Employee Characteristics,Stock Ownership And Corporate Information Disclosure Level

Prior literatures of the relationship between company disclosure and employee stock ownership find mixed results.They focus mainly in manager level since they are the main factor of influence,however researches in employee are rare in existing literature.This paper uses the employee characteristics and information disclosure data publicly disclosed by listed companies in 2008-2013 to study the impact of employee characteristics on employee stock ownership and the supervisory role of employee stock ownership in company disclosure.As a labor supply provider,the personal characteristics of employees also influence the level of employee stock ownership.The research in this paper finds that the company's internal employee stock ownership level is affected by the company's characteristics,corporate governance characteristics and employee characteristics.At the same time,the employee shareholding has a supervisory effect,the work efficiency and enthusiasm of the employees holding the shares is improved,and employees have more awareness of their rights.Therefore,this paper also examines the regulatory role of employee characteristics on the supervisory effect of employee stock ownership.This paper also divides the nature of the enterprise according to the nature of the enterprise and studies the influencing factors of employee stock ownership in state-owned enterprises and non-state-owned enterprises and their relationship with the level of corporate information disclosure.Compared to SOEs,non-SOEs use more stocks for a way of excitation.The paper finds that the employee shareholding level is affected by the characteristics of the employees.The higher the academic background,the higher the shareholding level.At the same time,the proportion of Sales staff and technicians has a significant positive correlation with employee stock ownership.The mismatch of academic qualifications of enterprises will hinder the effect of employee shareholding supervision.This paper therefore performs a group test on samples based on the level of mismatch.Different from the existing research on the equity incentives of senior executives,this paper takes employees as the research object,studies the influence of employee education level and employee position characteristics on employee stock ownership,and studies the level of employee stock ownership and corporate information disclosure under different employee characteristics.The relationship between the two can enrich the existing literature on the factors affecting employee stock ownership and economic consequences and can also provide a reference for enterprises to formulate appropriate employee stock ownership policies.