员工持股计划对企业全要素生产率的影响及作用机制

The Influence and Mechanism of Employee Stock Ownership Plan on Total Factor Productivity of Enterprises

利用A股上市公司数据,本文检验了员工持股计划对企业全要素生产率的影响。研究发现,实施员工持股计划促进企业全要素生产率。机制检验发现,员工持股计划通过缓解企业融资约束、减少员工流失并激励员工人力资本投入、提升企业决策与执行效率,进而促进全要素生产率。异质性分析发现,员工持股计划对全要素生产率的促进作用在非国有企业更显著;员工人力资本质量越高、薪酬水平越低、薪酬差距越小时,员工持股计划对全要素生产率的促进作用越显著;杠杆型、长锁定期的方案下,员工持股计划的全要素生产率提升效应更显著;参与人数的扩大会引发“搭便车”问题,不利于全要素生产率的提升。本文从全要素生产率的角度为员工持股计划的经济后果提供了新的经验证据。

Using the data of A-share listed companies,this paper examines the impact of employee stock ownership plan(ESOP)on total factor productivity of enterprises.It is found that the ESOP promotes total factor productivity of enterprises.Mechanism test shows that ESOP promotes total factor productivity by alleviating financing constraints,reducing employee turnover,motivating employee,and improving corporate decision-making and execution efficiency.Heterogeneity analysis shows that ESOP has a more significant effect on total factor productivity in non-state-owned enterprises.Secondly,the higher the quality of employee human capital,the lower the pay level and the smaller the pay gap,the more significant the promotion effect of ESOP on total factor productivity.Thirdly,for the plan with leverage and with long lock-up period,the promotion effect of ESOP on total factor productivity is more significant.Finally,the expansion of participants leads to the“free rider”problem,which is not conducive to the improvement of total factor productivity.This paper provides new empirical evidence for the economic consequences of ESOP from the perspective of total factor productivity.