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新时期的员工持股计划对于改善公司治理水平,以及通过资本市场实现对社会资金的优化配置具有重要意义。然而,"搭便车"问题(free rider problem)的存在会制约员工持股计划的开展与实施。本文使用事件研究法检验新时期员工持股计划的公告效应,并进一步检验搭便车问题对员工持股计划市场绩效的影响程度,探讨并检验扩大员工持股规模对搭便车问题的改善作用。研究发现,在员工持股计划预案发布后市场给予了正向反应,随着员工规模的扩大,新时期员工持股计划的市场反应有所降低;但是并没有发现扩大员工持股计划的规模能够改善搭便车导致的市场预期的降低。
Abstract：Employee stock ownership plan(ESOP) in the new era is important for improving corporate governance and utilizing capital markets to efficiently allocate social capital. However, the effect of employee stock ownership plan is tempered by the free rider problem. Using event study method, this paper tests the announcement effect of ESOPs of new era in China. Existence of the free rider problem and the corporate governance mechanism that deals with the free rider problem are also analyzed theoretically and empirically. We find that investors expect the ESOP to improve the operational efficiency and thus react positively to the announcement, but the magnitude of market reaction decreases when the number of employees increases. We have not been able to find that increasing the size of ESOPs has a corporate governance effect on the free rider problem.
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(1)在美国资本市场严格区分了员工持股计划(employee stock ownership plan)和员工期权计划(employee stock options plans),虽然二者的缩写均为ESOP或者ESOPs,但是无论从其具体含义、实际操作流程、会计处理方法,还是监督管理机构来看都截然不同。员工持股计划作为退休计划的一部分,由劳工福利保障局(Department of Labor’s Employee Benefits Security Administration)管理,后者则由美国证监会监管。相关数据来源于美国劳工所有权国家中心(National Center for Employee Ownership,NCEO)。
(1)虽然中国员工持股计划与美国资本市场推出的员工持股计划在内涵、股票获得方式及信息披露等方面存在着差异,但是其本质意图都是通过使员工拥有公司股权从而起到一定的激励作用。
(2)黄群慧等(2014)认为十八届三中全会后,中国经济改革与发展进入了一个新的阶段,并认为员工持股计划的实行也进入了一个新的时期。本文认为《指导意见》的通过使《重大问题决定》中的相关精神更具有操作性。
(3)早期关于“员工持股计划”的相关监管并没有强调资产管理的理念,如《深圳市国有企业内部员工持股试点暂行规定》中规定员工持股会的主要职责包括:“负责召开和主持员工股东会议;负责员工股权日常管理工作和收集、整理员工意见;定期向持股员工报告员工持股会工作情况;管理员工持股会备用金等。”在《征求意见稿》中,详细地规定了员工持股计划的资产管理方可以是信托公司、保险资产管理公司、证券公司、基金管理公司等机构。
(1)Blasi等(2010)认为共享资本包括了共享利润、员工持股、股票期权等多种方式,即员工持股只是共享资本的一种形式。
(2)Faleye等(2006)发现在其选择的员工能够参与公司治理的样本中,普通员工至少持有5%的股份。
(1)Chang(1990)认为激励效应可以在公告中有所反应,并进行了检验。
(1)《指导意见》发布的时间来源于中国证监会官方网站。
(1)当我们使用ESOPSize的中位数构造该哑变量时,我们的研究结果不受影响。
基本信息:
中图分类号:F272.92
引用信息:
[1]呼建光,毛志宏.新时期员工持股计划与“搭便车”问题研究[J].当代会计评论,2016,9(01):89-103.
基金信息:
教育部人文社会科学研究一般项目“公允价值分层披露的经济后果研究”(14YJA630042);; 中国博士后科学基金面上资助项目“投资者有限注意与股票价格行为研究”(2012M520686);; 吉林省软科学项目“吉林省企业创新活动的市场评价与融资约束”(20150418067FG);; 中央高校基本科研业务费项目“基于注意理论的投资决策研究”(2014BS011)的阶段性研究成果
2016-06-15
2016-06-15
