摘要
科创板公司作为我国最具有代表性的科技创新型企业与公众公司,普遍实施了员工持股计划。基于此,本文通过挖掘科创板员工持股计划的基本事实与关键数据,发现科创板公司的员工持股计划呈现以下特征:其一,员工持股计划实施情况普遍,持股比例和持股价值较高;其二,资产专用性提高了员工持股的概率与持股比例;其三,员工持股的财富效用并未挤占货币薪酬,员工持股计划有助于提升企业创新水平与企业价值。科创板企业员工持股计划的实施,有助于增强股东财务资本与员工人力资本的公平分配。
As the most representative Sci-Tech innovation companies in China,companies in STAR market have generally implemented employee stock ownership plans(ESOP).This phenomenon indicates that core technical employees have become the driving force of innovations and that incentive recipients have transferred from an individual level of senior management to a collective level of ordinary employees.This paper finds three features of ESOP in STAR market.Firstly,ESOP is widely implemented.Shares and the corresponding market value held by employees are quite high.Secondly,employee asset specificity enhances the probability of implementing ESOP and increases shares amount in the plans.Thirdly,the wealth effect of ESOP doesn’t crowd out employee salaries and ESOP can help enhance innovation and enterprise value.Thus,the implementation of ESOP in STAR market can contribute to a more equitable distribution of capital and labor resources.
作者
董雅浩
王小玫
邓博夫
Dong Yahao;Wang Xiaomei;Deng Bofu
出处
《管理会计研究》
2022年第1期85-91,共7页
MANAGEMENT ACCOUNTING STUDIES