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我国员工持股计划(ESOP)的启动重新引起了各界的关注和讨论。本文利用2014年至2015年9月30日之间发布员工持股计划草案公告的A股上市公司作为实验组样本,发现投资者对公告的反应显著为正,体现了员工持股计划对企业员工的激励效应。此外,国有企业发布员工持股计划的公告效应更为显著,当推行员工持股计划的企业的员工教育水平越高,市场反应也越显著。最后,ESOP草案的差异也会影响投资者的反应。本文的结论肯定了当前员工持股计划对上市公司,尤其是对国有企业的积极作用。同时,在完善公司激励机制的过程中,应考虑与员工对企业发挥的作用相配合,这对当前员工持股计划的实施具有参考意义。
The start-up of China’s Employee Stock Ownership Plan (ESOP) has aroused people’s attention and discussion again. This paper uses the A-share listed companies which announced the announcement of the draft shareholding plan for employees between 2014 and September 30, 2015 as a sample of the experimental group and found that the response from investors to the announcement was significantly positive, reflecting the positive effect of the employee stock ownership plan on the employees The incentive effect. In addition, the announcements made by state-owned enterprises on the issue of employee shareholding plans are more noticeable. The higher the employee education level in enterprises implementing the employee stock ownership plan, the more obvious the market response. Finally, the differences in the draft ESOP also affect the investor response. The conclusion of this paper affirms the positive effect of current employee stock ownership plan on listed companies, especially state-owned enterprises. At the same time, in the process of perfecting the incentive mechanism of the company, we should consider the cooperation with employees on the role played by the enterprise, which has reference significance to the current employee stock ownership plan.