發(fā)布時(shí)間：2018-03-06 23:29

  本文選題：員工持股計(jì)劃　切入點(diǎn)：員工認(rèn)購(gòu)結(jié)構(gòu)　出處：《北京交通大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：2014年6月20日,證監(jiān)會(huì)頒布的《關(guān)于上市公司實(shí)施員工持股計(jì)劃試點(diǎn)的指導(dǎo)意見》(下文簡(jiǎn)稱《指導(dǎo)意見》),該政策一經(jīng)發(fā)布,引起不小的反響,百余家企業(yè)躍躍欲試,紛紛發(fā)布員工持股計(jì)劃公告。1998年我國(guó)暫停了員工持股計(jì)劃,《指導(dǎo)意見》的發(fā)布,意味著員工持股計(jì)劃在擱置十余年后,再一次進(jìn)入大眾視線。目前我國(guó)員工持股計(jì)劃仍存在諸多爭(zhēng)議,本文針對(duì)此現(xiàn)象,從員工持股計(jì)劃的實(shí)施、普通員工認(rèn)購(gòu)結(jié)構(gòu)、高管認(rèn)購(gòu)結(jié)構(gòu)三個(gè)方面分析了該計(jì)劃對(duì)企業(yè)市場(chǎng)績(jī)效與財(cái)務(wù)績(jī)效的影響。本文依托共享資本理論、產(chǎn)權(quán)理論、人力資本理論以及委托代理理論,借鑒國(guó)內(nèi)外專家學(xué)者的研究成果,以我國(guó)2014年6月30日—2015年12月31日之間實(shí)施員工持股計(jì)劃的上市公司為研究樣本�？疾炝藛T工持股計(jì)劃的實(shí)施對(duì)企業(yè)市場(chǎng)、財(cái)務(wù)績(jī)效的影響,分析了普通員工認(rèn)購(gòu)比例、高管認(rèn)購(gòu)比例與企業(yè)市場(chǎng)、財(cái)務(wù)績(jī)效的關(guān)系。通過研究發(fā)現(xiàn):(1)實(shí)施員工持股計(jì)劃對(duì)企業(yè)市場(chǎng)績(jī)效、財(cái)務(wù)績(jī)效均有正向影響;(2)普通員工認(rèn)購(gòu)規(guī)模的增大提升企業(yè)市場(chǎng)績(jī)效、財(cái)務(wù)績(jī)效效果明顯;(3)高管認(rèn)購(gòu)規(guī)模對(duì)企業(yè)市場(chǎng)績(jī)效、財(cái)務(wù)績(jī)效有負(fù)向影響。本文以Tobin'Q衡量市場(chǎng)績(jī)效,ROE衡量財(cái)務(wù)績(jī)效,豐富了現(xiàn)有的研究視角與研究成果。以上研究結(jié)果表明,員工持股計(jì)劃的實(shí)施會(huì)給企業(yè)市場(chǎng)績(jī)效、財(cái)務(wù)績(jī)效帶來有利影響,但員工認(rèn)購(gòu)比例差異對(duì)企業(yè)市場(chǎng)、財(cái)務(wù)績(jī)效的影響作用不可忽視。本文研究的主要貢獻(xiàn)在于揭示了員工持股計(jì)劃、普通員工認(rèn)購(gòu)結(jié)構(gòu)、高管認(rèn)購(gòu)結(jié)構(gòu)與市場(chǎng)、財(cái)務(wù)績(jī)效的關(guān)系。近年來大量文獻(xiàn)考察上市公司員工持股計(jì)劃市場(chǎng)、財(cái)務(wù)績(jī)效與市場(chǎng)反應(yīng)問題,忽視了公告發(fā)布后員工認(rèn)購(gòu)結(jié)構(gòu)帶來的市場(chǎng)、財(cái)務(wù)績(jī)效上的影響。因此,本文的研究有助于深入理解員工持股計(jì)劃與市場(chǎng)、財(cái)務(wù)績(jī)效的內(nèi)在聯(lián)系,拓展了員工認(rèn)股結(jié)構(gòu)的視角,豐富了我國(guó)員工持股計(jì)劃研究成果。
[Abstract]:In June 20th 2014, the Securities Regulatory Commission issued the guidance on the implementation of the ESOP pilot in listed companies (hereinafter referred to as "the guidance"). Once this policy was issued, it caused no small repercussions, and more than 100 enterprises were eager to try it. In 1998, China suspended the ESOP. The release of the guidelines means that the ESOP has been shelved for more than a decade. At present, there are still many controversies about the ESOP in our country. This paper aims at this phenomenon, from the implementation of ESOP, the common employee subscription structure, The paper analyzes the influence of the plan on enterprise market performance and financial performance from three aspects: the theory of shared capital, the theory of property rights, the theory of human capital and the theory of principal-agent. Based on the research results of experts and scholars at home and abroad, this paper studies the effect of ESOP on the market and financial performance of enterprises, taking the listed companies that implemented ESOP between June 30th 2014 and December 31st 2015 as the research samples. This paper analyzes the relationship between the proportion of common employees' subscription, the proportion of senior executives' subscription and the market and financial performance of enterprises. Through the research, it is found that the implementation of employee stock ownership plan has great effect on the performance of enterprise market. Financial performance has a positive impact on the performance of enterprises. 2) the increase of the subscription scale of ordinary employees can improve the market performance of enterprises, and the effect of financial performance is significant. 3) the scale of executive subscription has a significant effect on the market performance of enterprises. Financial performance has a negative impact. This paper uses Tobin'Q to measure market performance, which enriches the existing research perspective and research results. The above results show that the implementation of ESOP will give enterprise market performance. Financial performance has a beneficial effect, but the effect of employee subscription ratio difference on enterprise market and financial performance can not be ignored. The main contribution of this study is to reveal the employee stock ownership plan, common employee subscription structure. In recent years, a large number of literatures have examined the ESOP market, financial performance and market reaction of listed companies, ignoring the market brought about by employee subscription structure after the announcement. Therefore, the research in this paper is helpful to understand the relationship between employee stock ownership plan and market, financial performance, expand the perspective of employee ownership structure, and enrich the research results of employee stock ownership plan in China.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F272.92

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 呼建光;毛志宏;;新時(shí)期員工持股計(jì)劃:止步還是前行[J];南方經(jīng)濟(jì);2016年07期

2 張望軍;孫即;萬麗梅;;上市公司員工持股計(jì)劃的效果和問題研究[J];金融監(jiān)管研究;2016年03期

3 章衛(wèi)東;羅國(guó)民;陶媛媛;;上市公司員工持股計(jì)劃的股東財(cái)富效應(yīng)研究——來自我國(guó)證券市場(chǎng)的經(jīng)驗(yàn)數(shù)據(jù)[J];北京工商大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2016年02期

4 武永麗;;淺析員工持股的市場(chǎng)效應(yīng)——以洲明科技為例[J];財(cái)經(jīng)界(學(xué)術(shù)版);2016年01期

5 高詩(shī)音;;我國(guó)企業(yè)員工持股與企業(yè)效益問題探討[J];經(jīng)營(yíng)管理者;2015年33期

6 何薔;;股權(quán)激勵(lì)對(duì)企業(yè)績(jī)效影響的實(shí)證研究[J];市場(chǎng)研究;2015年09期

7 孔錦;徐永，

本文編號(hào)：1576984