Advances in Management and Applied Economics

Research on the Impact of Employee Stock Ownership Plans on Corporate Digital Technology Innovation

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• Abstract

   

  Promoting enterprise digital technology innovation is important for facilitating the deep integration of the digital economy and the real economy. Using data from listed companies in the A-share market and the Global Patent Database from 2014 to 2020, this study found that the implementation of employee stock ownership plans by enterprises significantly promotes digital technological innovation by enhancing the stability of hired employees, strengthening the level of risk-taking, and improving financing constraints. Further analysis reveals that the implementation of an employee stock ownership plan has a more significant effect on the digital technology innovation of private enterprises, enterprises with higher annual turnover rates and enterprises with more negative news coverage. Based on these findings, we propose accelerating institutional innovation, improving the financing support system, and implementing differentiated policies to help enterprises better adapt to the development needs of the digital economy and to provide a reference for the formation of new types of production relations, the development of new quality productive forces, and the promotion of high-quality economic development.

   

  JEL classification numbers: G34.

  Keywords: Employee stock ownership plan, Digital technology innovation, Risk taking, Financing constraints.