员工持股计划对企业资本错配的影响［摘要］党的十九大报告指出“中国经济正处在转变发展方式、优化经济结构、转换增长动力的攻坚期”。现阶段，解决资源错配问题有利于实现市场经济的最优资源配置，提升资源配置效率，进而推动建设现代化经济体系并实现经济高质量可持续发展。本文基于2009-2019年中国A股上市企业数据，采用双重差分法考察了员工持股计划对企业资本错配的影响。研究表明，员工持股计划能够显著改善上市企业的资本错配现象，并通过平行趋势检验、安慰剂检验、稳健性研究进一步验证了此结果。异质性研究显示，员工持股计划对国有企业及民营企业，资本密集型企业和劳动密集型企业的资本错配程度均有明显改善作用。本文的研究揭示了员工在改善企业资本错配问题中的重要作用，丰富并拓展了针对企业资本错配问题的研究，同时对完善员工持股计划制度设计与促进本土企业改善资本错配问题都具有一定的指导意义。［关键词］员工持股计划；资本错配；双重差分法；TheimpactofEsoponcapitalmismatchAbstract:Thereportofthe19thNationalCongressoftheCommunistPartyofChinapointsoutthat"theChineseeconomyisinacriticalperiodoftransformingitsdevelopmentmode,optimizingitseconomicstructureandtransformingitsgrowthimpetus".Atthepresentstage,solvingtheproblemofresourcemismatchishelpfultorealizetheoptimalallocationofresourcesinmarketeconomy,toenhancetheefficiencyofresourceallocation,topromotetheconstructionofmoderneconomicsystemandtorealizehigh-qualityandsustainabledevelopmentofeconomy.BasedonthedataofChinesea-sharelistedcompaniesfrom2009to2019,thispaperinvestigatestheimpactofesoponcapitalmismatch.ThestudyshowsthatESOPcansignificantlyimprovethecapitalmismatchesoflistedcompanies,whichisfurtherverifiedbytheparalleltrendtest,theplacebotestandtherobustnessstudy.TheheterogeneityresearchshowsthatESOPcanimprovethecapitalmismatchofstate-ownedenterprises,Iprivateenterprises,capital-intensiveenterprisesandlabor-intensiveenterprises.Theresearchinthispaperrevealstheimportantroleofemployeesinimprovingtheproblemofcapitalmismatch,andenrichesandexpandstheresearchontheproblemofcapitalmismatch,atthesametime,ithascertainguidingsignificancetoimprovethedesignofESOPsystemandtopromotethelocalenterprisestoimprovethecapitalmismatch.Keywords:Employeestockownershipplan;Mismatchofcapital;DoubledifferencemethodII目录员工持股计划对企业资本错配的影响.....................................II目录.................................................................IV第一章引言..........................................................11.1研究背景.......................................................11.1.1研究背景....................................................................................................11.1.2研究意义....................................................................................................21.2研究思路与研究方法.............................................21.2.1研究思路....................................................................................................21.2.2研究方法....................................................................................................31.3本文创新处.....................................................3第二章文献综述......................................................42.1资本错配的文献综述.............................................42.2员工持股计划的文献综述.........................................4第三章制度背景与理论分析.............................................53.1员工持股计划的制度背景..............................
