员工持股计划是现代社会企业中常见的一种有效的激励方式，对企业的建设与发展起着重要的作用。2014年6月，证监会颁布了《关于上市公司实施员工持股计划试点的指导意见》，对企业实施员工持股计划做出了更明确的规定和指示。近些年来，随着制度的不断完善，有更多的公司选择加入到员工持股计划的队伍中来。学术界对实施员工持股计划对企业绩效的影响展开了较多探讨，但尚未达成一致结论。本文立足于中国市场和制度环境，基于企业生命周期视角探讨员工持股计划对企业绩效的影响，具有重要的理论价值与实践意义。

本文选取2014-2019年的中国A股上市公司数据为样本，以资产回报率和净资产收益率为业绩的衡量指标，探讨了员工持股计划与企业绩效的关系，并基于企业生命周期理论将样本区分为成长期、成熟期和衰退期探讨各阶段员工持股计划的实施效果。本文的实证结果显示，总体而言，企业实施员工持股计划能够带来财务绩效的显著提升，且上述提升作用只在成长期和成熟期的企业中显著，对处于衰退期的企业，实施员工持股计划对财务绩效的提升效果并不明显。进一步研究发现，对于非衰退期的企业，员工持股计划对企业财务绩效的促进作用，只在非国有企业、高科技行业、人力资本重要性程度高以及股权集中度低的企业组中成立，而在国有企业、非高科技企业、人力资本重要性程度不高以及股权集中度高的企业组，员工持股对财务绩效的促进作用并不显著。

本文的研究结论表明，员工持股计划的实施效果与企业所处的生命周期阶段有显著关联，且在不同企业产权性质、行业、不同员工结构以及公司治理状况的企业，实施效果也存在一定差异。本文的研究丰富和拓展了员工持股计划实施效果的相关研究，同时也将对企业决策和监管机构具有一定的借鉴和启发。

ESOP is a common and effective incentive method in modern enterprises, which plays an important role in the construction and development of enterprises. In June 2014, CSRC issued the guiding opinions on the pilot implementation of ESOP by listed companies, which made more explicit provisions and instructions for enterprises to implement ESOP. The system is more and more perfect in these years，increasingly more companies choose to join the team of ESOP. Over the years, academia has done a lot of related research on the impact of the implementation of ESOP on enterprise performance, but there are different views on the research conclusion. Based on the Chinese market and institutional environment, this paper discusses the impact of ESOP on enterprise performance from the perspective of enterprise life cycle, which has important theoretical value and practical significance.

This paper selects the data of China's A-share listed companies from 2014 to 2019 as the sample, and takes return on assets and return on net assets as the performance indicators to explore the relationship between ESOP and enterprise performance. Based on the life cycle theory, the sample is divided into growth period, mature period and recession period, and the implementation effect of ESOP in each stage is discussed. The empirical results show that, in general, the implementation of ESOP can significantly improve the financial performance, and the above promotion effect is only significant in the growth and mature enterprises. For the enterprises in the recession period, the implementation of ESOP has no obvious effect on the improvement of financial performance. Further study found that for non-recession enterprises, the promotion effect of ESOP on financial performance was only found in the non-State-owned enterprises, high-tech industries, enterprises with high importance of human capital and low concentration of equity, while in the State-owned enterprises, non-high-tech enterprises, enterprises with low importance of human capital and high concentration of equity, the promotion effect of ESOP on financial performance was only found The promotion of financial performance is not significant.

The conclusion of this paper shows that the implementation effect of ESOP is significantly related to the life cycle stage of the enterprise, and there are some differences in the implementation effect among enterprises with different property rights, industries, employee structure and corporate governance. This research enriches and expands the related research on the implementation effect of ESOP, and also has some reference and inspiration for enterprise decision-making and regulatory Agencies.