员工持股计划对企业创新的影响——基于高新技术企业的实证研究

THE IMPACT OF EMPLOYEE STOCK OWNERSHIP PLAN ON ENTERPRISE INNOVATION: AN EMPIRICAL STUDY ON LISTED COMPANIES OF HIGH-TECH ENTERPRISES

李佳宾

11849452

硕士

金融

何佳

2020-05-28

2020-06-30

哈尔滨工业大学

深圳

我国经济目前正从高速扩张期向高质量发展期过渡，科技创新已成为促进中国发展的重要力量，以高技术与科技创新为核心的高新技术企业也逐步成为国内市场的中流砥柱。而员工持股计划能够有效激励与留住员工，提高工作积极性，推动企业创新。与国外相比，我国的员工持股计划发展较为曲折，直到2014年才步入正轨，相关领域研究较少且说法各异。员工持股计划对高新技术企业的企业创新会产生什么影响,具体实施内容的差异性又会给实施结果带来什么差异，这些问题对于国内员工持股计划的理论与实践都有重要意义。基于此，本文从理论与实证两个方面，对员工持股计划与其中非高管员工持股对于企业创新的影响进行了研究。首先本文从员工持股计划与企业创新的理论基础出发，对员工持股计划对企业的影响以及企业创新的相关文献进行分析总结，并进一步分析了员工持股计划对于企业创新的影响以及员工持股计划中高管与非高管员工对于企业创新的影响，形成本文的研究假设。随后选取对应的数据与模型进行分析，验证本文假设。为了降低政策等宏观因素带来的影响，本文筛选出A股上市公司中高新技术企业2015-2018年的数据作为面板数据，通过检验从多种数据模型中选取随机效应模型来作为实证模型，验证了本文的研究假设。研究结果表明，员工持股计划与高新技术企业的企业创新之间存在正相关性，高新技术企业实施员工持股计划会带来显著的创新水平提高，且员工持股计划的股权实施比例越高对企业创新的提高越显著；其中非高管员工所认购的股份占员工持股计划的总股本比例越高，对企业创新的影响越显著，非高管员工激励对于企业创新的促进作用更为明显。

The economy of China is transiting from rapid expansion to high-quality development. Scientific and technological innovation has become an important force to promote development, and enterprises with technological innovation have gradually become the mainstay of the market. Employee stock ownership plan (ESOP) can effectively motivate and retain employees, improve work enthusiasm and promote enterprise innovation. Compared with the United States, the development of ESOP in China is more tortuous, and did not get on the right track until 2014. There are few researches in relevant fields. What influence will ESOP have on the innovation of high-tech enterprises, and what difference will be brought to the implementation results by the difference of specific contents? These problems are of great significance to the theory and practice of ESOP in China.Based on this, this paper studies the impact of ESOP and non-executive ESOP on enterprise innovation from both theoretical and empirical aspects. Firstly, based on the theoretical basis of ESOP and enterprise innovation, this paper analyzes and summarizes the impact of ESOP on enterprises and the relevant literature of enterprise innovation, so as to further analyze the impact of ESOP on enterprise innovation and the impact of senior managers and non-senior managers on enterprise innovation in ESOP, forming the research hypothesis of this paper. Then select the corresponding data and model for analysis, and verify the hypothesis of this paper. In order to reduce the impact of macro factors such as policies, this paper selects the data of high-tech enterprises in A-share listed companies from 2015 to 2018 as panel data, and selects random effect model from a variety of data models as empirical model to verify the research hypothesis of this paper. The results show that there is a positive correlation between ESOP and innovation of high-tech enterprises. The implementation of ESOP in high-tech enterprises will lead to significant improvement of innovation level, and the higher the proportion of ESOP, the more significant the improvement of enterprise innovation; among them, the proportion of shares subscribed by non-executives in the total share capital of ESOP is High, the more significant the impact on enterprise innovation, the more obvious the incentive effect of non-executives on enterprise innovation.

员工持股计划 企业创新 高新技术企业

employee stock ownership plan enterprise innovation high-tech enterprise

中文

联合培养

南方科技大学

李佳宾. 员工持股计划对企业创新的影响——基于高新技术企业的实证研究[D]. 深圳. 哈尔滨工业大学,2020.