本文關(guān)鍵詞：上市公司員工持股計(jì)劃的企業(yè)績(jī)效研究　出處：《北京交通大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 員工持股計(jì)劃 公司治理結(jié)構(gòu) 企業(yè)績(jī)效 委托代理問(wèn)題

【摘要】：西方很早就開(kāi)始了對(duì)員工持股這一制度的理論與實(shí)證研究,學(xué)者們從利益相關(guān)者理論、委托代理理論、二元經(jīng)濟(jì)論、人力資本理論等方面系統(tǒng)的論證了員工持股對(duì)于提高公司治理水平,改善公司治理結(jié)構(gòu)并提高企業(yè)績(jī)效的重要性,而且得到了國(guó)際上廣泛的關(guān)注。員工持股計(jì)劃產(chǎn)生的一個(gè)主要目標(biāo)就是希望企業(yè)借助員工持股能夠完善公司治理結(jié)構(gòu),有助于提高企業(yè)績(jī)效。因此,員工持股計(jì)劃是如何通過(guò)公司治理結(jié)構(gòu)而影響企業(yè)績(jī)效,以及在我國(guó)員工持股對(duì)于企業(yè)績(jī)效的影響究竟幾何,這正是本文所要研究的內(nèi)容。首先,本文對(duì)員工持股計(jì)劃這一概念的理論基礎(chǔ)進(jìn)行了回顧與梳理。通過(guò)相關(guān)文獻(xiàn)了解到,員工持股是通過(guò)激勵(lì)員工,提升員工在企業(yè)的勞動(dòng)地位進(jìn)而促使員工釋放更大的勞動(dòng)積極性,一方面員工成為企業(yè)所有者能夠?qū)局卫懋a(chǎn)生一定作用,同時(shí)起到監(jiān)督與約束管理層的作用,使企業(yè)決策更具有效率,促進(jìn)企業(yè)發(fā)展;另一方面,勞動(dòng)熱情的釋放可能會(huì)使企業(yè)生產(chǎn)效率提高,從而提高企業(yè)績(jī)效。其次,對(duì)員工持股與企業(yè)績(jī)效之間的傳導(dǎo)關(guān)系進(jìn)行了梳理。員工持股并不是直接促進(jìn)企業(yè)績(jī)效的提高,而是通過(guò)提高公司治理水平,使企業(yè)治理結(jié)構(gòu)得到完善從而提升企業(yè)績(jī)效。企業(yè)績(jī)效能夠有效衡量公司治理水平,因此基于盈利能力狀況、資產(chǎn)質(zhì)量狀況、債務(wù)風(fēng)險(xiǎn)狀況、經(jīng)營(yíng)增長(zhǎng)狀況構(gòu)建一個(gè)綜合性的企業(yè)績(jī)效評(píng)價(jià)指標(biāo)可以更為合理的衡量員工持股對(duì)于企業(yè)績(jī)效的影響情況。本文通過(guò)實(shí)證檢驗(yàn)我國(guó)國(guó)有企業(yè)與非國(guó)有企業(yè)上市公司,在2003年至2016年期間實(shí)施員工持股計(jì)劃后長(zhǎng)期經(jīng)營(yíng)績(jī)效表現(xiàn)。利用主成分分析構(gòu)建起一個(gè)合理的企業(yè)績(jī)效綜合評(píng)價(jià)體系,并利用多元線性回歸方法驗(yàn)證出我國(guó)國(guó)有上市公司與非國(guó)有上市公司員工持股與企業(yè)績(jī)效的相關(guān)性,得出以下結(jié)論:(1)我國(guó)國(guó)有企業(yè)員工持股與企業(yè)績(jī)效在統(tǒng)計(jì)上呈正相關(guān)關(guān)系;非國(guó)有企業(yè)員工持股與企業(yè)績(jī)效的在統(tǒng)計(jì)上呈現(xiàn)不顯著;(2)無(wú)法得出國(guó)有企業(yè)實(shí)施員工持股對(duì)企業(yè)績(jī)效的促進(jìn)作用高于非國(guó)有企業(yè)�？梢宰C明員工持股確實(shí)對(duì)我國(guó)國(guó)有企業(yè)的企業(yè)經(jīng)營(yíng)績(jī)效改善方面起到了積極作用,但對(duì)于非國(guó)有上市公司則無(wú)法證明員工持股有效性。
[Abstract]:The western countries have started the theoretical and empirical research on the ESOP system very early, scholars from the stakeholder theory, principal-agent theory, dualistic economic theory. Human capital theory and other aspects systematically demonstrate the importance of ESOP to improve corporate governance, improve corporate governance structure and improve corporate performance. One of the main objectives of the ESOP is to hope that the ESOP can improve the corporate governance structure and help to improve the corporate performance. How does ESOP affect enterprise performance through corporate governance structure, and how does ESOP affect corporate performance in China? this is exactly the content of this paper. This paper reviews and combs the theoretical basis of the concept of employee stock ownership plan. To improve the labor status of employees in the enterprise and then promote the release of greater labor enthusiasm, on the one hand, employees become owners of the enterprise can have a certain role in corporate governance. At the same time, it can supervise and restrain the management, make the enterprise decision more efficient, and promote the development of the enterprise. On the other hand, the release of labor enthusiasm may improve the efficiency of enterprise production, thereby improving enterprise performance. Secondly. The transmission relationship between ESOP and corporate performance is combed. ESOP does not directly promote the improvement of enterprise performance, but by improving the level of corporate governance. Corporate performance can effectively measure the level of corporate governance, so based on profitability, asset quality, debt risk. Construction of a comprehensive enterprise performance evaluation index can more reasonably measure the impact of employee stock ownership on the performance of enterprises. This paper empirically tests the public listing of state-owned enterprises and non-state-owned enterprises in China. Division. After implementing the ESOP from 2003 to 2016, a reasonable comprehensive evaluation system of enterprise performance is constructed by using principal component analysis (PCA). And using the multiple linear regression method to verify the state-owned listed companies and non-state-owned listed companies employee stock ownership and corporate performance correlation. The following conclusions are drawn: (1) there is a positive correlation between employee stock ownership and enterprise performance in China's state-owned enterprises; There is no statistical significance between employee stock ownership and enterprise performance in non-state-owned enterprises. 2). It can not be concluded that the effect of employee stock ownership on enterprise performance in state-owned enterprises is higher than that on non-state-owned enterprises. It can be proved that employee ownership has played a positive role in improving the performance of state-owned enterprises in China. But for non-state-owned listed companies can not prove the validity of employee ownership.
【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(lèi)號(hào)】：F272.92;F832.51;F272.5

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