The Impact Of Employee Stock Ownership Plan On Enterprise Innovation

The economy of China is transiting from rapid expansion to high-quality development.Scientific and technological innovation has become an important force to promote development,and enterprises with technological innovation have gradually become the mainstay of the market.Employee stock ownership plan(ESOP)can effectively motivate and retain employees,improve work enthusiasm and promote enterprise innovation.Compared with the United States,the development of ESOP in China is more tortuous,and did not get on the right track until 2014.There are few researches in relevant fields.What influence will ESOP have on the innovation of high-tech enterprises,and what difference will be brought to the implementation results by the difference of specific contents? These problems are of great significance to the theory and practice of ESOP in China.Based on this,this paper studies the impact of ESOP and non-executive ESOP on enterprise innovation from both theoretical and empirical aspects.Firstly,based on the theoretical basis of ESOP and enterprise innovation,this paper analyzes and summarizes the impact of ESOP on enterprises and the relevant literature of enterprise innovation,so as to further analyze the impact of ESOP on enterprise innovation and the impact of senior managers and non-senior managers on enterprise innovation in ESOP,forming the research hypothesis of this paper.Then select the corresponding data and model for analysis,and verify the hypothesis of this paper.In order to reduce the impact of macro factors such as policies,this paper selects the data of high-tech enterprises in A-share listed companies from 2015 to 2018 as panel data,and selects random effect model from a variety of data models as empirical model to verify the research hypothesis of this paper.The results show that there is a positive correlation between ESOP and innovation of high-tech enterprises.The implementation of ESOP in high-tech enterprises will lead to significant improvement of innovation level,and the higher the proportion of ESOP,the more significant the improvement of enterprise innovation;among them,the proportion of shares subscribed by non-executives in the total share capital of ESOP is High,the more significant the impact on enterprise innovation,the more obvious the incentive effect of non-executives on enterprise innovation.