本文以2014-2017年我國滬深A股上市公司為研究樣本,對上市公司實施員工持股計劃與企業創新之間的關系進行了探討。研究發現,相比未實施員工持股計劃的上市公司,實施了員工持股計劃的上市公司創新產出更高,員工持股計劃有利于促進企業創新。進一步地,員工持股計劃持有人數越多,資金規模越大,資金來源于員工薪酬及自籌資金,高管認購比例越高,鎖定期越長,越能增加企業發明專利和實用新型專利申請數量,提升創新能力。員工持股計劃主要通過降低代理成本、提高企業風險承擔能力來促進企業創新。與國有企業相比,非國有企業實施員工持股計劃更能增加企業創新產出。論文的研究結論為提高企業創新能力,建設創新型國家提供了經驗證據。

Based on the data of China’s Shanghai and Shenzhen A-share listed companies from 2014 to 2017,this paper discusses the relationship between the implementation of employee stock ownership plans(ESOP)and corporate innovation.This study found that the implementation of the ESOP would increase the innovation output.Moreover,among the companies implementing the employee stock ownership plan,the number of employees holding the shareholding plan is larger,the actual fund size is larger,the funds are derived from employee compensation and self-raised funds,the higher the proportion of executives’ subscription,the more they can increase the number of invention patent applications filed by enterprises,thus increasing the ability to innovation.Further,the paper also finds that the employee stock ownership plan has a positive effect on enterprise innovation by reducing Agency costs and improving the risk-taking ability of enterprises.In addition,compared with state-owned enterprises,the implementation of employee stock ownership plans by non-state-owned enterprises can increase the innovation output.Our findings provide empirical evidence for improving the innovation capability of enterprises and building an innovative country.