Research on the Impact of Employee Stock Ownership Plan on Enterprise Innovation

Abstract

This article takes A-share listed companies in China from 2014 to 2022 as research samples to explore the relationship between the implementation of employee stock ownership plans and corporate innovation in listed companies. Research has found that compared to listed companies that have not implemented employee stock ownership plans, listed companies that have implemented employee stock ownership plans have higher innovation investment, and employee stock ownership plans are beneficial for promoting enterprise innovation. Compared with non high-tech enterprises, implementing employee stock ownership plans in high-tech enterprises can increase the R&D intensity of the enterprise. The research conclusion of the paper provides empirical evidence for improving the innovation capacity of enterprises and building an innovative country.