Research On The Optimization Of The Employee Stock Ownership Plan Of Crystal Optoelectronics

As an emerging compensation incentive mechanism,the employee stock ownership plan will give employees a dual relationship with the company by giving them a “labor and capital” dual status,which will fully stimulate the employees' subjective initiative and work enthusiasm.The employee stock ownership plan has made important contributions to the company's cultivation of a first-class talent team,optimization of the property right structure,reduction of agency costs,and enhancement of core competitiveness,once became a popular talent incentive method.However,China's employee stock ownership plan is still in its infancy,many listed companies have unsatisfactory incentives after the employee stock ownership plan.The problems of "free-riding",short-term arbitrage,and benefit delivery have been frequently exposed,and the employee stock ownership plan was once shrouded in the disputes of "floating losses","reduction" and "disguised benefits",this is all related to the inadequate design of the employee stock plan.Therefore,whether there are many benefits to the implementation of employee stock ownership plan,and how to optimize the design of employee stock ownership plan to achieve the expected incentive effect has become an urgent issue.This thesis takes Crystal Optoelectronics as the research object and sorts out the relevant literature on employee stock ownership plans,based on the theory of principal-agent theory,two-factor theory,human capital theory,and incentive theory,this thesis compares and analyzes the contents of the 1-4 phase of Crystal Optoelectronics' employee stock ownership plan,and analyzes the deep-seated motivations of Crystal Optoelectronics' employee stock ownership plan;this thesis uses the event research method,factor analysis method,and financial indicator method to measure the market response and operating performance of Crystal Optoelectronics before and after implementing the employee stock ownership plan;based on the perspective of contract elements,this thesis analyzes the reasons for the poor incentive effect of Crystal Optoelectronics' employee stock ownership plan;according to the unreasonable current situation of the design of the program elements,this thesis constructs an optimized plan and guarantee measures for the employee stock ownership plan of Crystal Optoelectronics.The conclusion of the thesis is that Crystal Optoelectronics has frequently carried out 3 phases of employee stock ownership plans within 4 years,but the implementation effect is far from the expected incentive effect.The design of Crystal Optoelectronics' employee stock ownership plan is average,short-term,and welfare.This thesis is based on the contract element optimization design level,using the Hai's three-factor evaluation method to clarify the scope of incentive objects,and set a stepped shareholding.To prevent the employee stock ownership plan from being reduced to “disguised benefits” again,this thesis defines the sources of funds and stocks,reasonably extends the holding period and sets a scientific unlocking ratio,builds a diversified assessment standard that fits the company's long-term and short-term strategies,and proposes supporting measures based on the company and the capital market.The research in this thesis provides guidelines for the design of employee stock ownership schemes for Crystal Optoelectronics and listed companies that plan to implement employee stock ownership plans,it can also explore the reasons behind companies that fail to implement employee stock ownership plans.