Research On The Effects Of ESOP On The Share Prices Of Listed Companies

The party's eighteen Third Plenary Session considered and adopted the "on deepening reform of the overall number of important issues the resolution," the resolution states that the mixed ownership to speed up the reform recommended by China's relevant enterprises, indicates that China started a new round of enterprise reform kicked off. ESOPs as one important way to achieve the mixed ownership, has gained more and more enterprises recognition. In June 2014, with the "listed companies ESOP pilot guidance" promulgation, Further enhance the listed companies ESOP initiative, Meanwhile, in the secondary stock market, the introduction of a listed company ESOP also received an increasing number of investors. In the author would like to further explore the relationship between listed companies to implement ESOP and the company's share price performance between, It found that the current research in this area of China is still very scarce. Therefore, From the perspective of the author proposes to study the structure of the investment strategy impact of the implementation of the ESOP company shares of listed companies.Through the existing related literature summarize and organize, can be found in the majority of foreign scholars agree that produce a positive impact on net assets will implement ESOP companies, sales and other aspects; Foreign scholars also from the point of view of the ESOP shares of listed companies in the secondary market starting to study the relationship between ESOP and company shares between, but the domestic research in this area is still relatively scarce. In addition, the perspective of existing studies are mainly based on the ESOP corporate governance structure, incentives and constraints affect the company's performance, And less research conducted from the perspective of investors, but also a lack of specific factors from the content and the terms of the ESOP program designed to study the impact on stock prices; and this article attempts to achieve a breakthrough in this regard.Further, the article describes the theoretical basis of employee stock ownership plan, to incentive theory, principal-agent theory and two-factor theory of economic development are briefly described; Analyzes the content and meaning of the implementation of the general domestic and foreign ESOP, And on this basis to the general content of the existing listed companies in China launched the ESOP are described Finally, comparative analysis, found that ESOP variable in three core indicators, That is the size of funds involved in the ESOP, the number of holdings accounted for ESOP subscription ratio and the ratio of total equity in the ESOP executives, these indicators are based variable subsequent empirical analysis.On the basis of general analysis, we ESOP shares affect the empirical analysis, And constructs based on ESOP multifactor scoring model. By June 2014 to July 2015 during which 198 listed companies ESOP empirical analysis, the following conclusions:1, the implementation of ESOP shares of listed companies has a positive effect, as of the last study period, the net value of all listed companies to implement ESOP constituted price index was 1.29, the net value of the same period the Shanghai index is 1.09, significantly better than the same period the Shanghai index.2, on access to the market excess return, the ESOP positively affect the small board and GEM companies to significantly stronger in the motherboard; the short term (5 days after the launch of the draft ESOP), employees holding shares the company plans to board the positive effect of the strongest, followed by small board, the GEM weakest; no significant difference in the medium term impact (as of the last study period) ESOP three plates listed companies.3, due to the company's value makes the funds is no simple correlation between size and performance of the listed company's share price; exists between the stake and the listed company's share price performance was positively correlated; the subscription ratio and executives of listed companies no significant correlation between share price performance.Conclusion Based on the above, select the size and proportion of funds holding these two indicators, respectively, and give it 1/3 and 2/3 the weight of the structure of the listed company's share price impact Assessing analysis of ESOP, And an empirical test, obtained by scoring model selected was better than the performance of the underlying portfolio and related overall portfolio composition single factor as the standard configuration, the scoring model for policy choice for investors with a reference value.