Research On The Impact Of Employee Stock Ownership Plans On The Innovation Performance Of State-owned High-tech Enterprises

Among the top 500 Chinese companies in 2017,state-owned and state-owned holding companies accounted for more than 50%,with 274 companies.The operating income of these 274 companies accounted for 71.83% of the total operating income of 500 enterprises,accounting for 85.87%.It can be seen from this that state-owned enterprises are the key to maintaining the development of the national economy.With the emergence of the“enhanced construction of innovative countries” and the emergence of high-tech industries such as big data and artificial intelligence,the Chinese enterprises have gradually realized that technological innovation is undoubtedly an inevitable choice for improving competitiveness.Therefore,in the fierce market competition,if state-owned enterprises want to be among the leading positions in the industry,innovation must be an important support for enterprise development.For an enterprise,improving the ability to innovate requires not only the company to increase investment in research and development,but also a strong talent team to promote innovation.The employee stock ownership plan,as a form of equity incentives,turns employees into shareholders of the company and forms a community of benefits sharing and risk sharing with the company,thereby proactively improving their work efficiency,promoting innovation output,and improving corporate innovation.The effect of performance.Based on the above background,this paper based on the research ideas and research methods of domestic and foreign scholars,selected representative Haig communication as a research case,and carried out research and analysis.First of all,this paper analyzes the motivations of implementing the employee stock ownership plan from both internal and external aspects.Among them,the internal factors are mainly the importance of talents and the pressure of capital shortage.The external factors are the national policy support and the fierce industry.competition.Secondly,the specific content of the employee stock ownership plan is explained from five aspects.Then,it analyzes the impact of Haig Communication’s employee stock ownership plan on enterprise innovation.From the perspective of R&D investment and R&D output,it selects several indicators to measure the innovation performance of enterprises,and compares and analyzes several innovations of Haige Communication and Big Dipper.Indicators further illustrate the positive impact of employee stock ownership plans on innovation.Finally,from the perspective of agency cost and risk taking,the mechanism of the impact of employee stock ownership plan on innovation performance is verified.The study found that: First,the employee stock ownership plan has a profound impact on the reform of state-owned enterprises.As an important means of reform of state-owned enterprises,we must pay more attention to the importance of employee stock ownership plans.Second,high-tech state-owned enterprises through implementation.The employee stock ownership plan has significantly increased both R&D investment and R&D output,which in turn has improved the company’s innovation performance.Finally,the implementation of the employee stock ownership plan will help reduce the agency cost of the company and enable the agent.Convergence with the client in terms of interests,thereby improving the efficiency of research and development,on the other hand,helping to improve the risk-taking ability of enterprises and enhance the level of innovation.Therefore,the employee stock ownership plan can make management pay more attention to R&D investment,stimulate employee creativity,continuously improve the level of innovation,and bring positive impact to the innovation performance of state-owned enterprises.