An Empirical Study On Corporate Performance Of Employee Stock Ownership Plan In Listed Companies

The theory and empirical research of the system of employee holdings has been started in the West.The scholars have systematically demonstrated the relationship between the stakeholder theory and the theory of stakeholder theory,principal-agent theory,dual economic theory and human capital theory.The level of corporate governance,the improvement of corporate governance structure and the improvement of corporate performance,and has received widespread international attention.One of the main goals of the employee stock ownership plan is to help employees improve their corporate governance by helping employees improve their corporate governance.Therefore,it is the content of this paper to study how the employee shareholding plan affects the performance of the enterprise through the corporate governance structure and the influence of the employee’s shareholding on the performance of the enterprise.First of all,this article has reviewed and combed the theoretical basis of the concept of employee stock ownership plan.Through the relevant literature,it is learned that the employee’s shareholding is through the motivating staff,to enhance the employee’s labor position in the enterprise and thus to enable the staff to release the greater labor enthusiasm,on the one hand,the employee becomes the enterprise owner to have the certain role to the corporate governance,And the role of constraint management,so that business decision-making more efficient and promote enterprise development;the other hand,the enthusiasm of the release of labor may enable enterprises to improve production efficiency,thereby enhancing business performance.Secondly,the relationship between employee stock ownership and corporate performance is sorted out.Employee stock ownership is not directly promote the improvement of corporate performance,but by improving the level of corporate governance,so that corporate governance structure is improved to enhance business performance.Enterprise performance can effectively measure the level of corporate governance,so based on the profitability of the situation,asset quality,debt risk situation,operating growth situation to build a comprehensive enterprise performance evaluation indicators can be a more reasonable measure of employee holdings for the impact of corporate performance.This paper examines the long-term performance of employees in state-owned enterprises and non-state-owned enterprises listed in China from 2003 to 2016.This paper uses the principal component analysis to construct a reasonable comprehensive evaluation system of enterprise performance,and uses the multiple linear regression method to verify the correlation between employee holding and enterprise performance of state-owned listed companies and non-state-owned listed companies,and draws the following conclusions:(1)(2)It can not be concluded that the performance of employee holdings in state-owned enterprises is not conducive to the performance of enterprises.(2)There is no significant correlation between employee holdings and enterprise performance in state-owned enterprises.The role of higher than non-state enterprises.It can prove that employee holdings have played a positive role in improving the performance of state-owned enterprises in China,but for non-state-owned listed companies cannot prove the effectiveness of employee holdings.