Research On The Impact Of Employee Stock Ownership Plan On The Performance Of High-tech Enterprises

In 2014,the China Securities Regulatory Commission launched the employee shareholding plan pilot for the first time,indicating that the employee stock ownership plan was put back on the agenda and has clear policy guidance and support.The emergence of the 2018 innovation pilot has enabled the employee stock ownership plan to serve the national innovation-driven development strategy.After the promulgation of the document,a wave of implementation of the employee stock ownership plan was gradually formed.The company expects to improve the management level and improve performance through the employee stock ownership plan.During the process,it was found that the employee stock ownership plan was better implemented in high-tech enterprises with higher contribution of human capital and technical factors.Based on this,on the basis of theoretical analysis,this paper adopts the propensity score matching method.After data processing,307 listed high-tech enterprises implementing the employee stock ownership plan in 2010-2017 will be used as the test group,and the listed high-tech enterprise without the employee stock ownership plan will be implemented.The technology enterprise obtains the control group after passing the PSM,and on this basis,it adopts the double difference method.The results show that the implementation of employee stock ownership plan can effectively improve the business performance and innovation performance of high-tech enterprises,and this improvement has a lag;further analysis of the influencing factors of the implementation effect of the employee stock ownership plan,the differentiation of the nature of the company's equity and the sample of corporate governance and the merger of the molecular sample,compared with the state-owned high-tech enterprises,private high-tech enterprises to implement employee stock ownership plan for business performance and the improvement of innovation performance is more obvious.Compared with the high-tech enterprises with low proportion of independent directors,the high-tech enterprises with higher proportion of independent directors implement the employee stock ownership plan to improve the business performance and innovation performance more obviously.Considering the free rider,the impact of the problem has led to the conclusion that in the high-tech enterprises with a large number of employees,the free-riding problem has weakened the implementation effect of the employee stock ownership plan.The research content of this paper enriches the theory and practice of the employee stock ownership plan of high-tech enterprises in China,and the high-tech enterprises have similar characteristics with the pilot innovation industry.The empirical research on the employee stock ownership plan and enterprise performance of high-tech enterprises is the same as the pilot policy direction of the innovation industry.Consistent,it will help to deepen the pilot,classify guidance,and promote orderly.