| On June 20,2014,China securities regulatory commission issued the guidance on listed companies' pilot implementation of employee stock ownership plan(ESOP),which marks the formal beginning of the standardized implementation of ESOP incentive by listed companies in China.In the process of implementing the ESOP,priority should be given to supporting research institutes,high-tech enterprises and service enterprises with relatively high proportion of talent capital and technological factor contribution to carry out the ESOP pilot program,especially small and mediumsized high-tech enterprises to carry out the pilot program and orderly promote and promote it.ESOP as a way of long-term incentive,under the heterogeneity of different elements of contract performance,can inspire a high and new technology enterprise employee adopt consistent with the goal of enterprise long-term behavior,so as to improve enterprise value can promote enterprise innovation,become the theoretical and practical circles in recent years are realistic problem urgently to be solved.Therefore,based on the perspective of heterogeneity,this thesis discusses the impact of ESOP on enterprise innovation in the new era.Through theoretical research,current situation analysis and empirical research,this thesis takes high-tech enterprises implementing ESOP in China from 2014 to 2017 as the research object,and studies the heterogeneity of ESOP and the innovation efficiency of enterprises in the new era.The research content mainly includes five parts: the first part,theoretical research.It clarifies the concepts of the ESOP heterogeneity and the innovation efficiency,constructed the research framework of ESOP based on the heterogeneity perspective,and introduces the theories related to employee stock ownership plan and enterprise innovation theory.The second part,the status quo analysis.According to the connotation of the heterogeneity of ESOP,this thesis analyzes the current situation of implementing ESOP in high-tech enterprises in China from five aspects: enterprise profile,participants,shareholding scale,stock source and capital source,and evaluated the implementation effect.The third part,innovation efficiency evaluation.Constructing the index system of "innovation input--innovation output" based on the connotation of enterprise innovation efficiency;Using DEA – Malmquist and DEA-BCC model from two aspects of the comprehensive static efficiency and dynamic efficiency evaluation of innovation efficiency.And the results show that the high and new technology enterprise innovation efficiency in China is mainly the change of technical efficiency change,underpowered and technology improvement.The fourth part is the empirical study of the impact of ESOP heterogeneity on the innovation efficiency of enterprises.The influence mechanism of ESOP on enterprise innovation is constructed,and the influence of ESOP heterogeneity on enterprise innovation efficiency is analyzed from five aspects: stock source,capital source,participants,shareholding scale and enterprise nature.The empirical results show that it is better for high-tech enterprises to use the private placement model as the stock source to improve the innovation efficiency than to use the stock accumulation model as the stock source.It is better for high-tech enterprises to use the employee's own compensation model as the capital source to improve the innovation efficiency than to use the leverage model as the capital source.There is a significant positive correlation between the shareholding ratio of core technical personnel and the innovation efficiency of enterprises,and a significant negative correlation between the shareholding ratio of senior management personnel and the innovation efficiency of enterprises.Compared with state-owned enterprises,the implementation of employee stock ownership plan in private high-tech enterprises can promote the improvement of innovation efficiency.There is a significant positive correlation between the implementation scale of ESOP and the innovation efficiency of enterprises.The main innovation points of this thesis:(1)According to the perspective of heterogeneity,the connotation of ESOP heterogeneity is defined from five aspects: stock source,capital source,shareholding ratio,scope of participants and enterprise nature,and its impact on enterprise innovation efficiency is revealed.(2)Based on the characteristics of innovation activities of high-tech enterprises,multiple and dynamic indicators are selected and DEA-BCC and DEA-Malmquist methods are used to evaluate the innovation efficiency of enterprises from both static efficiency and dynamic efficiency.At the same time,from the "technical progress" and "technical efficiency improvement",it reveals the different influences of ESOP heterogeneity on the innovation ability and resource allocation of high-tech enterprises,and expands the research perspective of enterprise innovation efficiency. |
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