The Influence Of Employee Stock Ownership Plan On The Innovation Of High-tech Enterprises

The report of the 19th National Congress of the Communist Party of China pointed out that the primary theme of China’s economic and social development during the "14th Five Year Plan" period is to promote high-quality economic development and build a new development pattern.Innovation is the first driving force to promote high-quality development,and also the strategic support for China’s construction of a modern economic system.High-tech enterprises are the main positions of technological innovation in China.China’s High-tech enterprises have developed into a commercial collective with core innovation competitiveness,which is an important label of a country’s innovation ability.The key body of enterprise innovation is human capital,and talent is the core competitiveness of enterprise innovation.How to utilize and enhance human capital is crucial for enterprise innovation.A feasible solution is to implement employee stock ownership plans.In2014,the CSRC issued the Guiding Opinions to restart the employee stock ownership plan,pushing China’s employee stock ownership plan into a standardized stage.By2021,more than 1000 listed companies in China’s A-share market had completed the implementation of employee stock ownership plans.Based on the above background,this article analyze whether employee stock ownership plans can promote innovation in high-tech enterprises and how to promote innovation by empirical analysis and case analysis.Firstly,this thesis uses the panel data of high-tech enterprises in China from 2014 to 2021 as a sample,and conducts empirical analysis using a multi-phase DID model.The regression results show that employee stock ownership plans significantly promote innovation of high-tech enterprises in China,and the empirical results are robust.Secondly,this article further selects Goertek Corporation,a high-tech enterprise,as a typical case for research.Analyzing the five employee stock ownership plans implemented by Goertek Corporation,the research finds that: first,the reasons for implementing the employee stock ownership plans by Goertek Corporation are related to the more perfect employee stock ownership plan policies,attracting and retaining core employees by forming an incentive mechanism,alleviating financial pressure,and adjusting the ownership structure;Secondly,the implementation of the employee stock ownership plan by Goertek Corporation can better promote the innovative development of the enterprise,which is reflected in four aspects: innovation input,innovation output,innovation efficiency,and innovation income;Third,employee stock ownership plans promote enterprise innovation by improving efforts of employees and enhancing human capital.Finally,based on the above conclusions,this article proposes four suggestions: First,it can be implemented continuously for multiple periods to form sustainable incentives;Second,implementing differentiated share ownership for different employees;Third,diversifying the sources of grant stocks;Fourth,establish a differentiated assessment mechanism.