内部控制能够改善员工激励吗？——基于员工持股计划视角

Will Internal Control Improve Employee Incentives Based on the Perspective of Employee Stock Ownership Plan

中文关键词:  内部控制  员工激励  员工持股计划  长期绩效  产权属性  业绩波动

英文关键词:internal control  employee incentives  Employee Stock Ownership Plan (ESOP)  long-term performance  property right attribute  performance volatility

中文摘要:

      高质量的内部控制有利于完善企业内部激励机制,进而促进企业经营效率效果的提升。然而,现有研究多集中于管理层视角,对普通员工的激励效果则缺乏关注。从员工视角出发,以2014—2017年我国A股上市公司为样本,考察了内部控制对上市公司员工持股计划的影响。研究发现:内部控制质量越高,公司内部推行员工持股计划的可能性越大；同时,内部控制能够显著提高员工持股计划实施后的企业长期绩效。进一步地,内部控制对推行员工持股计划的影响在薪酬激励水平较低、非国有企业和业绩波动较大的企业中更加显著。这意味着,有效的内部控制不仅能够有助于推进员工持股计划,还将提升员工持股计划的实施效果。有效的内部控制将为完善员工激励机制提供重要的保障。

英文摘要:

      High-quality internal control can improve the incentive mechanism in firms, thus it can increase the performance and operational efficiency of the companies. Existing researches focus on the managerial perspective but with a lack of concern on the incentives of employees. From the perspective of employee incentives, this paper examines the impacts of internal control on Employee Stock Ownership Plan (ESOP) in China's listed companies based on the A-share listing companies during the period from 2014 to 2017. The research has found that internal control improves the possibility of implementing ESOP and at the same time, internal control can increase the long-term performance after the implementation of ESOP. Further, the impact of internal control on ESOP is more significant in such companies with a relatively low level compensation incentives, greater volatility and the non-state-owned enterprises. This implies that effective internal control, can promote the implementation of ESOP and enhance the positive effect of ESOP, which will provide an important guarantee for improving the employee incentives mechanism. 