| At present,China is in the period of economic transformation,from the stage of rapid expansion to the stage of high-quality development.Technological innovation is the top priority in this transformation and development process,and high-tech enterprises,as representatives of innovative enterprises,have gradually become the backbone of domestic enterprises that cannot be ignored.To enhance the innovation ability of an enterprise,not only the external improvement of the enterprise is needed,but also the internal factors cannot be ignored.As an important internal means of the enterprise,ESOP can play a role in motivating employees and thus driving enterprise innovation.After the introduction of the new policy in 2014,ESOP in China has truly entered the mainstream.However,due to the lack of experience and the short time of policy promulgation,there is less research and controversy in related fields.Therefore,whether the implementation of ESOP in our country’s high-tech enterprises can promote corporate innovation,how to formulate the relevant policies of ESOP,and the impact of ESOP on corporate innovation and the characteristics of the company are particularly important.Based on this,this paper takes high-tech enterprises as the research object to study the impact of ESOP on enterprise innovation through the combination of theory and demonstration.In the theory part,above all,it elaborates the industry setting and policy background of the ESOP in Chinese enterprises.Then,it defines three main concepts and combs the principal-agent theory,human capital theory,two-factor theory and innovation theory.Subsequently,the domestic and foreign literature related to ESOP,enterprise innovation and the impact of ESOP on enterprise innovation are summarized.Finally,based on the above theoretical analysis,the assumptions of this paper are put forward.In the empirical part,this paper selected the high-tech enterprises listed in A shares in2015-2019 to implement the ESOP as samples.Through the establishment of a comprehensive FGLS model and OLS model to verify the assumptions.Redefine corporate innovation with the number of invention patents to ensure the robustness of research results.The empirical results show that the implementation of ESOP in high-tech enterprises can promote enterprise innovation.Because the ESOP can realize the role of binding employees’ own interests with the interests of the enterprise,Employees’ self-interest will also improve work efficiency and drive enterprise innovation.Further analysis shows that the higher the proportion of non senior management employees in high-tech enterprises,the more can promote enterprise innovation.On the one hand,the excessive shareholding of senior management will lead to the problem that the power of shareholders is elevated by the management,which will lead to the rise of agency costs and thus inhibit enterprise innovation.On the other hand,due to the special nature of high-tech enterprises,the incentive provided by ESOP to the R&D technicians of enterprises can promote their work efficiency and stimulate their willingness to innovate.Finally,the samples are divided into two groups according to enterprise property.In conclusion,compared with state-owned enterprises,putting ESOP into effect in non-state-owned enterprises can indeed promote enterprise innovation more.This is due to the special status of our country’s state-owned enterprises.The government supports them more than non-state-owned enterprises.State-owned enterprises are likely to implement ESOP in order to cater to national policies.Therefore,the effect of implementing ESOP in state-owned enterprises is less effective than that in non-state-owned enterprises.On the basis of this conclusion,the paper puts forward policy suggestions from two aspects of enterprises and government.Enterprises need to consider the relevant factors before deciding whether to implement ESOP and make real-time adjustment according to the operation situation,and at the same time pay attention to the accumulation of human capital and protect the interests of employees.The government should improve the legal system and strengthen guidance and supervision in conjunction with relevant institutions to help the implementation of national policies and actively respond to the call of "mass entrepreneurship and innovation". |
