我国上市公司员工持股计划实施动因与市场反应

发布时间：2018-01-07 21:41

本文关键词：我国上市公司员工持股计划实施动因与市场反应　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：员工持股计划(Employee Stock Ownership Plan,ESOP)制度是员工能参与公司创造价值和分享财富的一种制度。员工持股计划能将员工的个人目标函数和公司目标函数联系在一起,可以帮助公司留住员工,吸引人才和激励员工,另一方面员工也能分享公司剩余收益。2014年,中国证监会发布了《关于上市公司实施员工持股计划试点的指导意见》(以下简称《指导意见》)之后,我国上市公司员工持股计划制度迎来井喷式发展。同时也为本文研究员工持股计划实施动因与市场反应提供了研究灵感和数据支持。本文选取2014年至2015年进行了员工持股计划公告的326家上市公司为研究对象。采用规范分析,实证分析分别研究了我国上市公司员工持股计划实施动因和市场反应。研究结果表明:首先,上市公司的本身特征会影响实施员工持股计划动机。其中股权性质和成长机会是重要的影响因素。相比于国有企业,非国有企业会更有动机去实施员工持股计划;另外,相比于成长机会较小的企业,成长机会较大的上市公司会更有动机去实施员工持股计划。其次,员工持股计划会引起显著的市场反应,且为正向的市场反应。说明我国投资者对于员工持股制度比较乐观,希望上市公司通过员工持股计划来吸引和留住优秀的人才,同时完善公司的治理结构,最终提升企业经济效益,提高投资回报率。最后,不同的员工持股计划的合约要素对市场反应的影响不一样,其中员工持股比例越大,正向的市场反应越大;员工持股计划的股票来源于非公开发行的正向的市场反应越大。在实证研究的基础上,本文最后从企业层面和监管层面两个方面对进一步完善我国上市公司员工持股计划制度提出了建议和意见。从企业层面,国有企业可以通过员工持股计划的方式来推行“混合所有制改革”,提升工作效率;另外,企业应该根据实际情况施行员工持股计划,不可盲目跟风。从监管层面,证监会等监管机构前期需要建立短期窗口指导,并监督关于员工持股计划制度信息披露情况,最后结合具体情况进一步完善员工持股计划制度合约要素,使得员工持股计划制度更好发挥作用。
[Abstract]:Employee Stock Ownership Plan. ESOP) system is a system in which employees can participate in creating value and sharing wealth. ESOP can connect individual objective function and corporate objective function. Helps companies retain employees, attract talent and motivate employees, and employees can also share in the company's remaining revenue. 2014. The CSRC issued the guidance on the implementation of the ESOP pilot in listed companies (hereinafter referred to as "the guidance"). The ESOP system of listed companies in China is undergoing blowout development. It also provides the inspiration and data support for the study of ESOP implementation motivation and market reaction. This paper selects 2014 to 20. In 15 years, 326 listed companies that have announced ESOP are the research objects. Normative analysis is adopted. Empirical analysis of the implementation of ESOP and market reaction of listed companies in China respectively. The results show that: first of all. The characteristics of listed companies will affect the motivation of implementing ESOP. Among them, the nature of ownership and growth opportunities are important factors, compared with state-owned enterprises. Non-state-owned enterprises will be more motivated to implement ESOP; In addition, the listed companies with higher growth opportunities will have more incentive to implement ESOP than those with smaller growth opportunities. Secondly, ESOP will cause significant market reaction. And for the positive market response. Show that our investors are optimistic about the ESOP, hope that the listed companies through the ESOP to attract and retain outstanding talent, while improving the corporate governance structure. Finally, the contract factors of different ESOP have different effects on the market reaction, in which the larger the proportion of ESOP, the greater the positive market response; The stock of ESOP comes from the positive market reaction of non-public offering. On the basis of empirical research. In the end, this paper puts forward some suggestions and suggestions on how to improve the ESOP system of listed companies in our country from two aspects: enterprise level and supervision level. State-owned enterprises can carry out "mixed ownership reform" through employee stock ownership plan to improve work efficiency; In addition, enterprises should implement ESOP according to the actual situation, not blindly follow the trend. From the regulatory level, the CSRC and other regulatory agencies need to establish short-term window guidance. It also supervises the disclosure of information on the ESOP system, and finally further improves the contract elements of the ESOP system according to the specific circumstances, so that the ESOP system can play a better role.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F272.92

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