员工持股计划能降低企业权益资本成本吗？——基于多期双重差分模型的检验

doi:10.16515/j.cnki.32-1745/c.2024.01.003

LZUFE-KMS > 长青学院

	员工持股计划能降低企业权益资本成本吗？——基于多期双重差分模型的检验
其他题名	Do Employee Stock Ownership Plans Affect the Cost of Equity Capital:Based on the Model Testing of Multi-period Difference-in-Difference
	李培根; 李阳
	2024-03-30
发表期刊	金陵科技学院学报(社会科学版)
卷号	38 期号:01 页码:18-25
摘要	将实施员工持股计划看作一项准自然实验，以2011—2022年沪深A股上市公司为研究样本，构建多期双重差分模型，实证检验员工持股计划的实施对企业权益资本成本的影响。研究表明：实施员工持股计划能显著降低企业权益资本成本，该结论在经过平行趋势检验、安慰剂检验等一系列内生性和稳健性检验后依然成立；中介效应检验发现，员工持股计划通过提高企业现金股利支付意愿和支付水平来降低企业权益资本成本。基于研究结论，提出以下政策建议：持续完善相关制度设计，积极推进员工持股计划的实施；健全资本市场功能，引导企业制定适宜的现金股利政策；完善相关法律法规，加强监管，改善企业外部融资环境。
其他摘要	Taking the implementation of employee stock ownership plans as a quasi-natural ex-periment and using the listed companies in Chinese Shanghai and Shenzhen A-share from 2011 to 2022 as research samples,a multi-period difference-in-difference model is constructed to em-pirically test the impact of the implementation of employee stock ownership plans on the cost of equity capital.The research demonstrates that the implementation of employee stock owner-ship plans can significantly reduce the cost of equity capital,which remains true after a series of endogenous and robust tests such as parallel trend test and placebo test.The mediating effect test finds that employee stock ownership plans reduce the cost of equity capital by improving the desire to pay cash dividends and the amount paid.Based on the research findings,the fol-lowing policy recommendations are put forward:continuously improving the relevant system design and actively promoting the implementation of employee stock ownership plans;perfec-ting the function of capital market and guiding enterprises to formulate appropriate cash divi-dend policies;improving relevant laws and regulations and strengthening supervision,and im-proving the external financing environment of enterprises.
关键词	员工持股计划企业权益资本成本现金股利政策
DOI	10.16515/j.cnki.32-1745/c.2024.01.003
URL	查看原文
ISSN	1673-131X
语种	中文
原始文献类型	学术期刊
中图分类号	F272.92;F275;F832.51
CN号	32-1745/C
文献类型	期刊论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/36143
专题	长青学院会计学院
作者单位	兰州财经大学会计学院
第一作者单位	会计学院
推荐引用方式 GB/T 7714	李培根,李阳. 员工持股计划能降低企业权益资本成本吗？——基于多期双重差分模型的检验[J]. 金陵科技学院学报(社会科学版),2024,38(01):18-25.
APA	李培根,&李阳.(2024).员工持股计划能降低企业权益资本成本吗？——基于多期双重差分模型的检验.金陵科技学院学报(社会科学版),38(01),18-25.
MLA	李培根,et al."员工持股计划能降低企业权益资本成本吗？——基于多期双重差分模型的检验".金陵科技学院学报(社会科学版) 38.01(2024):18-25.