Research On The Impact Of Employee Stock Ownership Plans On Breakthrough Innovation In State-owned Enterprises Under The Background Of Mixed Ownership Refor

At present,China has entered a high-quality development stage driven by innovation.State owned enterprises are an important pillar of China’s national economy.We should give full play to the leading role of state-owned capital.As an important form of mixed reform of state-owned enterprises,ESOP binds employees’ personal interests with enterprise value by granting shares to employees,so as to arouse employees’ sense of organizational identity and work responsibility,attract and retain excellent management and technical talents,which is conducive to the continuous innovation of state-owned enterprises.However,in the past,the research on the impact of ESOP on enterprise innovation mostly focused on the quantity of innovation,and the attention of innovation quality is relatively insufficient,and innovation quality is an important index to measure innovation ability.Breakthrough innovation breaks the original technological boundary and requires enterprises to explore new technological fields,so as to promote enterprises to achieve connotative growth.Therefore,combined with the background of the mixed reform of state-owned enterprises,this paper studies the impact of the implementation of employee stock ownership plan on the breakthrough innovation of state-owned enterprises.Taking the state-owned listed enterprises from 2014 to 2020 as a sample,the empirical study found that compared with the state-owned enterprises that did not implement the employee stock ownership plan,the implementation of the employee stock ownership plan will promote the breakthrough innovation of state-owned enterprises,and the promotion effect of the employee stock ownership plan lags behind.Further research shows that the higher the subscription proportion of non executives in ESOP,the more conducive it is to promote the breakthrough innovation of state-owned enterprises,while the subscription proportion of executives does not significantly promote the breakthrough innovation of state-owned enterprises.This paper further selects the representative SAIC Group,which implements employee stock ownership,as a case study,and finds that employee stock ownership plan can promote the breakthrough innovation of state-owned enterprises by reducing agency costs and improving innovation efficiency.Based on the above research conclusions,this paper puts forward policy suggestions on actively promoting the implementation of ESOP in state-owned enterprises,in order to provide reference for the mixed reform of state-owned enterprises.This study helps to enrich the literature in the field of employee stock ownership plan and enterprise breakthrough innovation.