Research On The Influencing Factors Of Employees' Share-holding Plan Announcement In Listed Company

The launch of the ESOP program in China has renewed concerns and discussions from all walks of life.This paper uses the A-share listed companies that issued the announcement of the employee stock ownership plan between December 2014 and December 31,2017 as a sample and found investors.The response to the employee stock ownership plan announcement was significantly positive,reflecting the significant incentive effect of the employee stock ownership plan for the company's employees.In addition,through the analysis of the factors such as the source of funds,the origin of stocks,the size of initial capital,the expected shareholdings,and the number of employees subscribed in the draft employee stock plan,it was found that if the source of stocks in the employee stock ownership plan includes “acquisition of non-public offerings” At the time of type,the stock source has a positive effect on the announcement effect of the employee stock ownership plan.The number of employee grants has a negative impact on the employee stock ownership plan,and the bottom guarantee clause is also a negative factor that affects the employee stock ownership plan announcement effect.Finally,it is found that the announcement effect of state-owned enterprises issuing employee stock ownership plans has little difference compared with the public announcement effect of non-state-owned enterprises issuing employee stock ownership plans.The conclusion of this paper examines the current employee stock ownership plan for listed companies.At the same time,in the process of perfecting the company's incentive mechanism,we should consider the role that the employees play for the company.This has reference value for the implementation of the current employee stock ownership plan.This article first introduces the research background,research contents and methods,research ideas and basic framework and the innovation points of this paper.Secondly,it is the basic concept and theoretical basis.It mainly describes the market effect of employee stock ownership plans and events.The main theories used in this paper are "two-factor" theory,sharing economic theory,asset-specific theory,theory of cooperative economic and democratic autonomy,stakeholder theory,and effectivemarket theory;once again for the research review,it describes the implementation of employee ownership by state-owned enterprises.The development of the plan is based on the influence of the employee stock ownership plan on the company;in addition to the research hypothesis and model construction,the theoretical model is designed based on the above research hypothesis,and the model is introduced and explained;the empirical analysis is followed by the results of the analysis.Descriptive statistics and correlation analysis were also performed using statistical software regression results to verify whether the above assumptions fit the regression model.The above hypotheses are empirically illustrated;the conclusions and prospects are the last.The research conclusions of this paper are:(1)The employee stock ownership plan has a positive market effect,the employee stock ownership plan has a significant incentive to the listed company,and(2)the state-owned enterprise implements the employee stock ownership plan's market effect and the non-state-owned enterprise.The difference is not obvious,but the employee stock ownership plan has a positive incentive effect for state-owned enterprises and non-state-owned enterprises;(3)The stock source of the employee stock ownership plan is to subscribe for non-public offerings better than other methods,and to subscribe for non-public offering methods.The stock incentive effect is better.For the number of employees granted,companies should avoid granting large-scale employee stock ownership plans,avoiding free rider problems,and considering the incentive effect due to the excessive number of employees.