| As an incentive mechanism,the employee stock ownership plan has been widely implemented in listed companies after years of practice and development.Many western countries launched employee stock ownership plans in the mid-20 th century,and a relatively accomplished employee stock ownership system has been established.China's employee stock ownership plan has been promoted since the June 2004 after the promulgate of "Guiding Opinions on the Implementation of Pilot Programs for Listed Companies to Implement Employee Stock Holding Plan" by China Securities Regulatory.This opinion regularized the critical matters that need to be focused during the implementation of the employee share holding plan of companies in China,and became the guiding ideology of employee share holding plan in China.Although domestic listed companies continue to recognize the incentives brought by the plan,due to the short development time of the plan in China,the related research results are insufficient and comprehensive research is still required.Therefore,this article takes the state-owned holding company Zijin Mining as an example to conduct a case study and analyze its economic benefits and development potential after illustrating the employee stock ownership plan.As an enterprise with both resource and cost advantages in China's non-ferrous metal industry,the study about its employee stock ownership plan is of great significance to the enterprise itself as well as the industry.The research in this article is conducted as following.Firstly,the theoretical basis and literature review are studied as the guidance of the following measurement and analysis.Secondly,from the perspective of the industry's overall environment and related policies,the background and illustration of the Zijin Mining's employee stock ownership plan are expounded.Thirdly,analysis of the market effect,financial indicator and non-financial indicator are conducted to measure the effectiveness of the illustration of the employee stock ownership plan.Finally,the problems and enlightenment of the illustration of the plan is concluded and discussed.The research in this article show that the employee stock ownership plan implemented by Zijin Mining has a short-term positive market effect;it has an incentive effect on the profitability,solvency and development capacity of traditional financial indicators,and the incentive effect on operating capacity is not significant;Promoting economic value-added is not obvious;it has a positive impact on the change in employee composition,and the proportion of highly educated talents has increased;the impact on research and design investment has not been effective,and the indicator has The decline has only improved in the second year.The following problems occurred during the implementation of the plan: employee shareholding number and shareholding ratio are low,management methods are lack of supervision,performance evaluation mechanism is lacking,and fund raising method is simple.The enlightenment from the analysis of these issues is as follows: properly increase the proportion of employees 'shareholdings in total share capital,expand the scope of employees' participation in shareholdings;improve the internal supervision mechanism or hire external institutions to manage the shareholding plan;Indicators,rationally allocate the amount of shares held according to employee performance;enrich the way of fund raising,in addition to employee compensation and self-raised funds,also encourage employees to invest in shares with future income.So that the implementation of the plan achieves its intended purpose.In addition,the government should formulate relevant laws and regulations to regulate employee stock ownership plans,which can not only ensure that the plan is carried out smoothly and orderly in the company,but also promote a number of listed companies to launch larger employee stock ownership plans.To promote the development of the capital market while stabilizing market confidence. |
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