员工持股计划、融资约束与国有企业双元创新产出

在当前中国国有企业因其特殊的产权关系和管理体制而只能获得较低创新产出的背景下，本文从制度创新与技术创新的协同视角出发，在公司治理的理论框架下引入了双元创新的相关研究，从而详细地探讨了国有企业员工持股计划的实施如何通过缓解企业面临的融资约束，进而影响到企业整体创新产出及双元创新产出提升的微观作用机制，并利用2004—2020年中国A股国有上市公司的相关数据进行实证检验后发现，国有企业员工持股计划的实施明显有助于企业整体创新产出和利用式创新产出的提升，而对于企业探索式创新产出的提升却并无显著影响，且具体作用机制与理论分析部分相符，但作用效果却会因企业内部特征的不同及员工持股计划的设计特征差异而具有明显区别。由此，应该积极推进国有企业以多种方式开展员工持股计划，特别要在高技术型和高学历员工占比较高的国有企业中优先实施员工持股计划，并进一步优化持股计划的方案设计，从而更好地发挥出各类员工在企业创新活动中的主体作用。

Employee Stock Ownership Plan, Financing Constraints and Ambidextrous Innovation Output of State-owned Enterprises

Under the background that China''s state-owned enterprises can only obtain lower innovation output due to their special property rights and management system, the research introduces the ambidextrous innovation under the theoretical framework of corporate governance from the perspective of system innovation and technology innovation. On this basis, the research discusses in detail how the implementation of the employee stock ownership plan of state-owned enterprises can alleviate the financing constraints faced by enterprises, and then affect the overall innovation output and ambidextrous innovation output of enterprises. At the same time, using the relevant data of China''s A-share state-owned listed companies from 2004 to 2020 for empirical testing, it is found that the implementation of the employee stock ownership plan of state-owned enterprises significantly contributes to the improvement of the overall innovation output and utilization innovation output of enterprises, but has no significant impact on the improvement of the exploratory innovation output of enterprises. The specific mechanism of the above phenomenon is consistent with the theoretical analysis, but the effect will be significantly different due to the differences in the internal characteristics of the enterprise and the design characteristics of the employee stock ownership plan. Therefore, it is suggested to actively promote the implementation of employee stock ownership plans in state-owned enterprises in various ways, especially in state-owned enterprises with high proportion of high-tech and highly educated employees, and further optimize the design of stock ownership plans, so as to better play the main role of various employees in enterprise innovation activities.