An Empirical Study On The Internal Influencing Factors Of The ESOP's Of Shanghai And Shenzhen A-share Listed Companies

In recent years,the state-owned enterprise "mixed reform" is in the hot stage,as one of the measures of the employee stock ownership plan has attracted attention and praise.Employee ownership plans have become quite common among companies in developed countries.In 2014,after the guidance,employee stock ownership plans sprung up,but the next two or three years,half of the listed company announced plans are suspended for a variety of reasons,this phenomenon more and more frequently in recent years.The reasons for the interruption or discontinuation of the plan include macro factors such as national policies,laws and regulations and market economic environment,and micro factors such as company level factors and employee level factors.Since the policies have more perfect,and listed companies are facing the same macro environment,so in this context,this article focuses on the internal influence factors of employee stock ownership plan that Shanghai and Shenzhen A-share listed companies announced and to continue the implementation.The purpose is to help listed companies decide whether to implement ESOPs and the internal conditions of the company to implement ESOPs should have,so as to improve the unenforceable phenomenon after blindly introducing the employee stock ownership plan.The research idea of this paper starts from the background of employee stock ownership plan,compares the domestic and foreign plan implementation status,and then reviews relevant literatures at home and abroad.Next,carry on the theoretical analysis and hypothesis,and ESOPs plan of Shanghai and Shenzhen A-share listed company which published in 2014 and 2017 as sample data,then through the establishment of binary choice model to empirically.Finally,the empirical research shows that:(1)the proportion of senior executives participating in employee stock ownership plan has an impact on the implementation completion rate,and the influence direction is negative.(2)the stronger the company grows,the easier it will be to implement ESOPs.(3)the improvement of internal governance structure can help to implement the employee stock ownership plan.(4)the scale of the company is positively correlated with the implementation of ESOPs.(5)it is easier for state-owned enterprises to implement ESOPs.Research results show that the A-share listed company before launch ESOPs to national policies should read the country policy carefully,and make accurate judgment of the applicability of the company and improve the company's growth ability,improve the governance structure,expand the scale of assets.What's more,making a reasonable plan arrangement such as raising proportion of no-executive staff in the ESOPs,and arranging a special organization to manage ESOPs and the union institutions to do the supervision,etc.,which can improve the completion rate of ESOPs and maintain the long-term plan without giving up halfway.The results of this study will supplement the theoretical basis of ESOPs and have certain reference value for the implementation of ESOPs in shanghai-Shenzhen A-share listed companies.