基于控股股东股权质押视角，选取我国2014—2020年沪深 A 股上市公司，对其员工持股计划实施动机与效果进行探析，研究发现：存在控股股东股权质押的上市公司，基于降低平仓风险和促进公司创新的动机，其实施员工持股计划的倾向更高。当市场股价整体下滑、质押股价接近平仓线时，这一正向效应更明显，但在此情境下，实施员工持股计划仅能实现短期“股价管理”以降低平仓风险，长期而言，控股股东股权质押会削弱员工持股计划对创新的促进作用，导致员工持股计划对公司股价的支撑作用并不明显和持续，甚至会大量出现浮亏倒挂现象。

Based on the perspective of controlling shareholder's equity pledge, we selected our country's 2014-2020 Shanghai and Shenzhen A-share listed companies to analyze the motivation and effect of their ESOP implementation. The study found that listed companies with controlling shareholder equity pledges have a greater tendency to implement ESOP and tested the two major motives of reducing the risk of liquidation and promoting the company’s innovation in it. In other words, this positive effect is more obvious when the pledge stock price approaches the liquidation line and the market stock price declines overall. However, in this scenario, the implementation of the ESOP can only achieve short-term "stock price management" to reduce the risk of liquidation. In the long run, the pledge of controlling shareholder’s equity will weaken the role of ESOP in promoting innovation, resulting in the supporting effect of ESOP on the company’s stock price is not obvious and continuous, which provides a new explanation for the implementation motivation of ESOP.

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