| With the Third Plenary Session of the 18 th CPC Central Committee’s ‘Decision on Some Important Issues concerning the Overall Deepening of Reform’ proposed by the Third Plenary Session of the 18 th CPC Central Committee in 2013,the new round of state-owned enterprise reform kicked off.As an important means to explore the ownership reform of state-owned enterprises,Employee Stock Ownership Plan has once again regained its vitality.Because of the unfavorable phenomena such as rights stocks,affection shares and damage to state-owned assets held by previous employees,how to make proper use of employee stock ownership becomes important Research topic.On June 20,2014,the CSRC issued the ‘Guiding Opinions on Pilot Implementation of Employee Stock Ownership Plans of Listed Companies’,further improving the ways of implementing the employee stock ownership plan.On August 18,2016,the SASAC,the Ministry of Finance and the China Securities Regulatory Commission jointly issued the ‘Opinions on Pilot Projects for Employee Stock Ownership by Mixed Ownership Enterprises under State-owned Holding’,whereby the Employee Stock Ownership Plan officially began to be piloted in state-owned enterprises.We can see that the national policy has done a lot of efforts in perfecting the employee shareholding system.This article tries to put forward some suggestions for the practical operation from the case analysis.Shanghai International Port(Group)Co.,Ltd.responded to the policy call in 2014.It was the country’s early pilot stockholding of employees and was the first state-owned enterprise in Shanghai to implement employee stock ownership plans.Shanghai Port Group’s employee stock ownership plan has a large amount of funds,and its participants cover more than 70% of employees.This article takes Shanghai Port Group as an example to study the economic benefits of the employee share-holding plan for enterprises,and the role of the mixed ownership reform of state-owned enterprises,and reveals the applicable conditions,design points,and insufficiency of the state-owned enterprise employee stockownership plan.The direction.Through case analysis,it can be found that the employee stock ownership plan does improve the business performance of the company,enhances the performance of the company’s capital market,and also plays a role in motivating employees and improving production efficiency.For the mixed ownership reform of state-owned enterprises,the ownership structure of the company has also been improved to some extent.The enlightenment of Shanghai Port Group’s employee stock ownership plan for state-owned enterprises lies in the fact that small and medium-sized commercial state-owned enterprises are suitable for implementing employee stock ownership.In terms of scheme design,we should focus on rationally identifying the target of participation,broaden the sources of funds,and increase the proportion of shares held in the future.It should implement normal development and conduct dynamic assessment and risk control. |
