A Study On Employee Stock Holdings Or Abandonment

With the recent spread of comprehensive deepening reform,ESOPs has also been a growing number of business concerns and favor as an important tool for promoting enterprise diversified ownership. However, with the increasing number of companies that execute ESOPs, ESOPs exposed more and more problems in practical applications. In conclusion,these problems can be summed up in two aspects. First,how employees choose to make their own holdings biggest gains. Second, whether a company issues employee stock or not and how to design an ESOPs. To achieve the above two questions answered, this article determine the contents of research by using the changes as intermediate trail. That is, correlation between the changes of ESOP and enterprise value and whether the contents of ESOPs has an impact on the changes of ESOP. In order to achieve the exploration of two studies content,the method of econometric models and scenario experiment was used to verify above in this article. Finally, this article made some suggestions for selection of ESOP and design of ESOPs based on the above conclusion,and expectations for this research can develop and complete ESOPs in our country.This article was written in a logical order that "found the problem - analysis of the problem - to solve the problem",Firstly,two contents of this article and research methodswere determined by analysising the contents from two angles that corporate issuers choose and the selection of ESOP. Secondly,this article made a regression analysis by building a model about the changes of ESOP and enterprise value that includes three years after the implementation of ESOPs, and found there is no obvious correlation between the two research subjects. In order to determine the relationship, correlation between changes of ESOP and changes in enterprise value as same as changes of managerial ownership and changes in enterprise value were reanalyzed in this article. It was found that changes of ESOP indirectly affect enterprise value by influencing the smooth of enterprise value. And compared to the changes in ESOP,managerial ownership increases play a greater role to smooth enterprise value changes. Third,this article further studies the factors which will affect the selection of ESOP, and selected contents of ESOPs as a research subject by considering whether the factors can be controlled.The results showed that the contents of ESOPs have animpact on selection of ESOP.Finally,this article summarizes the conclusions of a six-point by combining earlier research results and the actual situation, and put forward some suggestions for selection of ESOP and design of ESOPs.