Research on the Relationship between Enterprise Attributes and ESOP

In current international environment, the important goal of improving China industry is to strengthen the independence of the industrial chain. Sci-tech innovation enterprises are the main carrier. They are also the service objects of the Sci-Tech innovation board (“SSE STAR MARKET”).Some sci-tech innovation enterprises are “capital intensive”, some are “technology intensive”, and the others are both. “Capital intensive” enterprises are controlled by the capital side, “technology intensive” enterprises are controlled by core technical team. The importance of “capital” and “technology” should be reflected in the shareholding ratio, which will impact on corporate governance. This paper aim to find out the relationship between team ownership and enterprise attributes. Team shareholding ratio uses ESOP as indicator (ESOP includes core management shareholding and Employee Stock Ownership Plans), and enterprise attributes are quantified by heavy asset ratio, R&D input, company counterbalance system, and institutional investors shareholding ratio. The research object is the listed companies on the SSE STAR MARKET as of June 30, 2023. Datas range from 2019 to 2023. According to the regression result, it is found that: at first, the heavy asset ratio is negatively correlated with ESOP. The higher heavy asset ratio is. the lower ESOP shareholding ratio the enterprises have. Secondly, company counterbalance system is negatively correlated with ESOP. The higer shareholding ratio of 2-5 major shareholders is, the lower ESOP shareholding ratio the enterprises have. Thirdly, there is no significant influence between institutional investors shareholding ratio and ESOP. Fourthly, there is no significant influence between R&D input and ESOP. But along with heavy asset ratio, there has a significant positive correlation with ESOP. That is, R&D input does not affect ESOP alone, it needs to be combined with heavy asset ratio. Fifthly, the results of sub-industry regression are different from the whole. This paper hopes the study can be further extended to the operation of other sci-tech innovative enterprises, and provide an effective way to build a stable corporate governance structure for those enterprises.