股票流动性、机构投资者实地调研与员工持股计划收益

Stock Liquidity, Field Survey of Institutional Investors and Earnings from Employee Stock Ownership Plans

以2014年1月至2017年8月中国A股上市公司的员工持股计划为样本,从股票流动性和机构投资者实地调研视角,分析了员工持股计划收益不足的成因和缓解机制。研究发现:员工持股计划存在收益不足,且股票流动性低会加剧员工持股计划收益不足。进一步研究发现:机构投资者实地调研能缓解员工持股计划收益不足;进一步细分机构投资者类型发现,私募、券商、境外合格投资者和其他类型机构投资者实地调研更能缓解员工持股计划收益不足。

Taking the employee stock ownership plan of China’s A-share listed companies from January 2014 to August 2017 as samples,this paper analyzes the causes and mitigation mechanisms of the insufficient earnings from the employee stock ownership plan from the perspectives of stock liquidity and institutional investors’field surveys.The results show that the employee stock ownership plan does have the problem of insufficient earnings,and lacking of stock liquidity would intensify the problem of insufficient earnings from the employee stock ownership plan.Ii is found through further study that the field survey done by institutional investors can alleviate the problem of insufficient earnings from the employee stock ownership plan.It is also found through further subdivision of the institutional investors types that the field surveys done by private placement,brokers,overseas qualified investors and other types of institutional investors can better mitigated the problem of insufficient earnings from the employee stock ownership plan.