员工持股计划能够改善企业劳动投资效率吗?

Can Employee Stock Ownership Plans Improve Firms'Labor Investment Efficiency?

本文以2014~2020年沪深A股上市公司作为样本,研究员工持股计划对企业劳动投资效率的影响,研究发现:员工持股计划的实施能够显著降低企业非效率劳动投资的程度,内部控制质量提升是员工持股计划改善劳动投资效率的作用机制。进一步研究发现,雇佣过度和雇佣不足的情况均能够通过员工持股计划得到缓解,且当企业内外部监督治理机制不完善时,实施员工持股计划能够弥补公司治理环境的缺陷,改善企业劳动投资效率。另外,员工持股计划能够使企业在进行劳动力调整时增加高学历员工比重,优化员工学历结构。本文的研究结论对上市公司实施员工持股计划以及提高劳动力要素配置效率具有一定启示。

Based on the data of A-share listed companies in Shanghai and Shenzhen from 2014 to 2020,this paper examines the impact of employee stock ownership plans(ESOPs)on the labor investment efficiency of enterprises.The results show that the implementation of ESOPs can significantly reduce the degree of inefficient labor investment in enterprises,and the improvement of internal control quality is the intermediary mechanism of ESOPs to enhance labor investment efficiency.Further research finds that both over-employment and under-employment can be alleviated through ESOPs,and when the company's internal and external governance mechanisms is imperfect,the implementation of ESOPs can make up for the deficiencies of the corporate governance environment and significantly improve the labor investment efficiency of enterprises.In addition,ESOPs can enable companies to increase the proportion of highly educated employees when making labor adjustments,and optimize the educational structure of employees.The research conclusion of this paper has some enlightenment for listed companies to implement ESOPs and improve the efficiency of labor factor allocation.