| ESOP originated in the United States in the 1950 s,while the introduction of ESOP in China originated in the early 1980 s,when Chinese scholars began to explore ESOP.But the employee stock ownership plan did not achieve the desired effect,because the employee stock ownership plan because of the relevant system is not sound,become a kind of short-term benefits,not only did not reach the purpose of the employee incentive effect also causes loss of state-owned assets,therefore,securities regulatory commission in 1998 stopped this round of employee stock ownership plan.China’s new wave of employee stock ownership plan(ESOP)began in 2014.The China securities regulatory commission(CSRC)has put forward new guidance on the trial ESOP of listed companies,and the development of ESOP in China has entered a new stage.How to effectively motivate core employees is a problem most listed companies are facing nowadays.The root cause of this problem is the inconsistency between the interests of employees and the owners of the company.Employees cannot gain vital interests from the improvement of corporate performance,and they are naturally lack of motivation and willingness to improve their work efficiency.Therefore,as one of the important means for listed companies to motivate core key employees,the study on the incentive effect of ESOP is of great significance for improving corporate governance and improving business performance of listed companies in China.Theoretical basis of related literature at home and abroad,and at the same time,through the combing and summary,this paper found the employee stock ownership plan to the path of the effect on corporate performance,namely the implementation of employee stock ownership plan can effectively reduce the agency cost,encourage enterprise innovation behavior,and improve the efficiency of human capital,eventually boost corporate earnings growth,and in this paper,the introduction of state shares relevant financial data and non-financial data changes were analyzed before and after the implementation of employee stock ownership plan to support them.This has certain reference significance for other enterprises that choose employee stock ownership plan to motivate employees.This paper takes Yinbang Clad Material Co.,Ltd.As a case study to further study the incentive effect of ESOP.Firstly,this paper finds out the characteristics of this employee stock ownership plan of Yinbang stock,that is,the incentive object of this employee stock ownership plan is "management and core key employees",which to some extent avoids the generation of "free riding" behavior.On the other hand,the nature of high-tech enterprises of Yinbang stock also makes its incentive effect more obvious.At the same time,through sorting out and summarizing relevant literature and theoretical basis at home and abroad,this paper analyzes and sorts out the viewpoints: employee stock ownership plan can play a positive role in enterprise performance,while reducing agency cost,encouraging enterprise innovation behavior and improving human capital efficiency are the possible intermediate paths to achieve results.Then,this paper introduced the state shares in before and after the implementation of employee stock ownership plan of the relevant financial indicators and non-financial indicators to support the theoretical analysis,the part of conclusion found employee stock ownership plan do short-term stock market reaction to the enterprise positive effects and long-term financial performance,employee stock ownership plan put forward by the theory analysis part is founded the middle path of success.In the end,this paper draws conclusions based on theoretical analysis and case study,and puts forward relevant Suggestions.On the basis of previous studies,this paper has made some innovations.On the basis of analyzing the incentive effect of employee stock ownership plan,it has also made an in-depth analysis on the path of its effect on corporate performance.Specifically,the existing literature focuses on the short-term market response of ESOP to the company or the effect of ESOP on financial performance.However,less attention has been paid to the causes and paths of the incentive effect of ESOP.On the basis of previous studies,this paper supplemented the analysis of the intermediate path through which ESOP can play its role and verified it by combining with the practical case of Yinbang stock,hoping to supplement the relevant studies on existing ESOP.But due to the recent round of employee stock ownership plan in our country since 2014,this article selects the case company of state shares to implement employee stock ownership plan for March 2016,due to the limited data,employee stock ownership plan in the longer period whether can still play incentive effect,still need to further follow up the case company in the future financial data and non-financial data. |
