An Empirical Study On The Impact Of ESOP On The Performance Of High-tech Enterprises

At present,China’s economy is changing from a period of rapid expansion to a period of high-quality development.Scientific and technological innovation can also help China develop better,and the important pillar of the domestic market has become a high-tech enterprise with scientific and technological innovation and high and new technology at the core.ESOP can effectively motivate and retain employees,improve work enthusiasm and drive enterprises to carry out innovative work.Compared with foreign countries,we will find that the development of China’s employee stock ownership plan is facing a more tortuous situation,but there are also great obstacles.The research work in this field was not started until 2014.There are few studies in related fields and different views.How does ESOP affect the innovation and specific implementation effect of high-tech enterprises?These problems are of great significance to the theory and practice of ESOP in China.Under this premise,firstly,the first step of this paper is to study the relevant theories and knowledge content of ESOP and corporate performance,analyze and summarize how the implementation of this plan affects performance,and then point out the impact of ESOP on the company and the impact of relevant literature on corporate performance.Then select the appropriate data model for in-depth and detailed analysis,so that the hypothesis of this paper can be verified.In order to reduce the impact of macro factors such as policies,this paper selects the data of high-tech companies of A-share listed companies from 2017 to 2020 as the panel data,tests the research hypothesis of this paper,and takes various data models as empirical models by testing the random effect model.The results show that there is a positive correlation between employee participation plan and enterprise performance in high-tech enterprises.The implementation of employee participation programs in high-tech companies will lead to significant performance improvement.The higher the equity proportion of employees participating in the plan,the more significant the improvement of corporate performance;Among them,the higher the proportion of shares subscribed by non executives in the total capital of the employee stock ownership plan,the more significant the impact on the company’s performance,and the more obvious the promotion effect of non executives’ Incentive on the company’s performance.