员工持股计划对企业全要素生产率的影响研究

Research on the Influence of ESOP on Enterprise Total Factor Productivity

区分不同的企业实施动机与内部环境,以沪深A股上市公司为研究对象,从全要素生产率的视角评估员工持股计划的实际影响。研究发现:企业实施员工持股计划会显著提高公司的全要素生产率,且这一正向关系仅在非股权质押的企业中显著;从不同的实施环境看,员工持股计划对全要素生产率的正向影响在代理问题严重,且员工薪酬水平较低的企业中效果更显著;创新产出、人力资本结构以及内部资本配置效率是员工持股计划影响全要素生产率的可能路径。此外,员工持股计划的实施可以与混合所有制改革发挥协同作用,共同推动企业生产效率的提高。

Taking Shanghai and Shenzhen A-share listed companies as research samples, this study distinguishes different enterprises’ implementation motivation and internal environment, and evaluates the actual impact of employee stock ownership plan(ESOP) from the perspective of total factor productivity(TFP). The research finds that the implementation of ESOP can significantly improve the TFP of the company, and the positive relationship is only significant in the non-share pledging enterprises. From the perspective of different implementation environment, the positive effect of ESOP on TFP is more significant in enterprises with serious agency problems and low employee compensation level. Innovation output, human capital structure and internal capital allocation efficiency are the possible paths for ESOP to affect TFP. Furthermore, the implementation of ESOP can play a synergistic role with the reform of mixed ownership, and jointly promote the improvement of enterprise production efficiency.