Employee Stock Ownership Plan And R&D Investment And Value Of Listed Company

Employee stock ownership plan is to give employees a stake in,let them become shareholders in order to enjoy the ownership of enterprises and the system of usufruct of 2014,the securities and futures commission released about listed company pilot guidance on the implementation of employee stock ownership plan,marked the employee stock ownership plan officially implemented in our country by the end of 2018,a total of 573 listed companies have completed the employee stock ownership plan implementation of employee stock ownership plan in our country mainly has two purposes:one is to smoothly mixed ownership reform,the second is to cater to the development strategy of innovation driven this paper mainly introduces the employee stock ownership plan innovation incentives to the listed company value influenceAt present,in the fierce market competition,innovation has become the basic driving force for the development of enterprises and employees are the key to enterprise innovation.The employee stock ownership plan connects the interests of R&D personnel and the interests of the enterprise through the ownership of core technical personnel,maximizes their creativity,and makes a great contribution to the improvement of core competitiveness and the creation of greater benefits.For technology-oriented high-tech enterprises,research and development investment is a necessary condition to realize enterprise innovation and enterprise value.Only by effectively combining research and development investment with incentives for scientific and technological personnel can enterprise innovation be promoted,the core competitiveness of enterprises be improved,and more value be created for shareholders.Therefore,this paper discusses the influence of the employee stock ownership plan on the value of listed companies under the condition of considering the R&D investment of enterprises,so as to test the influence of R&D capital investment on the incentive system of R&D personnel.Taking the a-share listed companies in Shanghai and shenzhen from 2014 to 2018 as samples,this paper can observe the market reaction before and after the announcement of ESOP through the event study method,so as to study the impact of capital input and R&D expenditure of ESOP on the value of listed companies.It has important reference significance for how to allocate funds of employee stock ownership plan and R&D expenditure.Through empirical test,the conclusion of this paper is as follows:(1)the market reaction to the announcement of the implementation of the employee stock ownership plan by listed companies in China was significantly positive.(2)the proportion of the actual amount of the ESOP in the total amount of R&D expenditure and the accumulated excess returns shows a u-shaped relationship.(3)the higher the proportion of R&D personnel in the company,the higher the value of the listed company.(4)the market has a positive reaction to the enterprises implementing the ESOP in 2015.In order to prove the robustness of the empirical results,the data in the sample companies that did not trade on the day of the announcement were removed to conduct the robustness test.In the further research,this paper divides the sample of companies into high-tech companies and non-high-tech companies,and conducts empirical tests respectively.The empirical results show that the above conclusions are more significant in high-tech companies.In order to find out why a company with a low proportion of ESOP and R&D expenditure still implements ESOP even though the market reaction is negative,this paper makes an extended analysis.Taking the employee stock ownership plan of Shenzhen Everwin Precision Technology Co.Ltd and Lonkey Industrial Co.Ltd as the case,it is found that the purpose of implementing the employee stock ownership plan is not to stimulate innovation,but to play a stabilizing role for the adjustment of strategic structure and equity structure for the enterprises whose employee stock ownership plan accounts for a low proportion of their R&D expenditure.