Analysis On Employee Stock Ownership Plan Of State-owned Enterprises Under The Background Of Mixed Ownership Reform

State-owned enterprises have been playing a vital role in China's economic development and are an important part of the public sector of the economy.According to relevant statistics from the ministry of finance,state-owned enterprises achieved8301.5 billion yuan in operating revenue in 2017,with 5024.4 billion yuan for state-owned enterprises directly under the central government and 3277.1 billion yuan for local state-owned enterprises.The total profit realized by state-owned enterprises in 2017 was 367.29 billion yuan,242.38 billion yuan for state-owned enterprises directly under the central government and 124.91 billion yuan for local state-owned enterprises.However,with China's economic development entering the new normal stage and the increasingly fierce international trade war,state-owned enterprises are facing great pressure of competition in the domestic and foreign markets.To enhance the vitality of the state-owned economy,the government proposed a mixed ownership reform for state-owned enterprises.The mixed ownership reform can improve the capital structure of state-owned enterprises and enhance the level of corporate governance,and finally achieve the competitiveness of state-owned enterprises.Employee stock ownership plan originated in the United States and is an incentive system prevailing in western capitalist countries.Employee stock ownership system plays an important role in promoting the diversification of corporate ownership structure and improving corporate governance.In this mixed ownership reform of state-owned enterprises,the government has clearly proposed the employee stock ownership plan as an important measure of the mixed ownership reform.The employee stock ownership plan first appeared in China in the 1980 s.But it went through several twists and turns in the subsequent development and was finally stopped by the government.In 2014,in order to solve the problems of state-owned enterprises in development and promote the market-oriented operation of state-owned enterprises,the employee stock ownership plan was launched again.In order to ensure that the mixed ownership reform under the background of employee stock ownership plan to be able to smooth implementation,the state-owned assets supervision and administration departments jointly issued the "on mixed ownership of state-owned enterprises to carry out the employee shareholding pilot opinion",providing theguidance of the principle of the selection of objects,funding sources.This paper starts with the theoretical research and concept analysis of employee stock ownership plan at China and abroad.Firstly,it classifies employee stock ownership plan and analyzes the differences between employee stock ownership plan and equity incentive.Then,the paper analyses and summarizes the characteristics of foreign and Chinese employee stock ownership plan.In the case analysis,L company's employee stock ownership plan is selected as the analysis object.L company is a local state-owned enterprise and has no experience in implementing employee stock ownership plans.As the country gradually expands the trial scope of the employee stock ownership plan for state-owned enterprises.More and more local state-owned enterprises like L company,which have never implemented the employee stock ownership plan,will participate in it.Therefore,the employee stock ownership plan of L company has certain representative significance.Since the completion of capital contribution and subscription at the end of 2015,the employee stock ownership plan of L company has been gradually close to the prescribed lock-in period,which is conducive to more objective analysis of the implementation effect of the employee stock ownership plan as a long-term incentive measure.For L company's employee stock ownership plan,this paper researches mainly focused on the implementation background,design,implementation effect the three aspects.the paper also puts the suggestions for improvement.In the end,this paper summarizes the experices of company's employee stock ownership plan.