Impact Of Employee Stock Ownership Plan On Enterprise Innovation By HYBIO

Since the employee stock ownership plan was proposed by Louis Kelso in the 1950 s,it has been widely used and perfected as a long-term performance incentive mechanism in the world.Compared with foreign countries,the development of employee stock ownership plans in China is obviously behind.In June 2014,the China Securities Regulatory Commission issued the "Guiding Opinions on the Pilot Program for the Implementation of Employee Stock Ownership Plan for Listed Companies",which is the beginning of the standardization of China's employee stock ownership plan.As a result,more and more companies have implemented employee stock ownership plans,and scholars have continued to deepen their research.However,current scholars' research mainly focuses on topics such as employee stock ownership model,employee stock ownership plan design,employee stock ownership system,and implementation of employee stock ownership plan's impact on corporate performance,shareholder wealth and corporate value.There are few studies on the impact of the implementation of employee stock ownership plans by listed companies on corporate innovation,and there are different opinions.There is no case study article on this aspect.In the fierce global market competition,the development and expansion of a company or even a country needs to rely on innovation.Without innovation ability,it can only be abandoned by the times.If we want to maintain our competitive advantage,we must continue to innovate.For companies,innovation not only requires management to invest in innovation at risk,but also requires employees to actively create innovations.This requires companies to design a long-term incentive mechanism-employee stock ownership plan,motivate management to take risks,give up short-term benefits to increase R & D investment,at the same time,form a community of interests with employees,stimulate their work enthusiasm,continue to produce innovation Achievements.This article first uses the literature research method to review the related literature of employee stock ownership plan and enterprise innovation,and finds that there are few case studies on the relationship between the two.Then,this paper uses the normative research method to analyze the mechanism of the implementation of employee stock ownership plan on the company's innovation.The study found that after the implementation of the employee stock ownership plan,a risk-sharing mechanism was formed between the company and the employees,which reduced the agency cost and prompted the improvement of the level of innovation of the company.Finally,this paper uses the case analysis method to combine quantitative and qualitative methods,analyze specific financial indicators based on a large number of data and phenomena,and use graphs and other tools to more visually and intuitively present them.At the same time,the company selected Hisun l as a comparative enterprise for comparative analysis to study the impact of Hybio's implementation of employee stock ownership plan on the company's innovation input and output,and conducted a verification analysis of the impact mechanism.On this basis,the research conclusions of this paper are drawn,and some suggestions are made for enterprises to implement employee stock ownership plans to promote enterprise innovation.The contribution of this article mainly lies in the following three aspects.Firstly,it analyzes the impact of the implementation of the employee stock ownership plan by the listed company on the innovation input and output of the company,complementing the case study articles on this topic.Secondly,it analyzes the mechanism of employee stock ownership plan's impact on the company's innovation and validates it through case analysis to provide theoretical support for the popularization and application of employee stock ownership plan.Third,taking Hybio as an example,how to implement the employee stock ownership plan and how to promote enterprise innovation will be analyzed in depth,which will provide reference for the practical application of other companies.This article is divided into five chapters.The first chapter is the introduction,introduces the writing background and writing significance of this article,reviews and summarizes the research status of domestic and foreign scholars,puts forward the research questions of this article,sorts out the research ideas and research methods of this article,and constructs the overall discussion framework of the article.The second chapter is the theoretical overview of the employee stock ownership plan,clarifies the basic concepts of employee stock ownership plan and enterprise innovation,and introduces the theoretical basis of this article—human capital theory,principal-agent theory,technological innovation theory and incentive theory.And innovatively analyze the impact mechanism.The third chapter is a case study of Hybio's implementation of employee stock ownership plan.It introduces the basic situation of Hybio and its shareholding structure,and elaborates on the detailed rules and incentives for implementing the employee stock ownership plan.The fourth chapter is the analysis of the impact of the employee stock ownership plan of Hybio on the innovation of the company.It selects and uses the measurement indicators of the company's innovation input and innovation output,and compares Hybio and Hisun.It highlights the impact of the implementation of employee stock ownership plans on enterprise innovation,and analyzes and validates the impact mechanism analysis of this article from the perspective of agency cost and risk commitment.The fifth chapter is the conclusions and recommendations of Hybio's implementation of employee stock ownership plan for enterprise innovation.This chapter mainly through the specific analysis of this case to draw the conclusions of the case study,and put forward the corresponding recommendations for this case,for companies to learn from and apply.