| In June 2014,the Securities and Exchange Commission announced the resumption of the E SOP,and since the issuance of the Guidance,China’s listed companies have successively formula ted and implemented ESOP implementation plans.According to the WIND database,54 ESOP im plementations were enacted in the second half of 2014 and 1,041 ESOP implementations were in place by the end of 2020.The development plan for the Fourteenth Five-Year Plan period empha sizes the need to significantly improve the country’s innovation capacity and looks forward to ent ering the forefront of innovative countries in 2035.Enterprises play an important role in technolo gical innovation.In order to make human capital play the most effective role in the creation of en terprise value,the issue of agency and incentive at the employee level is of great importance.ESOP,as a new form of equity for all employees,can not only improve the salary distributi on system,motivate,retain and attract talents,but also have financing purposes,expand financin g channels,reduce financing costs and ease the level of financing constraints.How to improve th e innovation ability of enterprises has been a hot topic in research.Therefore,this paper takes the system background of restarting ESOP and issuing the Guidance in June 2014 as an entry point t o reveal the relationship between ESOP and R&D investment,and discusses the mechanism of E SOP’s role in R&D investment from the perspective of financing constraints,and concludes:First,the implementation of ESOP promotes R&D investment in enterprises.Secondly,the financing c onstraint plays an intermediary role between ESOP and R&D investment,that is,ESOP can pro mote R&D investment by reducing the level of financing constraint of enterprises.Thirdly,based on the property nature,CSE A-share plate and the heterogeneity of industry factors,the empirica l regression shows that:(1)ESOP implementation by non-state-owned enterprises significantly p romotes enterprise R & D investment in different property nature(2)ESOP has the best effect on R & D investment in the GEM in different Shanghai and Shenzhen A share sectors.(3)Among t he characteristics of different industry factors,the implementation of ESOP in technology-intensi ve enterprises contributes the most to R&D investment. |
