Research On The Promotion Effects Of Employees Shareholding On The Corporate Value

Employee stock ownership as an important measure of mixed ownership reform has played an important role in advancing enterprise system innovation and improving the ownership structure of enterprises.With the continuous deepening of the reform process of state-owned and corporate-owned enterprises,the employee stock ownership system plays an increasingly important role in enterprise reform.Western countries have relatively research on employee stock ownership theory and formed a relatively mature theoretical system.However,there are still some controversies in the academic community as to whether companies should implement employee ownership,what kind of relationship exists between employee stock ownership and corporate performance.In contrast,the implementation time of the employee shareholding system in China is relatively short,and the practice of this system is still in a phase of continuous exploration.The empirical exploration of the path and transmission mechanism affecting corporate value remains to be further explored.This article takes the listed companies which implement employee stock ownership plan from 2014 to 2017 as a research sample,and empirically analyzes the relationship between employee shareholding and corporate performance and the specific role of employee stock ownership in affecting corporate performance.Through research,get the following conclusion:First,employee stock ownership does have impact on the value of the company.There is a significant positive correlation between the proportion of employees' shareholdings and corporate performance.Second,the effect of employee stock ownership on the value of the company can be achieved through three paths:employee stock ownership-governance structure-corporate performance path,employee stock ownership-business effect-corporate performance path and employee stock ownership-financial effect-corporate Performance path.However,the empirical analysis shows that the financial leverage does not exist as an intermediary path effect.The overall effect of employee stock ownership on corporate performance depends on the combined effect of corporate governance channel effect and the business channel effects.The implementation of the employee shareholding system does have a certain degree of improvement in the value of the company,the company can appropriately increase the incentive level of employee stock ownership when implementing the employee stock ownership plan,and at the same time,improve the top-level design and giving full play to employee stock ownership in reducing corporate agency costs and improving corporate operating performance.Corporate agency costs play an important role in improving the level of business performance.On the other hand,the government should also strengthen the legislative work of employee stock ownership,and further establish and improve the financial incentives and supervision mechanisms for the implementation of employee stock ownership plans.