Research on Heterogeneity and Employee Stock Ownership Plan of Listed Companies

摘要

This paper takes the Shanghai and Shenzhen A-share listed companies as samples to study the influence of corporate heterogeneity on the implementation of employee stock ownership plan in listed companies from three aspects: incentive motivation, corporate governance and senior executive welfare. The results show that encouraging employees' enthusiasm and improving corporate governance are the main motivations for listed companies to implement employee stock ownership plan. In particular, private enterprises, high-tech enterprises, larger enterprises, as well enterprises with a small number of Independent directors and board of supervisors are more inclined to implement employee ownership. In addition, the listed companies that have experienced previous stock incentive failure are more motivated to Implement employee stock ownership.