Research On The Influence Of Employee Shareholding On Enterprise Innovation Efficiency

Innovation is an important means for an enterprise to maint ain its competitiveness.As the primary active subject of innovation activities,employees are undoubtedly the core of undertaking innovation activities.Enterprise innovation depends on employees,and efficient incentive mechanism provides continuous innovation escort for employees.Employee shareholding is a benefit plan that allows employees to become stock owners of the company.As a long-term incentive mechanism in China in recent years,by the end of 2017,more than 600 countries have implemented this system and successfully completed it.It is based on the above background,this paper carries on the research to the enterprise which implements the employee stock ownership,evaluates the enterprise innovation efficiency of implementing the employee stock ownership,and finds out What factors can affect the innovation efficiency,according to the analysis results,put forward the countermeasures to improve the innovation efficiency.First of all,based on the dual economic theory,interest-related theory and sharing economy theory,this paper analyzes the current situation of employee shareholding,and selects the appropriate innovation efficiency measurement method to calculate the innovation efficiency value of the sample enterprises.This paper analyzes the present situation of enterprise innovation efficiency.This paper expounds the influence path of employee shareholding on the innovation efficiency of enterprises from three aspects: incentive,risk sharing and principal-agent mechanism.Taking the value of enterprise innovation efficiency as the explained variable,the Tobit panel model is established to analyze the factors that affect the innovation efficiency.Through the measurement and empirical research of innovation efficiency,the following conclusions are drawn:(1)the implementation of employees in China The overall level of innovation efficiency of listed enterprises is low.(2)after the implementation of the plan,the innovation efficiency of enterprises can increase year by year,which proves that employee shareholding plays an important role in promoting innovation efficiency.(3)there is an inverted U-shaped relationship between the price difference of employee shareholding and the innovation efficiency of listed companies.the greater the stock price difference before the inflection point,the higher the innovation efficiency.After crossing the inflection point,the influence of the increase of price difference on the innovation efficiency is negative;(4)there is a positive correlation between employee shareholding period and innovation efficiency in listed companies.The longer the lock period is,the more beneficial it is to improve innovation efficiency.(5)the proportion of employee shareholding in listed companies is negatively correlated with innovation efficiency.According to the above It is concluded that only by vigorously promoting the implementation of ESOP,combining with the national policy and formulating reasonable rules of ESOP according to the situation of the enterprise itself,can ESOP be more effective in promoting enterprise innovation.