员工持股计划对企业绩效的影响及其作用机制

In 2014, CSRC issued the Guidelines for Employee Stock Ownership Plans (ESOPs) of Listed Companies to encourage the adoption of ESOPs in Chinese listed companies. Our project is going to discuss the influences of ESOPs on firm performance in the channel of corporate governance and financial constraints relief. In the aspect of corporate governance, we expect that ESOPs mitigate the agency problem between blockholders and small shareholders, managers and shareholders, and employees and employers, which leads to an increase in firm performance. In the aspect of financial constraints relief, ESOPs can increase firms’ investment efficiency as an alternative financing channel under low agency costs. However, when the agency cost is high, ESOPs encourage over-investment and thus have negative effects on firm performance. Our project aims to subjectively describe the complete picture of ESOPs adoption in Chinese listed companies, fill in the void of systematic empirical research about ESOPs in China, and extend the theory of ownership structure and compensation. In our study, we will be able to examine the roles that ESOPs play in several important questions in the transformation and upgrading of Chinese economy, including corporate governance, income distribution, SOE reform, Chinese companies’ competitiveness and innovation enhancing. In the end, our research will provide suggestions on how to improve the regulation and design of ESOPs in Chinese listed companies.

2014年证监会发布《关于上市公司实施员工持股计划试点的指导意见》，鼓励上市公司开展员工持股计划。本项目从公司治理和缓解融资约束两个渠道，探讨员工持股计划对于企业绩效的影响。公司治理方面，我们认为员工持股计划通过改善股权结构和加强监督缓解大股东与小股东、管理层与股东以及员工与企业间三个层次的代理问题，提高企业绩效。缓解融资约束方面，员工持股计划作为融资渠道，在低代理成本的情况下，可以提高企业投资效率；但在高代理成本的情况下，反而促使企业过度投资，对企业绩效起到负面作用。本项目力求客观全面刻画员工持股计划在我国上市企业中的开展情况，填补现有关于我国员工持股计划系统实证研究的空白，完善股权结构和薪酬激励等相关理论。并在研究过程中，从公司治理、收入分配、国企改革、提升企业竞争力和创新能力等几个核心方面，探讨员工持股计划在我国经济转型升级过程中扮演的角色，最终能够有针对性地提出政策和执行建议。

2014年证监会发布《关于上市公司实施员工持股计划试点的指导意见》，鼓励上市公司开展员工持股计划。本课题在执行过程中主要围绕员工持股计划对企业绩效的影响展开一系列研究。我们从企业“信号传递”与“融资约束”两个方面讨论企业开展员工持股计划的动机，并分析不同动机下员工持股计划对企业绩效的影响。随着研究的深入，我们逐步拓展到员工薪酬激励整体设计的决定因素和经济后果。由于研究发现众多企业采用员工持股计划作为融资手段，故本课题也探讨了影响企业融资的因素。最后在研究结论的基础上，从员工持股计划的实施、薪酬合约的设计等方面针对中国企业特点，提出政策和执行建议。

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