员工持股计划与债券信用利差

Employee Stock Ownership Plans and Bond Credit Spreads

本文利用2009~2019年中国上市公司发债数据,实证检验实施员工持股计划对债券信用利差的影响,并探讨其背后的影响机制。研究发现,实施员工持股计划能够显著降低债券信用利差,经过一系列稳健性检验后,上述结论仍然成立。机制检验发现,一方面,实施员工持股计划能够吸引优秀员工,从而提高企业技术效率与企业价值;另一方面,实施员工持股计划能够提高公司治理水平,继而降低企业盈余管理水平与未来的违约风险和经营风险。扩展性分析发现,存续期越长、股票源于回购以及非杠杆型的员工持股计划,其降低信用利差的正向效应越大;同时,实施员工持股计划能够提高债券信用评级。

Using the bond issuance data of Chinese listed companies from 2009 to 2019,this paper empirically tests the impact of ESOP on bond credit spread and discusses the impact mechanism.It is found that ESOP can significantly reduce the bond credit spread.After a series of robustness tests,the above conclusion is still valid.The mechanism test finds:on the one hand,the implementation of ESOP can attract excellent employees and improve the technical efficiency of enterprises;on the other hand,the implementation of ESOP can improve the level of corporate governance,and then reduce the level of enterprise earnings management,the future default and the operation risk.It is also found that the longer the duration,the stocks which comes from repurchasing and the non-leveraged ESOP have the greater positive effect on reducing credit spread;meanwhile,we find that the implementation of ESOP can improve the credit rating of bonds.