员工持股计划影响企业风险水平吗?

Does the Employee Stock Ownership Plan Affect the Level of Corporate Risk-taking?

本文基于2009年到2019年我国A股上市公司,实证考察了员工持股计划与企业风险水平的关系。研究表明:员工持股计划的实施能够显著降低企业风险水平,这一结果通过了倾向匹配得分、工具变量等稳健性检验。进一步分析表明,对非国有、管理层激励高以及媒体关注度高的企业而言,员工持股计划的实施效果更好。本文研究为员工持股计划的激励效应提供了经验证据,这对企业与利益相关者重视员工持股计划,并完善员工持股的后续部署具有启示意义。

Based on China's A-share listed companies from 2009 to 2019,this paper empirically examines the relationship between employee stock ownership plans and enterprise risk levels.The results show that the implementation of an employee stock ownership plans can significantly reduce the risk level of enterprises,and this result passes the robustness test such as propensity matching score and instrumental variables.Further analysis shows that the implementation of ESOP works better for non-state-owned enterprises with high management incentives and high media attention.This study provides empirical evidence for the incentive effect of employee stock ownership plans,which is of enlightenment for enterprises and stakeholders to attach importance to employee stock ownership plans and improve the subsequent deployment of employee stock ownership plans.