上市高新企业员工持股计划激励路径与实施效果研究——以国星光电为例
摘要
2014年国家证监会出台关于员工持股计划试点的指导意见，这是我国自80
年代开始实施员工持股计划后，首次从政策层面为员工持股计划的实施提供指引。
此后众多企业响应该意见推出员工持股计划，员工持股计划得到了飞速的发展。
近年来，在“科技兴国”和“人才强国”战略的指导下，我国的高新企业数量快
速增长，规模不断扩大，同时对高知识和高技术人才的需求量也在不断增长。员
工持股计划以其灵活的员工持股制度安排和优惠的政策支持，可以有效地达到激
励和吸引人才的目的，受到了众多高新企业的青睐。基于此背景，本文选用在指
导意见出台后较早一批实施员工持股计划的企业——国星光电作为研究案例，分
析我国上市高新企业员工持股计划的激励路径和实施效果，其员工持股计划的实
施能否达到发布草案中所设定的紧密结合员工利益和公司发展，改善公司治理水
平，调动员工创造力和积极性，实现公司可持续发展的目的。
研究结果表明，从员工角度来看，国星光电员工通过参加员工持股计划在股
份解锁期后获得了正的资本收益；从企业角度来看，员工持股计划通过直接作用
于企业高管和普通员工，使企业的创新能力、治理水平和长期财务绩效得到改善，
并且间接向外部投资主体传递利好信号，提升企业的短期股票市场绩效。实施员
工持股计划对于国星光电公司绩效的影响体现在以下方面：（1）创新活动的投
入和产出成果均明显增加，创新效率有了显著提升，创新影响力有所增强。（2）
反映公司治理水平的股权集中程度有所提高，融资约束和代理成本有了显著的降
低。（3）基于 CAR法的员工持股计划草案公布和成功实施时的股票市场短期绩
效与欧亿·体育（中国）有限公司均值相比均有提升；财务绩效指标中的盈利和营运能力以及根据高新企
业特点调整后的 EVA指标评价体系所反映的企业价值创造能力相较可比企业总
体上得到了改善。
基于上述分析结论，对我国上市高新企业和相关政府部门提出建议。企业要
结合自身实际情况选择实施员工持股计划的时机和合理的方案设计；政府部门要
继续完善员工持股计划相关制度安排和加强监管力度。
关键词：上市高新企业；员工持股计划；激励路径；实施效果
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上市高新企业员工持股计划激励路径与实施效果研究——以国星光电为例
Abstract
In the year of 2014, China Securities Regulatory Commission published the
guidance on the pilot of implementing ESOP, which is the first time to provide
guidance for the implementation of ESOP from the policy level since it was firstly
implemented in China in the 1980s. In response to this opinion, many companies have
launched ESOP and it got development rapidly. In recent years, under the guidance of
the strategy of "reinvigorating the country through science and technology" and
"strengthening the country through talents", the number of high-tech enterprises in
China has grown rapidly, the scale of enterprises has continued to expand, and the
demand for high-knowledge and high-tech talents has also continued to grow. With its
flexible system arrangement and preferential policy support, ESOP can effectively
achieve the purpose of motivating employees, thus being favored by many high-tech
enterprises. Based on this background, this paper selects the one of companies that
implemented ESOPearlier after theintroduction ofthe guidance—Nationstar
Optoelectronics as a research case, to analyze the incentive path and implementation
effect of ESOPin my country's listed high-techenterprises, exploring if the
implementation of the Nationstar Optoelectronics’s ESOP achieved the goal of closely
integrating the interests of employees and the company's development, improving the
level of corporate governance, motivating the positivity and creativity of employees,
and realizing the company's sustainable development as the goal set in the draft
released.
The research results show that from the perspective of employees, they received
positive capital gains after the share unlocking period by participating in the ESOP.
From the perspective of company, it directly affects the behavior of company's
executives and ordinary employees, improving the company's innovation performance,
governance performance and financial performance. And indirectly sends positive
signals to external investors, improving the company's short-term stock market
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上市高新企业员工持股计划激励路径与实施效果研究——以国星光电为例
performance.
The impact of implementing ESOP on corporate performance is mainly reflected
in following aspects: (1)The input and output of innovation activities have increased
significantly, the innovation efficiency has been significantly improved, and the
innovation influence has been enhanced. (2)The degree of ownership concentration,
which reflects the level of corporate governance, has increased. While financing
restriction and agency costs have been significantly reduced. (3)The short-term
performance of the stock market analyzed with CAR method when the time of the
ESOP was announced and successfully implemented has been improved compared
with the industry’s average; the profitability and operational capability reflecting
company’s financial performance and the value creation ability analyzed with EVA
indicators adjusted according to the features of high-tech enterprises also have been
improved compared with comparable companies.
Based on above analysis, this paper gives suggestions for listed high-tech
enterprisesand relevantgovernmentdepartments.Enterprisesshould choose
reasonable timing and design for implementing ESOP on the ground of their own
actual conditions; government departments should continue to improve institutional
arrangements of ESOP and strengthen regulation for it.
Keywords: listed high-tech enterprises; ESOP; incentive path; implementation effect
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