Research On The Influence Of Employee Stock Ownership Plan On Enterprise Innovation

Since the reform and opening up more than 40 years in 1987,China’s economy has achieved rapid development.According to statistics released by the national bureau of statistics,China’s GDP will reach nearly 100 trillion yuan in 2019,ranking the second place in the world and playing an increasingly prominent role in the global economic system.However,it must be admitted that the rapid growth of China’s economy is still in an extensive growth model,and the role of innovation in promoting economic growth is far from enough.It is still necessary to stimulate and improve the innovation capacity of the whole society.Since the 18 th national congress of the communist party of China(CPC),as the country attaches great importance to innovation and development,enterprise innovation has attracted more and more attention from all walks of life.At present,the academic circle studies the influence mechanism of enterprise innovation from multiple perspectives.In terms of improving employees’ innovation enthusiasm,the research mainly focuses on equity incentive on enterprise innovation,but the research on employee stock ownership plan(ESOP)and enterprise innovation is relatively rare.As China securities regulatory commission formulated and issued guidelines on the implementation of employee stock ownership plans in listed companies in June 2014,pilot employee stock ownership plans were carried out in listed companies,and employee stock ownership plans received positive response from enterprises.In 2014,56 boards of directors of companies issued and implemented this long-term performance incentive plan.In the era of knowledge economy,the innovation ability of enterprise employees is the driving force for enterprise development.The improvement of human initiative can promote the improvement of efficiency and benefits,and the implementation of positive and effective incentive plans for employees can greatly enhance the long-term competitiveness of enterprises.Therefore,it is of great significance to study the impact of the implementation of ESOP on enterprise innovation,to promote and improve the ESOP of angong and to motivate employees。This paper selects all a-share listed companies from 2014 to 2017 as research samples,and specifically discusses the relationship between the implementation of ESOP of listed companies and enterprise innovation.The empirical study shows that compared with the listed companies that have not implemented the ESOP,the listed companies that have implemented the ESOP increase the enterprise innovation investment,indicating that the ESOP plays a positive role in enterprise innovation.Onthis basis,the property right nature is distinguished to conduct the research,and it is found that in the listed companies that implement the employee stock ownership plan,the employee stock ownership plan plays a more significant role in innovation in the non-state-owned companies.It is found that the implementation of the ESOP in the growth period has a greater effect on the innovation of the company,which can effectively increase the innovation input of the enterprise and improve the innovation ability of the enterprise.The research conclusion of this paper is not only helpful for enterprises to design and implement employee stock ownership plan,but also helpful for employees to give play to their own innovation ability.Individual ability and enterprise development complement each other,so as to achieve common development and progress.At the same time,the implementation of the government’s employee stock ownership plan policy is verified to some extent,which is conducive to the regulatory department to formulate the relevant rules of the employee stock ownership plan scientifically,regulate the further development of the employee stock ownership plan,and promote the healthy and orderly development of the capital market.It also has certain reference value.