本文選題：員工持股 + 市場(chǎng)反應(yīng)�。� 參考：《浙江財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：近些年來,員工持股這一概念已悄然走入國(guó)人的經(jīng)濟(jì)生活中。員工持股計(jì)劃最早被界定為員工受益計(jì)劃,它將資本與勞動(dòng)這兩種關(guān)鍵性要素進(jìn)行有機(jī)結(jié)合,從而使員工與其所在公司的利益訴求相一致并實(shí)現(xiàn)共贏。同時(shí)它也被認(rèn)為有效的緩解了“委托代理理論”中所有權(quán)與經(jīng)營(yíng)權(quán)相分離而產(chǎn)生的矛盾。員工持股計(jì)劃在我國(guó)的發(fā)展經(jīng)歷了數(shù)次的停滯和反復(fù)。隨著社會(huì)主義市場(chǎng)經(jīng)濟(jì)制度的不斷完善,2014年6月20日,國(guó)務(wù)院證監(jiān)會(huì)制定并頒布了《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》(以下簡(jiǎn)稱《指導(dǎo)意見》)。在《指導(dǎo)意見》中,證監(jiān)會(huì)對(duì)上市公司實(shí)施員工持股計(jì)劃的相關(guān)內(nèi)容進(jìn)行了明確規(guī)定。該《指導(dǎo)意見》出臺(tái)之后,滬深兩市眾多上市公司都對(duì)員工持股計(jì)劃進(jìn)行了嘗試。從2014年7月特銳德宣布員工持股計(jì)劃預(yù)案至今,員工持股計(jì)劃又經(jīng)歷了2年的發(fā)展期,截至2016年8月15日已有466家公司共推出了524份員工持股計(jì)劃。這表明在A股總數(shù)不到3000家的情況下,有接近15%的企業(yè)推出了員工持股。以此為契機(jī),本文主要運(yùn)用事件研究法對(duì)員工持股計(jì)劃資本市場(chǎng)的公告反應(yīng)進(jìn)行了研究,并進(jìn)一步對(duì)這一反應(yīng)的影響因素做出合理的假設(shè)并給予驗(yàn)證。本文的研究?jī)?nèi)容主要分為七個(gè)部分:第一部分為引言,主要介紹本文的研究背景及意義,闡述了本文的研究?jī)?nèi)容、論文框架以及本文的研究思路與方法。第二部分為文獻(xiàn)綜述,主要對(duì)國(guó)內(nèi)外學(xué)者的相關(guān)研究進(jìn)行闡述,其中國(guó)外學(xué)者的研究分為員工持股與經(jīng)營(yíng)績(jī)效的關(guān)系、員工持股與市場(chǎng)價(jià)值的關(guān)系和員工持股實(shí)施績(jī)效與員工參與度的關(guān)系三個(gè)部分;國(guó)內(nèi)學(xué)者的研究分為產(chǎn)權(quán)性質(zhì)對(duì)員工持股實(shí)施績(jī)效的影響、員工持股與經(jīng)營(yíng)績(jī)效的關(guān)系和員工持股與市場(chǎng)價(jià)值的關(guān)系三個(gè)部分。在研讀國(guó)內(nèi)外相關(guān)文獻(xiàn)的基礎(chǔ)上,總結(jié)研究現(xiàn)狀,并對(duì)此進(jìn)行評(píng)述。第三部分為理論基礎(chǔ),介紹了員工持股計(jì)劃的理論背景,包括委托代理理論、組織行為理論、人力資本理論和有效市場(chǎng)假說理論。第四部分為研究假設(shè)與研究設(shè)計(jì),通過對(duì)國(guó)內(nèi)外相關(guān)文獻(xiàn)的研讀以及對(duì)理論基礎(chǔ)的梳理,提出本文的研究假設(shè),并按照研究假設(shè)構(gòu)建相應(yīng)的回歸模型。第五部分為實(shí)證檢驗(yàn),首先運(yùn)用事件研究法對(duì)員工持股計(jì)劃的公告效應(yīng)進(jìn)行檢驗(yàn)。其次,運(yùn)用回歸分析的方法,對(duì)員工持股計(jì)劃實(shí)施的市場(chǎng)效應(yīng)的影響因素進(jìn)行逐一的檢驗(yàn)。第六部分為研究結(jié)論與相關(guān)建議,根據(jù)上文的理論分析、實(shí)證分析得出本文的主要研究結(jié)論,并從監(jiān)管部門角度以及上市公司自身角度提出相應(yīng)的合理化建議。最后在此基礎(chǔ)上提出本文的局限性和對(duì)未來研究的展望。本文的研究結(jié)論為:(1)我國(guó)上市公司宣布實(shí)施員工持股計(jì)劃公告這一事件會(huì)產(chǎn)生顯著為正的市場(chǎng)反應(yīng),上市公司宣告實(shí)施員工持股計(jì)劃普遍被看做是公司傳出的利好消息。(2)資本市場(chǎng)對(duì)公司內(nèi)部不同類型的人員持股反應(yīng)也有所不同。具體而言,市場(chǎng)對(duì)管理層持股的正向反應(yīng)比廣泛的員工持股反應(yīng)強(qiáng)烈。(3)上市公司通過非公開發(fā)行以及自籌資金的方式實(shí)施員工持股計(jì)劃可以向資本市場(chǎng)傳遞出更加積極和明確的信號(hào),從而具有更好的宣告效應(yīng)。本文的創(chuàng)新點(diǎn)為:(1)視角上的創(chuàng)新。由于《指導(dǎo)意見》規(guī)范了上市公司實(shí)施員工持股計(jì)劃的披露細(xì)節(jié),因此本文以員工持股的短期影響為研究方向,對(duì)員工持股的市場(chǎng)反應(yīng)進(jìn)行研究,彌補(bǔ)了國(guó)內(nèi)相關(guān)研究的不足。(2)方法上的創(chuàng)新。本文選用事件研究法和回歸模型分析法對(duì)員工持股的短期效應(yīng)進(jìn)行檢驗(yàn),研究方法較為新穎,在國(guó)內(nèi)學(xué)者的研究中比較少見。
[Abstract]:In recent years, the concept of ESOP has quietly entered the economic life of the Chinese people. ESOP is first defined as the employee benefit plan, which combines the two key elements of capital and labor, so that employees are consistent with their company's interests and achieve win-win results. It is also considered effective. The contradiction between the separation of ownership and management right in the "principal-agent theory" has been alleviated. The development of ESOP in China has experienced several stagnation and repeated times. With the continuous improvement of the socialist market economy system, in June 20, 2014, the CSRC issued and promulgated < about the implementation of employee stock ownership of listed companies. Guidelines for the pilot project (hereinafter referred to as < directive >). In the guiding opinion, the CSRC made a clear provision for the implementation of the employee stock ownership plan of listed companies. After the introduction of the guidance, many listed companies in Shanghai and Shenzhen have tried the employee stock ownership plan in the two cities of Shanghai and Shenzhen. From July 2014, the staff announced the employee stock ownership plan. Up to now, the ESOP plan has gone through the 2 year development period. As of August 15, 2016, 