Research On The Impact Of Employee Stock Ownership Plan On Total Factor Productivity Of Listed Manufacturing Enterprises

At present,my country has entered a comprehensive well-off society,and is changing from rapid development to high-quality development.If my country wants to change its economic development mode,it must strengthen its support for the real economy.The manufacturing industry is the foundation of the real economy.Therefore,we must vigorously develop the manufacturing industry and improve total factor productivity.In the process of improving the total factor productivity of an enterprise,the contribution of human capital is inseparable.As an important part of the enterprise,employees play a very important role in the technological progress and resource allocation efficiency of the enterprise.However,at this stage,most companies focus on the incentives of entrepreneurs and management,ignoring the human capital value of ordinary employees,resulting in serious conflicts of interest between employees and enterprises,and the disconnect between "capital" and "labor",which restricts the improvement of total factor productivity..Since the China Securities Regulatory Commission released the pilot document of the "Employee Stock Ownership Plan" in June 2014,major domestic companies have responded positively.Since the start of employee stock ownership plan in my country is relatively late compared to foreign countries,domestic scholars mostly study the two separately.Therefore,it has both theoretical value and practical significance to combine employee stock ownership plan with total factor productivity and explore the relationship between the two.This paper firstly summarizes the domestic and foreign literature research on employee stock ownership plan and enterprise total factor productivity,and finds that the existing literature mostly studies the influencing factors of enterprise total factor productivity from the internal and external aspects of enterprises,and studies the implementation of employee ownership in enterprises.economic consequences of the stock plan.Secondly,this paper sorts out two-factor theory,principal-agent theory,human capital theory,bounded rational economic man theory and sharing economy theory,and provides a theoretical basis for further research on the impact mechanism of employee stock ownership plan on enterprise total factor productivity.Thirdly,this paper analyzes the impact mechanism of employee stock ownership plan on the total factor productivity of enterprises according to the relevant theories sorted out.The theoretical analysis result is that employee stock ownership plans can promote the total factor productivity of enterprises.And its influencing mechanism is that the employee stock ownership plan on the one hand promotes the increase of the innovation output of the enterprise,improves the technical level of the enterprise,and promotes the improvement of the total factor productivity of the enterprise.On the other hand,it can also alleviate the financing constraints faced by enterprises and optimize the allocation of resources,thereby promoting the level of total factor productivity of enterprises,and the nature of property rights has a moderating effect on its influence.Finally,according to the theoretical analysis results,the research hypothesis of this paper is put forward.In order to verify the above research hypothesis based on the theoretical analysis results,this paper takes the data of listed manufacturing companies in Shanghai and Shenzhen A shares from 2014 to 2019 as a sample,draws on the method of Lu Xiaodong and Lian Yujun(2012),and uses the Lp method.The total factor productivity of listed manufacturing enterprises is measured,and the relationship between it and the total factor productivity of enterprises is tested empirically through the two-way fixed effect model and the PSM+DID method.The empirical research shows that:(1)In the sample,the employee stock ownership plan has a significant promoting effect on the total factor productivity level of listed manufacturing enterprises.Through the implementation of employee stock ownership plans,listed manufacturing companies can align their employees with the company’s interests and improve their enthusiasm and enthusiasm for work.It is conducive to the formation of dedicated team human capital within the enterprise,which not only creates an environment for employees to unite,collaborate and share information,but also optimizes the internal governance environment of the enterprise,improves the allocation of resources,and thus enhances the level of total factor productivity.(2)The employee stock ownership plan can affect the level of total factor productivity through the way of enterprise innovation output.The employee stock ownership plan can increase the innovation output of the enterprise.The increase of the innovation output means the improvement of the production technology level of the enterprise and the improvement of the productivity,thereby improving the total factor productivity of the manufacturing enterprise.(3)Employee stock ownership plans can affect the level of total factor productivity through financing constraints.The implementation of employee stock ownership plans by listed manufacturing companies can convey good development prospects to the external market,ease corporate financing constraints,and improve total factor productivity.(4)Compared with non-state-owned enterprises,the implementation of employee stock ownership plans by listed state-owned manufacturing enterprises can significantly improve the total factor productivity of enterprises.Finally,according to the research conclusions,reasonable relevant suggestions are put forward: the government should improve relevant policies and support the effective and orderly implementation of employee stock ownership plans;enterprises should rationally design employee stock ownership plans to improve total factor productivity;give full play to the invisible market The role of the hand enables the market to reasonably allocate asset elements,reduce the interference of the government’s only visible hand on resource allocation,improve the distortion of resource allocation,and build a favorable market environment.