市场效应,不能给投资者带来超额收益。

This paper collects the stock closing price of 30 trading days before and after the first disclosure date of the employee stock ownership plan of 220 A-share listed companies from June 2014 to April 2018 and the closing price of their corresponding Shanghai Composite Index and Shenzhen Stock Exchange, classifies listed companies according to whether it is a state-owned holding company and uses event analysis method to analyze the stock price. The research results show that the stock price of the whole sample listed company brings positive market effect to investors after the first disclosure of the employee stock ownership plan, the implementation of the employee stock ownership plan by the non-state-controlled listed company brings a positive market effect to the stock price, while there is no obvious positive market effect in the implementation of employee stock ownership in state-controlled listed companies, and it cannot bring excessive returns to investors.