466 companies have launched 524 ESOP plans. This shows that nearly 15% of the enterprises have put out ESOP in the case of less than 3000 A shares. The announcement reaction of the shareholding planned capital market is studied, and the reasonable hypothesis and verification are made to the influencing factors of this reaction. The research content of this paper is divided into seven parts: the first part is the introduction, which mainly introduces the background and significance of the study, and expounds the content of this paper, the framework of the paper and the paper. The second part is the literature review, which mainly deals with the related research of scholars at home and abroad. The study of foreign scholars is divided into three parts: the relationship between employee stock ownership and management performance, the relationship between employee stock ownership and market value, the relationship between employee stock ownership performance and the degree of employee participation; The study is divided into three parts: the influence of property rights on the performance of ESOP, the relationship between employee stock ownership and management performance and the relationship between employee stock ownership and market value. On the basis of studying the relevant literature at home and abroad, this paper summarizes the research status and reviews it. The third part is the theoretical basis and introduces the theoretical back of ESOP. It includes principal-agent theory, organizational behavior theory, human capital theory and effective market hypothesis theory. The fourth part is the research hypothesis and research design. Through the study of relevant literature at home and abroad and the theoretical basis, this paper puts forward the research hypothesis, and constructs the corresponding regression model according to the research hypothesis. The fifth part is the research hypothesis. Empirical test, first of all, use event research method to test the announcement effect of ESOP plan. Secondly, the regression analysis method is used to test the influence factors of the market effect of employee stock ownership plan. The sixth part is the research conclusion and relevant suggestions, according to the theoretical analysis above, the empirical analysis results in this paper. In the end, the limitations of this paper and the prospect of future research are put forward on this basis. The conclusions of this paper are as follows: (1) the announcement of the announcement of the implementation of the employee stock holding plan in China's listed companies is significantly positive. Market response, listed companies declaring the implementation of ESOP is generally regarded as a good news from the company. (2) the capital market has different reactions to different types of ESOP in the company. Specifically, the positive response of the market to managerial ownership is stronger than that of the extensive employee stock ownership. (3) listed companies through the non public. The implementation of ESOP in the way of issuing and self financing can deliver a more positive and clear signal to the capital market and thus have a better declaration effect. The innovation of this article is: (1) innovation in the perspective. The short-term influence of shareholding is the research direction, and the research on the market reaction of ESOP has made up the shortage of domestic related research. (2) innovation of methods. This paper uses event research method and regression model analysis method to test the short-term effect of ESOP, and the research method is more novel, which is rare in domestic scholars' research.

【學(xué)位授予單位】：浙江財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F272.92

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 苗越;上市公司員工持股計(jì)劃與企業(yè)績(jī)效[D];北京交通大學(xué);2017年

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本文編號(hào)：1831878