Cao Y S, Chen L W. Employee stock ownership plan, talent speciality and corporate effective innovation[J]. Contemporary Finance & Economics, 2019, (5): 84-95. (In Chinese)
Cao Y S, Wei L L. Employee stock ownership, core talent turnover rate and corporate innovation[J]. Finance Research, 2019, (3): 64-74. (In Chinese)
Feng G F, Wen J. An empirical study on relationship between corporate governance and technical innovation of Chinese listed companies[J]. China Industrial Economics, 2008, (3): 91-101. (In Chinese)
Gu X M, Chen Y M, Pan S Y. Economic policy uncertainty and innovation: Evidence from listed companies in China[J]. Economic Research Journal, 2018, (2): 109-123. (In Chinese)
Huang P P, Jiao Y H, Zhang D X. Employee stock ownership plan and corporate innovation[J]. East China Economic Management, 2019, (5): 141-149. (In Chinese)
Kong J, Xu Y H. An empirical study on the Incentive effect of employee stock ownership plan: Based on historical data of non-listed SMEs in Shanxi Province[J]. Journal of Guangxi University (Philosophy and Social Science), 2015, (2): 68-74. (In Chinese)
Liao H W, Yang L P. Analysis of employee stock ownership system in the reform of state-owned enterprises: Based on the perspective of transaction cost theory[J]. Jianghan Tribune, 2017, (9): 24-29. (In Chinese)
Lenin. Lenin collected works[M]. Beijing: People’s Publishing House, 1963. (In Chinese)
Marx, Engels. Complete works of Marx and Engels (Volume 46)[M]. Compiled by the Central Bureau of Compilation and Translation. Beijing: People’s Publishing House, 1979. (In Chinese)
Meng Q B, Li X Y, Zhang P. Can employee stock ownership plan promote corporate innovation? Empirical evidence from the perspective of employees[J]. Management World, 2019, (11): 209-228. (In Chinese)
William L. Sustainable prosperity in the new economy: Business organization and High-Tech employment in the United States[M]. Trans. by Huang Y Y, Ji S P. Shanghai: Shanghai Far East Publishers, 2011. (In Chinese)
Wen J, Feng G F. Venture capital and enterprise innovation: Trade-off between expropriation and value-added[J]. Economic Research Journal, 2018, (2): 185-199. (In Chinese)
Wen J, Feng G F. Heterogeneous institutional investor, nature of firm and independent innovation[J]. Economic Research Journal, 2012, (3): 53-64. (In Chinese)
Zhou D H, Huang J, Zhao Y J. Employee stock ownership plans and corporate innovation[J]. Accounting Research, 2019, (3): 63-70. (In Chinese)
Arqué-Castells P. How venture capitalists spur invention in Spain: Evidence from patent trajectories[J]. Research Policy, 2012, 41(5): 897-912. DOI:10.1016/j.respol.2012.01.008
Bacha O I, Zain S, Rasid M, et al. Granting employee stock options (ESOs), market reaction and financial performance[J]. Asian Academy of Management Journal Accounting and Finance, 2009, 5(1): 117-138.
Balkin D B, Markman G D, Gomez-Mejia L R. Is CEO pay in high-technology firms related to innovation?[J]. The Academy of Management Journal, 2000, 43(6): 1118-1129. DOI:10.5465/1556340
Chang X, Fu K K, Low A, et al. Non-executive employee stock options and corporate innovation[J]. Journal of Financial Economics, 2015, (1): 68-188. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1962408
Conyon M, Gregg P, Machin S. Taking care of business: Executive compensation in the united kingdom[J]. The Economic Journal, 1995, 105(430): 704-714. DOI:10.2307/2235029
Cornaggia J, Mao Y F, Tian X, et al. Does banking competition affect innovation?[J]. Journal of Financial Economics, 2015, 115(1): 189-209. DOI:10.1016/j.jfineco.2014.09.001
Garret R. Does employee ownership increase innovation?[J]. New England Journal of Entrepreneurship, 2010, 13(2): 37-46. DOI:10.1108/NEJE-13-02-2010-B003
Gomez-Mejia L R, Balkin D B. Compensation, organizational strategy, and firm performance[M]. Cincinnati, O H: South-Western Publishing, 1992.
