员工持股计划、企业金融化与企业创新关系的实证研究

An Empirical Study on the Impact of Employee Stock Ownership Plans on Corporate Financialization and Corporate Innovation

在我国加快推进社会主义现代化的背景下,企业创新是推进我国经济发展转型的关键变量。员工持股计划对企业创新具有明显的促进作用,但由于实体投资见效慢、回报率低,导致企业管理者将闲置资金过度投放至金融行业,从而挤占创新资源,使得企业脱实向虚现象严重。金融资产投资作为公司内部资金管理的一部分,其在员工持股计划与企业创新的关系中所发挥的作用值得探讨。文章选取2014—2021年A股上市公司为研究样本,实证研究了员工持股计划与企业创新的影响机制。研究结果显示,实施员工持股计划对企业创新具有显著促进作用;实施员工持股计划能够抑制企业金融化从而促进企业创新;员工持股计划在非国有企业的创新激励效应更显著。

Against the backdrop of accelerating the socialist modernization in China,innovation in enterprises is a key variable in promoting the transformation of China’s economic development.Employee stock ownership plans have a significant role in promoting enterprise innovation.However,due to the slow return on real investment and low return rate,enterprise managers have over-invested idle funds in the financial industry,which has crowded out innovation resources and caused the phenomenon of enterprises moving from the real to the virtual.As a part of internal fund management,the role of financial asset allocation in the innovation effect of employee stock ownership plans deserves further exploration.This article selects A-share listed companies from the year of 2014 to the year of 2021 as the research sample,and empirically studies the relationship between employee stock ownership plans,corporate financialization,and enterprise innovation,using corporate financialization as the mediating variable.The research results showed that the implementation of employee stock ownership plans can promote enterprise innovation;the implementation of employee stock ownership plans can inhibit corporate financialization and thus promote enterprise innovation.Further research found that the innovation incentive effect of employee stock ownership plans is more significant in non-state-owned enterprises.