| At present,socialism with Chinese characteristics has entered a new era,and China’s economy has shifted from a stage of high-speed growth to a stage of high-quality development.To achieve high-quality economic development,it is bound to rely on technological innovation of enterprises.As the pillar of the national economy,state-owned enterprises are an important part of the national innovation system,and their technological innovation ability is related to the national scientific and technological level and comprehensive national strength.We are trying to promote the mixed ownership reform of state-owned enterprises,what impact will ESOP have on technological innovation of state-owned enterprises ? This is a question worth studying.Based on the two-factor theory,principal-agent theory,property rights theory and technology innovation theory,this thesis analyzes the ways that ESOP affects the technological innovation of state-owned enterprises,and the differences between ESOP in different industries and different regions,and discusses whether ESOP has an impact on the technological innovation of state-owned enterprises.This thesis selects the data of A-share state-owned listed companies from 2014 to 2021,and uses econometric statistical software stata17 to analyze the data,and studies whether ESOP has A promoting effect on technological innovation of state-owned enterprises,focusing on the following four questions:(1)this thesis considers whether the ESOP,as a mechanism of mixed ownership reform,can promote the technological innovation of state-owned enterprises and its influence mechanism.(2)it analyzes whether the quality of internal control can play a partial mediating role between the ESOP and the technological innovation of state-owned enterprises by alleviating the agency problem.(3)the thesis analyzes whether there are industrial and regional differences in the effect of ESOP on technological innovation of state-owned enterprises.According to the empirical analysis results,the following conclusions are drawn:(1)There is a positive correlation between ESOP and technological innovation of state-owned enterprises,and the implementation of ESOP can promote the improvement of technological innovation level of state-owned enterprises.(2)The quality of internal control plays a partial mediating role between the ESOP and the technological innovation level of state-owned enterprises.(3)Compared with non-high-tech enterprises,ESOP in high-tech enterprises can promote technological innovation in state-owned enterprises.(4)Compared with non-eastern regions,ESOP in eastern regions have a more significant effect on improving the innovation ability of soes.Based on the research conclusions,the following policy suggestions are put forward:(1)Actively implement the employee stock ownership plan to help state-owned enterprises carry out technological innovation,and ensure that the employee stock ownership plan moves forward to improve the quality of internal control and promote the level of innovation.(2)State-owned high-tech enterprises play their exemplary leading role and enhance the value of innovation.(3)Design the employee stock ownership plan according to local conditions,so as to ensure that the employee stock ownership plan plays a due incentive role in innovation activities.This thesis has enriched the relevant literature of employee stock ownership plan and technological innovation of state-owned enterprises,which has reference significance for state-owned enterprises preparing to implement the plan,and also provides new ideas and reference significance for state-owned enterprises to improve corporate governance,effectively promote the modernization of technological innovation and governance of state-owned enterprises,and put forward policy suggestions for the next round of reform of state-owned enterprises.It has practical guiding significance for promoting the long-term development of state-owned enterprises. |
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