译文（字数 4234）：

银行员工激励和股票购买计划参与

摘 要

     我们研究哪些因素影响员工决定，使44649名员工将工资投资于法国最高零售银行集团。我们有两个目标：（1）探索影响投资数量计划的相关因素，（2）探索这些因素是否具有相同的联想投资的概率比---有效的支付会成为一个活跃的投资者。具体来说,我们关注的是已经被证明能够影响参与的四个参数:流动性约束、不完善的知识计划,资产选择和交易成本。我们确认恩格尔哈特和马德里安的假设是根据这些因素有助于解释不参与。我们表明,ESPP贡献者有非常具体的和未被注意的动机,如图所示的错误条件之间的正相关性两个步骤的投资决策。不可见的投资动机的存在可以解释为一个较低的风险规避,更高的时间偏好,或一个强大的意愿参与公司治理。

关键字: 公司治理  员工股票购买计划  银行储蓄行为

外文原文（字符数 12696）：

Bank Employee Incentives and Stock Purchase Plans Participation              

Abstract

      We investigate which factors influence 44,649 employees’ decision to invest in a top retail banking group in France. We have two objectives: (i) to explore factors associated with the amount invested in the plan, and (ii) to explore whether these factors have same associations with the probability of investing more than the incen- tive pay i.e. being an active investor. Specifically, we focus on four parameters that have been shown to affect participation: liquidity constraints, imperfect knowledge of the plan, asset choice, and transaction costs. We confirm Engelhardt and Madrian (Natl Tax J 57:385–406, 2004) assumptions according to which such factors contribute to explain non-participation. We show that ESPP contributors have very specific and unobserved motivations, as shown with the positive correlations between error terms in the two steps of investment decisions. The existence of unobservable investment motives can be explained by a lower risk aversion, a higher time preference, or a strong willingness to participate to corporate governance.

Keywords Employee stock purchase plans · Corporate governance ·

Bank · Saving behaviors