文章基本信息

标题：ESOP and Corporate Sustainable Growth
本地全文：下载
作者：Xian Wen ; Ziyang Li ; Yingyue Zhang 等
期刊名称：E3S Web of Conferences
印刷版ISSN：2267-1242
电子版ISSN：2267-1242
出版年度：2021
卷号：253
页码：1-6
DOI：10.1051/e3sconf/202125303039
语种：English
出版社：EDP Sciences
摘要：The Employee Stock Ownership Plan (ESOP) is a long-term corporate welfare policy that allows employees to share the profits and growth benefits of the enterprise by owning the ordinary share of the enterprise. It has always been a research hotspot at home and abroad. Sustainable growth refers to the healthy and sustained growth of enterprises. ESOP has been re-implemented in China since 2014. Using dual fixed effects model, this paper empirically analyzes 6940 observations of Chinese listed companies from 2014 to 2018. We study whether ESOP can improve the sustainable growth rate of enterprises by allowing employees to hold equity, linking their personal interests to the interests of enterprises, and thus playing an incentive and supervisory role to effectively reduce enterprise agency costs. In the research process, we find that the data can help us objectively analyze the economic management problems of enterprises. However, when using the data for analysis, the correlation coefficient and significance should be analyzed together.