摘要
基于沪深A股大型上市企业的员工持股数据,本文研究了员工持股计划对企业财务绩效的作用是否受到行业特征——行业风险程度和行业景气程度的影响。通过应用多层线性模型,我们研究发现,员工持股计划显著提高了企业财务绩效,行业风险程度对上述正向关系产生负调节效应,而行业景气程度对上述关系影响并不显著。本文从行业层面阐释了影响员工持股计划有效性的因素,也为有效利用员工持股计划提供了建议。
Based on the data of employee ownership of large A-share listed companies in Shanghai and Shenzhen,this paper studies whether the effect of employee ownership plan on enterprise performance is affected by industry characteristics--industry risk degree and industry prosperity degree.By applying a multilevel linear model,we find that ESOP significantly improves enterprise performance,and the degree of industry risk has a negative moderating effect on the positive relationship.But the industry prosperity degree has no significant influence on the above positive effects.This paper explains the factors affecting the effectiveness of employee plans from the industry level and provides suggestions for the effective use of ESOP.
出处
《投资研究》
CSSCI
北大核心
2022年第3期147-158,共12页
Review of Investment Studies
关键词
员工持股
行业风险
行业景气度
财务绩效
Employee ownership
Industry risks
Industry prosperity
Financial performance
