Tunneling through employee stock ownership plans: Evidence from China

The dataset is for a study on tunneling by owners of listed firms in China. The industry-adjusted and PSM-control-adjusted operating cash flow show that operating performance deteriorate after ESOP adoption announcements. The four cross-sectional regressions are performed using the three-year average firm and ESOP characteristic data. The robustness tests are performed using the panel data for the likelihood of equity sales and the operating performance after ESOP adoption.本数据集用于一项针对中国上市公司控股股东隧道挖掘行为的研究。经行业调整与倾向得分匹配 (Propensity Score Matching) 控制调整后的经营性现金流数据显示，员工持股计划 (Employee Stock Ownership Plan) 公告发布后，企业经营业绩出现下滑。本研究采用企业与ESOP特征的三年平均数据，开展了四项横截面回归分析。后续本研究采用面板数据，以股权减持概率与ESOP实施后的经营业绩为指标，完成了稳健性检验。