Research On The Implementation Effect Of Employee Stock Ownership Plan By State-owned Enterprises

Since the party's 18-third plenary session,the reform of state-owned enterprises in relation to mixed ownership is gradually accelerating.How to effectively transform the management mechanism of state-owned enterprises so that they can change from a single equity to a multi-equity,moderate reform is imminent.According to the general trend of the reform of state-owned enterprises in our country,the purchase of shares has become the main way for many state-owned enterprise employees to choose.Employee shareholding plan can also motivate and restrain the employees who participate in the plan while effectively ensuring the effect of mixing and changing.Therefore,this paper analyzes and studies the implementation effect of employee shareholding plan in stateowned enterprises,in order to promote the development of state-owned enterprises.First of all,This paper reviews the current research situation at home and abroad,and sums up the motivation and effect of employee shareholding plan.Then it expounds the related concepts and characteristics of employee shareholding plan,uses principalagent theory,human capital theory and incentive theory to lay a theoretical foundation for the following,and also introduces the performance evaluation method of this paper.Then it selects the employee shareholding plan of Shanghai Construction Engineering(SCE)as the research object,analyzes its basic situation,including the ownership structure and personnel composition of the company,probes into the external motivation and internal motivation of the implementation of the employee shareholding plan,and analyzes the participation object,the source of funds and the restraint mechanism of the shareholding scheme.Then,starting with the implementation effect of employee shareholding plan,this paper analyzes the response of human resources,enterprise management,capital structure and capital market,and also uses DuPont analysis and economic Value added analysis to evaluate the performance of SCE synthetically.It is found that the employee shareholding plan makes the net profit growth rate and the return on net assets of the enterprise improve,effectively promotes the company's operating performance,reduces the employee turnover rate,the employee enthusiasm increases greatly,at the same time produces the good capital market response,the enterprise economic Value added also increases year by year,thus guarantees the company's sustainable development.Finally,the conclusion obtained in this paper and the corresponding suggestions are put forward.The success of SCE staff shareholding plan lies in the close integration of the actual situation of itself,in the design of shareholding scheme,compared with the shareholding cases of the SG group and SAIC Group,the SCE refines the incentive object,perfects the management mechanism,but the lock is shorter periodically,the incentive short-term is still the deficiency of this scheme,Therefore,it should extend the incentive period of the scheme moderately,in order to maximize the effectiveness of the shareholding plan.The application value of this paper lies in the comprehensive evaluation of the impact of the employee shareholding plan of SCE on the performance of enterprises,and the corresponding policy direction and research path of the reform of the mixed ownership of state-owned enterprises in China,which provides reference for other stateowned enterprises to implement the employee shareholding plan in the future.