员工股权激励能够降低股价崩盘风险吗?

于雅萍, 姜英兵, 王丽娟

系统工程理论与实践 ›› 2020, Vol. 40 ›› Issue (11) : 2784-2797.

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系统工程理论与实践 ›› 2020, Vol. 40 ›› Issue (11) : 2784-2797. DOI: 10.12011/1000-6788-2019-1717-14
论文

员工股权激励能够降低股价崩盘风险吗?

    于雅萍1,2, 姜英兵1,2, 王丽娟3
作者信息 +

Do non-executive employee equity incentives reduce stock price crash risk?

    YU Yaping1,2, JIANG Yingbing1,2, WANG Lijuan3
Author information +
文章历史 +

摘要

股权激励是上市公司重要的治理机制,高管和员工构成股权激励的两大激励对象.然而,现有研究多关注高管股权激励的治理作用,却普遍忽略了非高管层员工.利用2007-2017年的A股上市公司数据,从股价崩盘风险的视角,考察了员工股权激励的治理作用.研究发现,员工股权激励能够显著降低股价崩盘风险.作用机制分析表明,员工股权激励可通过改善公司信息环境、降低公司经营风险两种途径降低股价崩盘风险.进一步分析还发现,产权性质并不影响员工股权激励对股价崩盘风险的降低作用.文章发现的员工股权激励对股价崩盘风险的治理作用,能够为规范上市公司信息披露、维护股票市场稳定等相关政策的完善提供参考.

Abstract

This paper focused on the role of non-executive employees, and examined the impact of non-executive employee equity incentives on stock price crash risk. We find that equity incentives plan can reduce the stock price crash risk, but this role is played by non-executive employee equity incentives. The mechanism analysis suggests that non-executive employee equity incentives mitigate stock price crash risk in two ways: Increasing the informativeness of stock price, and reducing the operational risk of firms. Our findings provide empirical evidence for relevant policies, such as regulating the information disclosure of listed firms and maintaining the stability of the stock market.

关键词

员工股权激励 / 股价崩盘风险 / 股价信息含量 / 员工股东

Key words

non-executive employee equity incentives / stock price crash risk / stock price informativeness / employee-shareholder

引用本文

导出引用
于雅萍 , 姜英兵 , 王丽娟. 员工股权激励能够降低股价崩盘风险吗?. 系统工程理论与实践, 2020, 40(11): 2784-2797 https://doi.org/10.12011/1000-6788-2019-1717-14
YU Yaping , JIANG Yingbing , WANG Lijuan. Do non-executive employee equity incentives reduce stock price crash risk?. Systems Engineering - Theory & Practice, 2020, 40(11): 2784-2797 https://doi.org/10.12011/1000-6788-2019-1717-14
中图分类号: F832.5   

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国家自然科学基金(71772029)
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