Study On The Relationship Between ESOP And Business Performance In State-owned Enterprises

The employee stock ownership plan(ESOP)was first produced in the United States and gradually affected other countries.The earliest application of ESOP in China should be traced back to the early stage of reform and opening up.However,after nearly 40 years of exploration,China has not found a suitable one for China.Use the ESOP road.In recent years,with the continuous deepening of the reform of state-owned enterprises,the further promotion of the reform of state-owned enterprises' mixed ownership has become a top priority,and the “employee shareholding plan” as a kind of enterprise property structure can be adjusted to bring benefits to employees and thus improve enterprises.The method of benefit has gradually become a hot issue in the reform of state-owned enterprises.Therefore,it is especially important to study and analyze the relationship between ESOP and business performance in state-owned enterprises.The business performance of an enterprise is divided into management performance and financial performance.On the one hand,how does the ESOP affect all aspects of management performance? On the other hand,how does the ESOP affect the financial performance most concerned by stakeholders?When discussing these two issues,how to define the implementation of state-owned enterprise ESOP is good or bad? This requires a certain reference object.This paper comprehensively compares the horizontal and vertical aspects,compares the financial performance of the state-owned enterprises themselves before and after the ESOP,and uses the management shareholding ratio of the ESOP used by the state-owned enterprises and employee stock ownership.The ratio compares the impact of corporate financial performance;compares the financial performance of ESOP-based state-owned enterprises with ESOP-based non-state-owned enterprises,compares the financial performance of ESOP-based state-owned enterprises with state-owned enterprises that do not use ESOP,and tries to find The relationship between ESOP and business performance in state-owned enterprises,and analyze the reasons.This paper is divided into six chapters.The first chapter introduces the related background,research significance,research methods,innovations and deficiencies of the article,as well as the definition of related concepts,and the related literatures are introduced.Now the relevant literature defines the ESOP.And the connotation has made a more detailed explanation,but there is a great disagreement on the relationship between ESOP and corporate performance.Most domestic literature on the use of ESOP in state-owned enterprises is qualitative analysis,and few of them aresorting out ESOP and enterprises.A document related to managing performance relationships.The second chapter summarizes the relevant theories of ESOP.Although ESOP was only used in the 1950 s and 1960 s,the theoretical basis of this concept is quite rich,including Marx's labor value theory and surplus value theory.,wage theory and income distribution theory,"cooperative factory" theory and two-factor economic theory,sharing wage theory,stakeholder theory and so on.This paper divides business performance into management performance and financial performance.On the one hand,it analyzes the impact of ESOP on eight aspects of internal and external management performance in the third chapter.On the other hand,it examines China's state-owned enterprises in 2014 through empirical test.Financial performance after the implementation of the ESOP from 2017 to 2017.Using sample description analysis,correlation analysis and multiple linear regression methods,and verifying the relationship between ESOP and corporate financial performance of listed companies in China through horizontal comparison and vertical comparison,the following conclusions are drawn:(1)In state-owned listed companies,ESOP is used.It can improve the financial performance of the company.(2)The employee shareholding ratio has a positive effect on the financial performance of the company,and the two have a positive relationship.(3)The effect of state-owned enterprises implementing ESOP on corporate financial performance is weaker than that of non-state-owned enterprises.(4)The higher the shareholding ratio of the management in the state-owned enterprises using ESOP,the stronger the ability to improve the financial performance of the enterprise.The empirical results show that the use of ESOP by state-owned listed companies can effectively improve the business performance of enterprises,but state-owned listed companies also need to continuously optimize and improve the implementation process of ESOP.The fifth chapter finds out the problems existing in the use of ESOP by state-owned enterprises through qualitative analysis and quantitative analysis,and analyzes the reasons and puts forward corresponding suggestions.The sixth chapter summarizes the full text.From the perspective of business performance,this paper divides business performance into management performance and financial performance respectively.The past literature rarely has this analysis,and the analysis of financial performance adopts the method of empirical test,through horizontal and vertical.The comparison draws more objective conclusions,hoping to have some inspiration for the use of ESOP by state-owned enterprises,and has a certain reference role for furtherdeepening the reform of state-owned enterprises.