Empirical Research On Employee Stock Ownership Plan In High-tech Listed Companies

Under the economic trend of "masses entrepreneurship and innovation",the effective promotion of core competence is the urgent and important priority for high-tech enterprises at present stage,among which the appropriate implementation of ESOP(Employee Stock Ownership Plan)can strengthen enterprise vitality as well as core competence.In current circumstance,the topic of ESOP in high-tech listed companies has become the focus of society both academically and practically.The spokesperson of CSRC press conference expressed on July 15,2016 that,to perfect employee stock ownership system is the work arrangement of deepening enterprise reform by CPC Central Committee and the State Council;meanwhile,A-stock market published that,the number of listed companies with ESOP in 2015 was greatly increased compared with last year.However,there are still many practical problems in Chinese high-tech listed companies,such as improvement of governance structure and effective implementation of internal control.RongJi Software,researched in this article,is a listed company in SME board of Shenzhen Stock Exchange that engages in software information service.At present,this enterprise is in transformation period with the orientation of industrialization,productization and servitization,which indicates that it needs to retain and attract talents.Nevertheless,its single incentive mechanism is still limited to the level of salary incentive and rank incentive,which neglects long-term effect and is apt to loss high-end talents.Therefore,RongJi Software is in urgent demand to implement ESOP practically and effectively so as to maintain its leading role in this industry.For that reason,based on the view of promoting the market value as well as core competence of high-tech listed company,and by using the method of empirical analysis,this article researched how to accelerate enterprise sustainable development through implementing ESOP.Firstly,it introduced domestic and overseas research status about ESOP,and elaborated principal-agent theory,incentive mechanism theory,market value management theory,and theory of enterprise governance structure,which laid foundation for following researches.Secondly,it described the development status and problems in Chinese high-tech listed companies,and analyzed the causes.Thirdly,it studied the current talent incentive mechanism in RongJi Software,and dissected the typical cases of ESOP applied to domestic and overseas high-tech enterprises.At last,by means of analyzing the market value of listed companies implementing the incentive plan accepted by Chinese capital market,it proposed the feasible implementation scheme of ESOP and provided measures for practically carrying out ESOP in high-tech listed companies.