底层的力量：员工持股计划对企业数字化转型的影响

The Power of the Grassroots: The impact of the Employee Stock Ownership Plan to Enterprise Digital Transformation

摘要:

高管和员工皆为企业的重要人力资本,二者对于企业转型升级同样重要。然而既有研究却呈现“ 重高管,轻员工” 现象。数字化转型浪潮下,考察员工激励对于企业数字化转型的影响变得必要且关键。本文选取2014—2022年沪深 A 股上市公司样本,检验员工持股计划对于企业数字化转型的影响。研究发现,员工持股计划能够显著促进数字化转型。机制检验表明,员工持股计划通过提高数字化人力资本储备、技术产出效率及冗余资源丰腴度进而为数字化转型赋能助力。进一步分析发现,员工持股计划的数字化赋能效应在成长及成熟期企业、内部控制质量更高及外部投资者关注更强的企业中更为显著。研究成果揭示了员工这一人力资本的重要作用,为高质量推动数字化转型提供启示。

Abstract:

Executives and employees are both important human capital of enterprises, which are also crucial to the transformation and upgrading of enterprises. However, the existing research has ignored the important role of employees. Especially under the wave of digital transformation, it is necessary to examine the impact of employee motivation on the digital transformation of enterprises. Based on the panel data of Chinese A-share listed companies from 2014 to 2022, the impact of the employee stock ownership plan (ESOP) on enterprises?? digital transformation was explored. The results show that the ESOP can significantly promote the digital transformation of enterprises. Mechanism analysis shows that the ESOP can promote enterprises' digital transformation by improving the level of digital human capital, the efficiency of technical output and the abundance of redundant resources. Further analysis shows that the impact of the ESOP on enterprise digital transformation is more significant in growing and mature enterprises, enterprises with higher quality of internal control and stronger attention from external investors. It reveals the important role of employees as human capital, which provides enlightenment for high-quality promotion of digital transformation.