An Empirical Study On The Effect Of Employee Stock Ownership Plan On Corporate Profitability Under The Background Of Improving The Modern Corporate Property Rights System

With the constantly bring forth innovation of China’s socialist market economic system reform,establish healthiness mechanism of modern enterprise property right system is related to the long-term,stable,and high-quality development for enterprises,and is an important foundation for constructing modern enterprise system.This will help promote the orderly flow of all kinds of capital,enhance the entrepreneurial and innovative power of enterprises and the public,and accelerate to cultivate several large enterprises with international competitiveness.At the same time,the progress of science and technology as the primary productive force,it is the core of promote high-quality economic and social development and enhance the country’s comprehensive strength.As the vanguard of scientific and technological progress in my country,high-tech enterprises bear the social responsibility of the landing and promotion of scientific and technological innovation achievements,and actively promote high-tech enterprises to improve the modern enterprise property rights system,which is of great significance for enterprises to improve management efficiency,stimulate innovation and enhance corporate performance.High-tech enterprises have unique conditions in improving and promote the reform of the modern enterprise property rights system.First,high-tech enterprises have the characteristics of high R&D investment,high returns,long investment cycles,and high innovation etc.Secondly,the high density of knowledge,talents and technology determines that high-value talents in high-tech enterprises are the core of the survival and market competitiveness of enterprises.Therefore,high-tech companies actively implement employee stock ownership plans,allowing employees to hold company equity to share the results of corporate innovation and progress,making employees become the masters of the company,and improving employees’ enthusiasm and creativity,which has long-term strategic significance.This article takes the high-tech companies listed on the A-share market in 2014-2020 as the research object,and mainly studies high-tech companies implement employee stock ownership plans in the modern enterprise property rights system,whether it is conducive to improving the profitability of the company,and what influence mechanism is adopted to improve profitability?Whether there are differences under the different nature of enterprise property rights.Through data cleaning and sorting,a total of 7,544 valid samples were obtained in this study.Among the effective samples,there are 419 samples that implement employee stock ownership plans,and 7125 samples that do not implement employee stock ownership plans.Empirical regression testing is carried out by using multiple regression model,mediation effect model,and PSM.The results show that high-tech companies that have implemented an employee stock ownership plan perform better than those that have not adopted an employee stock ownership plan.Further research found that the implementation of the employee stock ownership plan is conducive to the innovation output of high-tech enterprises,and the innovation output plays a part of the mediation effect in the process of improving corporate performance.The impact of employee stock ownership plans on corporate performance is heterogeneous among different natures.The impact of employee stock ownership plans of high-tech enterprises on the performance of non-state-owned enterprises is more significant than that of state-owned enterprises.Finally,according to the conclusions of the research,propose the policy recommendations of this article are proposed:the state should actively improve the laws and regulations of the modern property rights system and employee stock ownership,introduce corresponding tax preferential policies,and increase the publicity work of employee stock ownership plans.At the corporate level,companies are encouraged to seize the right time to implement the employee stock ownership plan,make full and detailed investigations in the process of formulating employee stock ownership plans,formulate reasonable employee stock ownership ratios,and establish an open and fair employee stock ownership plan shareholding environment,strengthen the assessment and supervision of employees’ work performance.