2014 年，证监会重启了员工持股计划的试点实践，由此我国实施员工持股计划的企业不断涌现。本文在相关研究的基础上，选取我国 2014-2019 年沪深 A 股上市公司为样本，通过实证研究考察员工持股计划及其实施规模对盈余持续性的影响。研究发现：员工持股计划与企业盈余持续性成显著负相关，且员工持股计划规模越大，企业盈余持续性越差。上述结果说明，员工持股计划在提升了员工话语权的同时，也增强了管理层“讨好”员工的动机，管理层进行盈余管理操控股价，以帮助员工“套现”，从而降低了企业的盈余质量和盈余持续性。

In 2014, China Securities Regulatory Commission (CSRC) restarted the pilot practice of ESOP. As a result, more and more companies are implementing Employee Stock Ownership Plan in China. On the basis of relevant research, this paper selects Chinese A-share listed companies from 2014 to 2019 as research samples, investigates the impact of ESOP and its scale on earnings persistence. The results show that ESOP is negatively correlated with the persistence of earnings. And the larger the scale of ESOP, the worse the persistence of earnings. The above results indicate that the ESOP not only improves the discursive power of employees, but also enhances the motivation of management to "please" employees. The management manipulates stock price through earnings management to help employees cash out, thus reducing the quality and sustainability of earnings.