员工持股计划与企业财务业绩 ——基于PSM和DID方法的实证检验

Employee Stock Ownership Plans and Corporate Financial Performance——An Empirical Test Based on the PSM and DID Methods

近年来,中央和各地政府高度重视员工持股,企业员工持股实践不断涌现,充分利用员工持股计划发挥激励效应已经成为新的讨论焦点.本研究采用2014年-2017年间的全样本数据,运用PSM和DID方法,考察新时代员工持股计划对企业财务业绩的影响.研究发现,员工持股作为一种股权激励,能对企业财务业绩产生正效应,且实施员工持股可以提高企业的盈利能力、增强企业的偿债能力、提高企业的营运能力和发展能力并降低企业的财务风险;高科技行业、国有企业实施员工持股计划所带来的财务绩效改善程度相对较高.本研究证实了新时代员工持股计划实施的积极效果,为混合所有制企业实施员工持股计划提供经验支撑,为支持技术要素贡献占比较高的行业企业积极开展员工持股计划提供实证依据.

In recent years,the central and local governments have attached great importance to Employee Stock Ownership Plans(ESOPs),and the practice of ESOPs in enterprises has been constantly emerging.Making full use of ESOPs to exert incentive effect has become a new focus of discussion.In this study,full sample data from 2014 to 2017 were used,and propensity score matching(PSM)and difference-in-difference(DID)methods were used to investigate the impact of ESOPs on corporate financial performance in the new era.It is found that ESOPs,as an equity incentive,can have a positive effect on the financial performance of enterprises.The implementation of ESOPs can improve the profitability of enterprises,enhance their debt paying ability,raise their operating and development ability and reduce their financial risks.The extent to which financial performance can be improved by the implementation of ESOPs in high-tech industries and state-owned enterprises is relatively high.This study confirms the positive effect of the implementation of ESOPs in the new era,provides experiences for the implementation of ESOPs in mixed-ownership enterprises,which can be served as empirical evidence in support for the active implementation of ESOPs in industrial enterprises with high contribution of technical elements.