Research On The Implementation Effect Of SAIC Employee Stock Ownership Plan

In 2018,the State-owned Assets Supervision and Administration Commission issued the “Opinions on Deepening the Several Policies for the Reform of Mixed Ownership Reform Pilots”,proposing to deepen the reform of the mixed system,actively promote the employee ownership of the mixed ownership reform pilot enterprises,effectively realize the binding of the interests and risks of enterprises and employees,and strengthen the internal Encourage and improve corporate governance.At the same time,all departments must introduce corresponding supporting policies to strengthen the regulation and guidance of employee stock ownership plans.Employee stock ownership has become an important part of the reform of state-owned enterprises.At present,China’s employee stock ownership plan is still in the pilot stage,and there is no unified and standardized operational rules.The practical effects of employee stock ownership are very different.This article takes SAIC Group as an example to conduct a detailed study on the implementation effect of its employee stock ownership plan.Firstly,it summarizes the basic concepts of employee stock ownership,relevant theories and the basic situation of employee stock ownership in state-owned enterprises in China.It is found that the implementation of employee stock ownership plan by state-owned enterprises has important practical significance.Secondly,it analyzes the motivation of SAIC employees.Content,it is believed that the design of SAIC’s employee stock ownership plan is relatively standardized and can provide reference for the same industry.Furthermore,it analyzes in detail the implementation effect of SAIC’s employee stock ownership plan,focusing on equity structure,corporate performance and market response.Three aspectscompared the changes before and after the implementation of the employee stock ownership plan,including traditional financial indicators analysis,economic value added(EVA),non-financial indicators analysis,event research method,etc.In the end,propose optimization suggestions,mainly including the three levels of business,government and society.Enterprises should expand the shareholding ratio of employees,set differentiated shareholding ratios and set performance evaluation standards reasonably;the government should improve laws and regulations and encourage financial institutions to support;the securities market should improve its governance structure and asset management institutions should maintain relative independence.The main conclusions of the study are as follows: First,the shareholding structure of SAIC Group has not changed much,but the shareholding ratio of state-owned capital has declined slightly.Employee shareholding has played a certain role in promoting the reform of the hybrid system.Second,the employee shareholding plan is for the SAIC Group.Performance plays an stimulating role.On the one hand,SAIC’s economic value added(EVA)is on the rise;on the other hand,the employee stock ownership plan has enhanced the innovation capability of SAIC,promoted strategic transformation and expanded market share.Third,the market has responded positively to this employee stock ownership plan.At the same time,employee stock ownership has played a positive role in improving corporate value,effectively combining employee benefits with long-term development of the company to achieve a win-win situation.This paper studies the shareholding plan of SAIC employees and summarizes the experiences and lessons in the implementation process.It hopes to provide guidance for state-owned enterprises and the same industry,and it will help to improve the employee stock ownership plan in China.