Abstract：Taking Shanghai and Shenzhen A-share listed companies as research samples, this study distinguishes different enterprises’ implementation motivation and internal environment, and evaluates the actual impact of employee stock ownership plan (ESOP) from the perspective of total factor productivity (TFP). The research finds that the implementation of ESOP can significantly improve the TFP of the company, and the positive relationship is only significant in the non-share pledging enterprises. From the perspective of different implementation environment, the positive effect of ESOP on TFP is more significant in enterprises with serious agency problems and low employee compensation level. Innovation output, human capital structure and internal capital allocation efficiency are the possible paths for ESOP to affect TFP. Furthermore, the implementation of ESOP can play a synergistic role with the reform of mixed ownership, and jointly promote the improvement of enterprise production efficiency.
李姝，金振，谢雁翔. 员工持股计划对企业全要素生产率的影响研究[J]. 管理学报, 2022, 19(5): 758-.
LI Shu，JIN Zhen，XIE Yanxiang . Research on the Influence of ESOP on Enterprise Total Factor Productivity . Chinese Journal of Management, 2022, 19(5): 758-.
