Research On The Influnce And Path Of Employees' Shareholding On Business Performance Under The Background Of State-owned Enterprise Reform

With the further deepening of the reform of state-owned enterprises,the once-held employee shareholding plan was once again opened.Since the 18 th CPC National Congress,the guiding policy documents on the shareholding of employees have started to be promulgated one after another,which makes it very easy for state-owned enterprises to formulate plans for employee stock ownership.Since then,a number of state-owned listed companies have begun to set foot in employee stock ownership plan,setting off a wave of employees holding a wave.With the large-scale promotion of employee stock ownership plan by state-owned enterprises,the implementation of employee stock ownership impact on corporate performance,the specific impact of performance on how the path and how the performance impact on the above issues of inquiry is very meaningful.This article combs the existing literature research data,and at the same time with the current background of mixed reform of state-owned enterprises,choose the employee stock ownership plan to put into practice earlier Laobaigan wine as the analysis object.First of all,this paper theoretically analyzes the specific mechanism of employee stock ownership on the performance of state-owned enterprises and explores the main areas through which the employee stock ownership affects the performance of state-owned enterprises.After that,this article studies the effect of employee stock ownership on the performance of Laobaigan wine from the aspects of market effect,corporate governance and company management.The concrete analysis is how to influence the performance.Then,we test the performance of the enterprises before and after the implementation of the project through event research,financial ratio analysis and EVA analysis.Finally,we draw the relevant conclusions,and based on the problems found in the case,we provide corresponding suggestions to the state-owned enterprises in implementing employee stock ownership.This study found that the implementation of employee stock ownership plan can produce a good market response in the window period,short-term performance improved as well,but the improvement to long-term market performance is not as significant as short-term market performance;at the same time by improving the company's ownership structure,lower agency costs and thus improve the business governance performance;also ease the financing constraints,motivate employees to improve business performance.The innovation of this paper is to combine the background of the reform of state-owned enterprises,at the same time to analyze the role of employee-stock ownership in corporate performance from the perspectives of market effect,corporate governance and business management,and to further expand the relevant theoretical research.