【作者】 李敏；

【导师】 彭正银；

【作者基本信息】 天津财经大学 ， 公司治理， 2022， 硕士

【摘要】 2014年6月,证监会宣布重启员工持股计划,自《指导意见》颁布后,我国上市公司相继制定并实施了员工持股计划实施方案。根据Wind数据库统计,2014年下半年颁布了54个员工持股计划实施方案,截至2020年底,员工持股计划实施方案达到了1041个。“十四五”时期发展规划,强调要显著提升国家创新能力,展望二〇三五年进入创新型国家前列。企业在技术创新方面起着举足轻重的作用,要使人力资本在创造企业价值中起到最大效用,那么员工层面的代理与激励问题凸显重要。员工持股计划是激励对象更广和受益范围更大的经理人股权激励计划,不仅可以完善薪酬分配制度,激励、保留和吸引人才,而且具有融资目的,拓展融资渠道,降低融资成本,缓解企业融资约束水平,对促进企业研发投入具有十分重要的意义。如何提高企业的创新能力一直是研究热点话题。因此,本文以2014年6月重启员工持股计划并颁布《指导意见》这一制度背景为切入点,揭示了员工持股计划对研发投入的关系,并从融资约束角度探讨了员工持股计划对研发投入的作用机制,得出结论:第一,实施员工持股计划对企业的研发投入有促进作用。第二,融资约束在实施员工持股计划与研发投入之间起部分中介作用,即实施员工持股计划可以通过降低企业的融资约束水平,进而促进企业研发投入。第三,进一步基于产权性质、沪深A股股票板块、行业要素特征异质性分析员工持股计划对研发投入的影响,实证回归表明:(1)在不同产权性质中,非国企实施员工持股计划显著促进企业研发投入(2)在不同沪深A股股票板块中,员工持股计划对研发投入的作用在创业板中实施效果最好。(3)在不同行业要素特征中,技术密集型企业实施员工持股计划对研发投入促进作用最强。更多还原

【Abstract】 In June 2014,the Securities and Exchange Commission announced the resumption of the E SOP,and since the issuance of the Guidance,China’s listed companies have successively formula ted and implemented ESOP implementation plans.According to the WIND database,54 ESOP im plementations were enacted in the second half of 2014 and 1,041 ESOP implementations were in place by the end of 2020.The development plan for the Fourteenth Five-Year Plan period empha sizes the need to significantly improve the country’s innovation capacity and looks forward to ent ering the forefront of innovative countries in 2035.Enterprises play an important role in technolo gical innovation.In order to make human capital play the most effective role in the creation of en terprise value,the issue of agency and incentive at the employee level is of great importance.ESOP,as a new form of equity for all employees,can not only improve the salary distributi on system,motivate,retain and attract talents,but also have financing purposes,expand financin g channels,reduce financing costs and ease the level of financing constraints.How to improve th e innovation ability of enterprises has been a hot topic in research.Therefore,this paper takes the system background of restarting ESOP and issuing the Guidance in June 2014 as an entry point t o reveal the relationship between ESOP and R&D investment,and discusses the mechanism of E SOP’s role in R&D investment from the perspective of financing constraints,and concludes:First,the implementation of ESOP promotes R&D investment in enterprises.Secondly,the financing c onstraint plays an intermediary role between ESOP and R&D investment,that is,ESOP can pro mote R&D investment by reducing the level of financing constraint of enterprises.Thirdly,based on the property nature,CSE A-share plate and the heterogeneity of industry factors,the empirica l regression shows that:(1)ESOP implementation by non-state-owned enterprises significantly p romotes enterprise R & D investment in different property nature(2)ESOP has the best effect on R & D investment in the GEM in different Shanghai and Shenzhen A share sectors.(3)Among t he characteristics of different industry factors,the implementation of ESOP in technology-intensi ve enterprises contributes the most to R&D investment.更多还原