Common Prosperity and Corporate Value:Evidence from ESOP of Listed Companies in China
This paper empirically examines the impact of common prosperity on corporate value based on the implementation of ESOP(common prosperity plans)by listed companies from 2014 to 2020.The study finds that:(1)the common prosperity plan has a significant effect on the improvement of corporate value,and it is still established after replacing key variables and considering endogenousness;(2)further examining the regulatory role of internal demand and external environment,it finds that in corporations with poorer employee compensation competitiveness and"first to get rich"areas achieving common prosperity is more conducive to improving corporate value;(3)mechanism analysis shows that common prosperity acts on corporate value by optimizing total factor productivity of corporations;in addition,the number of times the ESOP is implemented reflects the intensity of common prosperity,and the greater the intensity,the more it can stimulate corporate value.Different from previous literature on ESOP,this paper focuses on the perspective of common prosperity,enriches the research on the economic consequences of common prosperity,and provides micro-evidence for solid promotion of common prosperity.
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