Hall B J, Liebman J B. Are CEOs really paid like bureaucrats?[J]. The Quarterly Journal of Economics, 1998, 113(3): 653-691. DOI:10.1162/003355398555702
Hall B J, Murphy K J. The trouble with stock options[J]. The Journal of Economic Perspectives, 2003, 17(3): 49-70. DOI:10.1257/089533003769204353
Hallock D E, Salazar R J, Venneman S. Demographic and attitudinal correlates of employee satisfaction with an ESOP[J]. British Journal of Management, 2004, 15(4): 321-333. DOI:10.1111/j.1467-8551.2004.00422.x
Heckman J. Sample selection bias as a specification error[J]. Econometrica, 1979, 47(1): 153-161. DOI:10.2307/1912352
Hirshleifer D, Hsu P H, Li D M. Innovative efficiency and stock returns[J]. Journal of Financial Economics, 2013, 107(3): 632-654. DOI:10.1016/j.jfineco.2012.09.011
Hsu P H, Tian X, Xu Y. Financial development and innovation: Cross-country evidence[J]. Journal of Financial Economics, 2014, 112(1): 116-135. DOI:10.1016/j.jfineco.2013.12.002
Jensen M C, Meckling W H. Theory of the firm: Managerial behavior, agency costs and ownership structure[J]. Journal of Financial Economics, 1976, 3(4): 305-360. DOI:10.1016/0304-405X(76)90026-X
Jones D C, Kato T. The productivity effects of employee stock-ownership plans and bonuses: Evidence from Japanese panel data[J]. The American Economic Review, 1995, 85(3): 391-414.
Kumar R, Sopariwala P R. The effect of adoption of long-term performance plans on stock prices and accounting numbers[J]. Journal of Financial and Quantitative Analysis, 1992, 27(4): 561-573. DOI:10.2307/2331140
Kumbhakar S C, Dunbar A E. The elusive ESOP-productivity link: Evidence from U.S. firm-level data[J]. Journal of Public Economics, 1993, 52(2): 273-283. DOI:10.1016/0047-2727(93)90024-N
Lerner J, Wulf J. Innovation and incentives: Evidence from corporate R&D[J]. The Review of Economics and Statistics, 2007, 89(4): 634-644. DOI:10.1162/rest.89.4.634
Mehran H. Executive compensation structure, ownership and firm performance[J]. Journal of Financial Economics, 1995, 38(2): 163-184. DOI:10.1016/0304-405X(94)00809-F
Murphy K J. Executive compensation: Handbook of labor economics[M]. North-Holland: Amsterdam, 1999.
Robinson A M, Wilson N. Employee financial participation and productivity: An empirical reappraisal[J]. British Journal of Industrial Relations, 2006, 44(1): 31-50. DOI:10.1111/j.1467-8543.2006.00486.x
Rothaermel F T, Hess A M. Building dynamic capabilities: Innovation driven by individual-, firm-, and network-level effects[J]. Organization Science, 2007, 18(6): 885-1027. DOI:10.1287/orsc.1070.0337
Rousseau D M, Shperling Z. Pieces of the action: Ownership and the changing employment relationship[J]. The Academy of Management Review, 2003, 28(4): 553-570. DOI:10.5465/amr.2003.10899368
Sengupta S, Whitfield K, McNabb B. Employee share ownership and performance: Golden path or golden handcuffs?[J]. The International Journal of Human Resource Management, 2007, 18(8): 1507-1538. DOI:10.1080/09585190701502620
Schultz T. Investing in people: The economics of population quality[M]. Berkeley: University of California Press, 1981.
Schumpeter J A. Business cycles[M]. New York: McGraw Hill, 1939.
Wu J F, Tu R T. CEO stock option pay and R&D spending: A behavioral agency explanation[J]. Journal of Business Research, 2007, 60(5): 482-492. DOI:10.1016/j.jbusres.2006.12.006
Yermack D. Do corporations award CEO stock options effectively?[J]. Journal of Financial Economics, 1995, 39(2-3): 237-269.
Yoshio Y, Victor C. Creating incentives for innovation? The relationship between pay dispersion in R&D groups and firm innovation performance[J]. Strategic Management Journal, 2013, 34(12): 1502-1511. DOI:10.1002/smj.2071
Zahra S A, Neubaum D O, Huse M. Entrepreneurship in medium-size companies: Exploring the effects of ownership and governance systems[J]. Journal of Management, 2000, 26(5): 947-976. DOI:10.1177/014920630002600509
Zhu Z B, Hoffmire J, Hoffmire J S, et al. Employee stock ownership plans and their effect on productivity: The case of Huawei[J]. International Journal of Business and Management Invention, 2013, 2(8): 17-22.