| The real economy is the development pillar of the national economy,however,since the economic crisis of 2008,the market demand of our country has dropped sharply,the profit ability of the traditional manufacturing enterprises is not as good as before,and the entity enterprises are facing the survival predicament,the financial industry is characterized by high return on investment and short economic cycle,so more and more enterprises choose to reduce physical investment in order to obtain higher return on investment,put more resources into finance and real estate.At present,the economic development of our country is facing the serious problem of “From real to virtual”.How to restrain the financial tendency of enterprises and guide the capital flow into the real sector has become a research hotspot in the academic circle.Firstly,this thesis defines the concepts of employee stock ownership plan and enterprise financialization,the thesis also reviews and summarizes the influential factors of enterprise financialization,the economic consequences of employee stock ownership plan,and the relationship between stock pledge of controlling shareholders,enterprise financialization and employee stock ownership plan,then introduced this article related theory foundation.On this basis,this thesis takes non-financial and nonreal estate listed companies in Shanghai and Shenzhen A-shares from 2014 to 2020 as research samples,and through theoretical analysis and empirical tests the impact of ESOP on corporate financialization level and its motivation,based on the characteristics of ESOP,this thesis analyzes the influence of different characteristics on the relationship between ESOP and corporate financialization.The findings are as follows:(1)ESOP can inhibit the financialization of enterprises,and the more intensively ESOP is implemented,the stronger the inhibition effect is(3)share pledge of controlling shareholders weakens the inhibiting effect of ESOP on the financialization of enterprises;(4)compared with management shareholding,employee stock ownership and the more the number of holders,the longer the lock-up period,the source of funds for leverage,the stock source for non-public offering of employee stock ownership plans on the financialization of the stronger inhibition.This thesis discusses the effect of ESOP on financialization and its motivation from a little-noticed employee perspective,(1)it not only broadens the research perspective of corporate financialization,deepens the economic consequences of ESOP,and clarifies the motivation of enterprises to reduce their financial assets under ESOP,it also provides empirical evidence for employees’ participation in corporate governance.(2)expanding the theoretical research on the pledge of the controlling shareholder’s equity,the employee’s share-holding plan and the financialization of the enterprise,from the perspective of the relationship between the interests of the employees and the controlling shareholders,this thesis explains the possible reasons for the failure of the expected function of the ESOP. |
