随着《关于上市公司实施员工持股计划试点的指导意见》（2014）文件的颁 发，中国新一轮的上市公司员工持股拉开序幕。同时，在《关于深化国有企业改 革的指导意见》（2015）文件中提出国企改革要“以提高国有资本效率、增强国 有企业活力为中心”。员工持股计划作为深化国企改革的主要推进方式之一，其 是否能有效促进国有企业活力提升将对做大做强做优国有企业产生重要影响。 鉴于此，论文以在 2015 和 2016 年间实施了员工持股计划的沪深 A 股国有 企业作为研究对象，以产权理论、委托代理理论、人力资本理论以及分享经济理 论为理论基础，运用 PSM-DID 法来检验员工持股对国有企业活力影响的政策效 应。论文通过因子分析法，从生存能力、成长能力以及再生能力三个维度构建企 业活力的综合性评价指标；选取行业、公司规模、前三股东持股比例平方和、资 产负债率、总资产周转率、净利润收益率、可持续增长率作为匹配变量，在 0.01 的卡尺范围内进行一对三的近邻匹配，获取实验组以及与之相对应的控制组样本； 通过双重差分分析法对员工持股的实验组和控制组的差异进行比较，并进行了不 同类型的员工持股计划对企业活力影响的异质性分析。实证研究结果表明：（1） 实施员工持股计划能够显著促进国有企业活力提升；（2）认购非公开发行股票相 较于从二级市场中购买对国有企业活力的提升效果更显著；（3）更多的普通员工 持股比例相较于更多的高管持股比例对企业活力的提升效果更显著。根据研究结 论，论文提出以下对策建议：（1）继续深化国有企业员工持股制度改革，有序扩 大员工持股企业的主体范围、有序增加员工持股企业的试点数量。（2）不断完善 国有企业的长效激励机制，鼓励国有上市企业通过认购非公开发行股票的方式来 获取股票。（3）合理分配高管和普通员工认购比例，适当增加普通员工可认购股 票的总比例，通过定期考核的方法来动态调整个人可认购股票的上限。 论文的研究结论有助于深化对员工持股与国有企业活力关系的认识，可以为 国有上市企业制定和实施员工持股计划提供一定的参考，也可为深化国有企业改 革提供一定的理论参考和经验证据。 关键词：员工持股；国有企业；混合所有制改革；企业活力II Abstract With the issuance of the Guiding Opinions on the Pilot Implementation of Employee Stock Ownership Plan by Listed Companies (2014), a new round of employee stock ownership of Listed Companies in China has begun. At the same time, in the document Guiding Opinions on Deepening the Reform of State-owned Enterprises (2015), it is proposed that the reform of state-owned enterprises should be centered on improving the efficiency of state-owned capital and enhancing the vitality of state-owned enterprises. As one of the main ways to deepen the reform of state-owned enterprises, whether ESOP can effectively promote the vitality of state-owned enterprises will have an important impact on the expansion, strengthening and excellence of state-owned enterprises. In view of this, this paper takes Shanghai and Shenzhen A-share state-owned enterprises which implemented the ESOP between 2015 and 2016 as the research object. Based on property rights theory, principal-agent theory, human capital theory and sharing economic theory, it uses the propensity score matching-double difference analysis method to test the policy effect of ESOP on the vitality improvement of state-owned enterprises. Through factor analysis method, this paper constructs a comprehensive evaluation index of enterprise vitality from three dimensions of viability, growth ability and regeneration ability; selects industry, company size, sum of squares of the first three shareholders' shareholding ratio, asset-liability ratio, total asset turnover ratio, net profit return rate and sustainable growth rate as matching variables, and carries out one-to-three neighbors within the caliper range of 0.01. Match, get the samples of the experimental group and the corresponding control group; compare the differences between the experimental group and the control group through the double difference analysis method, and analyze the heterogeneity of different types of ESOP plans to enhance the vitality of enterprises. Empirical research results show that: (1) Employee stock ownership plan can significantly promote the vitality of state-owned enterprises; (2) Subscription of non-public offering stocks has a more significant effect on the vitality of state-owned enterprises than purchasing from the secondary market; (3) More ordinary employee stock ownership has a more significant effect on the vitality of enterprises than more executive stock ownership. According to the research conclusion, the paper puts forward the following countermeasures and suggestions: (1) Continue to deepen theIII reform of employee stock ownership system in state-owned enterprises, expand the main scope of employee stock ownership enterprises in an orderly manner, and increase the number of pilot enterprises in an orderly manner. (2) Continuously improve the long-term incentive mechanism of state-owned enterprises and encourage state-owned listed enterprises to acquire stocks by subscribing for non-public offerings. (3) Rationally allocate the subscription ratio of senior managers and ordinary employees, appropriately increase the total subscription ratio of ordinary employees, and dynamically adjust the upper limit of individual subscription stock through regular assessment. The conclusion of this paper is helpful to deepen the understanding of the relationship between employee stock ownership and the vitality of state-owned enterprises. It can provide some reference for state-owned listed enterprises to formulate and implement employee stock ownership plans. It can also provide some theoretical reference and empirical evidence for deepening the reform of state-owned enterprises. Key Words: Employee Stock Ownership Plan; State-Owned Enterprise; Mixed Ownership Reform; Enterprise VitalityIV 目录 第 1 章 引言..................................................................................................................1 1.1 研究背景及意义..............................................................................................1 1.2 文献综述..........................................................................................................3 1.3 研究方法..........................................................................................................8 1.4 主要内容和框架结构......................................................................................8 1.5 创新之处..........................................................................................................9 第 2 章 相关概念界定及理论基础............................................................................11 2.1 相关概念界定................................................................................................11 2.1.1 员工持股计划的来源及界定..............................................................11 2.1.2 中国员工持股计划的发展历程...........................................................11 2.2 理论基础........................................................................................................13 2.2.1 产权理论..............................................................................................13 2.2.2 委托代理理论......................................................................................14 2.2.3 分享经济理论......................................................................................15 2.2.4 人力资本理论......................................................................................15 第 3 章 研究假设与模型设计....................................................................................17 3.1 研究假设........................................................................................................17 3.1.1 员工持股与国有企业活力..................................................................17 3.1.2 股票来源与国有企业活力..................................................................18 3.1.3 认购比例与国有企业活力..................................................................19 3.2 模型设计........................................................................................................20 3.2.1 样本选择与数据来源..........................................................................20 3.2.2 变量选取