股票流动性、机构投资者实地调研与员工持股计划收益

当代财经 ›› 2020, Vol. 0 ›› Issue (1): 126-135.

股票流动性、机构投资者实地调研与员工持股计划收益

刘倩茹¹, 刘志远²

1.广东外语外贸大学会计学院,广东广州 510006;
2.南开大学商学院,天津 300071

收稿日期:2019-09-18 修回日期:2019-12-10 发布日期:2020-11-03
通讯作者: 刘倩茹,广东外语外贸大学讲师,博士,主要从事行为金融和管理层薪酬研究,联系方式iamliuqianru@126.com
作者简介:刘志远,南开大学教授,博士,博士生导师,主要从事公司金融研究。
基金资助:
教育部人文社会科学研究基金“民营企业管理层股权激励收益受限问题成因与缓解机制”（19YJC630105）

Stock Liquidity, Field Survey of Institutional Investors and Earnings from Employee Stock Ownership Plans

LIU Qian-ru¹, LIU Zhi-yuan²

1. Guangdong University of Foreign Studies, Guangzhou 510006;
2. Nankai University, Tianjin 300071, China

Received:2019-09-18 Revised:2019-12-10 Published:2020-11-03

摘要/Abstract

摘要： 以2014年1月至2017年8月中国A股上市公司的员工持股计划为样本,从股票流动性和机构投资者实地调研视角,分析了员工持股计划收益不足的成因和缓解机制。研究发现：员工持股计划存在收益不足,且股票流动性低会加剧员工持股计划收益不足。进一步研究发现：机构投资者实地调研能缓解员工持股计划收益不足;进一步细分机构投资者类型发现,私募、券商、境外合格投资者和其他类型机构投资者实地调研更能缓解员工持股计划收益不足。

关键词: 员工持股计划, 收益不足, 股票流动性, 机构投资者实地调研

Abstract: Taking the employee stock ownership plan of China’s A-share listed companies from January 2014 to August 2017 as samples, this paper analyzes the causes and mitigation mechanisms of the insufficient earnings from the employee stock ownership plan from the perspectives of stock liquidity and institutional investors’ field surveys. The results show that the employee stock ownership plan does have the problem of insufficient earnings, and lacking of stock liquidity would intensify the problem of insufficient earnings from the employee stock ownership plan. Ii is found through further study that the field survey done by institutional investors can alleviate the problem of insufficient earnings from the employee stock ownership plan. It is also found through further subdivision of the institutional investors types that the field surveys done by private placement, brokers, overseas qualified investors and other types of institutional investors can better mitigated the problem of insufficient earnings from the employee stock ownership plan.

Key words: employee stock ownership plan, insufficient earnings, stock liquidity, field survey of institutional investors

中图分类号:

F275.4

刘倩茹, 刘志远. 股票流动性、机构投资者实地调研与员工持股计划收益[J]. 当代财经, 2020, 0(1): 126-135.

LIU Qian-ru, LIU Zhi-yuan. Stock Liquidity, Field Survey of Institutional Investors and Earnings from Employee Stock Ownership Plans[J]. Contemporary Finance & Economics, 2020, 0(1): 126-135.

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