摘要
企业升级是构建现代化经济体系与实现经济高质量发展的微观基础,而目前员工持股计划与企业升级的内在机理仍处于“黑箱”状态。本文以我国沪深A股上市公司为研究样本,探究员工持股计划对企业升级的影响。研究表明:员工持股计划通过减少员工流动性、吸引人才流入、缓解融资约束显著促进了企业升级,经过一系列稳健性检验结论依然成立。异质性检验表明,员工持股计划对企业升级的影响在员工薪酬较低、非杠杆融资以及市场化程度较高的样本中更为显著。本文揭示了员工在企业升级中的重要作用,对促进我国企业升级具有一定的指导意义。
Enterprise upgrading is the microfoundation of building a modern economic system and achieving highquality economic development.However,the internal mechanism of employee stockownership plan and enterprise upgrading is still in the state of“black box”.This paper discusses the impact of employee stockownership plan on enterprise upgrading usingdataof Chinese A-share listed companies.It shows that employee stockownership plan significantly promotes enterprise upgrading through reducing employee mobility,attracting talent inflow and easing financing constraints.The conclusion still holdafter a series of robustness tests.The heterogeneity test shows that the impact of employee stockownership plan on enterprise upgrading is more significant forfirm with low employee compensation,non-leverage financing and high marketization.This paper reveals the important role of employees in enterprise upgrading,which has certain guiding significance for promoting the upgrading in China.
作者
强国令
王一婕
QIANG Guoling;WANG Yijie(School of Finance,Xinjiang University of Finance and Economics,Wulumuqi,830012;China Center for Special Economic Zone Research,Shenzhen University,Shenzhen,518060)
出处
《中国经济问题》
CSSCI
北大核心
2023年第1期82-94,共13页
China Economic Studies
基金
国家自然科学基金地区项目(71763026)
新疆维吾尔自治区社科基金项目(20BJL063)
新疆财经大学科研创新团队项目(2020XTD001)。
关键词
员工持股
企业升级
利益趋同
利益输送
employee stock ownership
enterprise upgrading
interest convergence
interesttransfer
