Research On The Design Of Employee Stock Ownership Plan Of Listed Company

Since being introduced to China in the 1980s,the employee stock ownership system has experienced a tortuous development process.However,the China Securities Regulatory Commission promulgated the "Guiding Opinions on the Pilot Implementation of the Employee Stock Ownership Plan for Listed Companies" in June 2014.This system has ushered in a round of development climax,not only the number of enterprises implemented has increased significantly,but also the distribution of industries has become more widespread.In the Western countries,the employee ownership system has started early and developed rapidly.Not only is the relevant theory and research results mature,but also a relatively complete institutional framework and valuable experience in practice.In contrast,the rise of China's employee stock ownership system is relatively late,and the theory is still immature.The practice of this system is also in the stage of continuous exploration.Moreover,given the differences in the development stage and national conditions between China and developed countries,there are also gaps in the development of capital markets.Therefore,the experience of other countries and regions cannot be completely copied to Chinese enterprises.However,it is undeniable that the current theoretical community has a relatively unified understanding of the positive significance of the employee stock ownership system.Most of the relevant theories recognize that the employee stock ownership plan is improving corporate governance,actively motivating and retaining talents,and improving corporate performance.effect.However,the actual effect of the employee stock ownership plan in China's local enterprises is not outstanding.Obviously,there is still a deficiency in the connection between theory and practice.The design of the scheme is to play a bridge between theory and practice.Therefore,it is necessary to deeply analyze the scheme design of the employee stock ownership plan of listed companies in China,which is necessary for discovering and solving the problems existing in the current practice of employee stock ownership plan.In view of this,this paper takes the employee stock ownership plan implemented by China's listed companies as an example,starting from the overall mechanism and specific principles of its program design,combining the current policies,regulations and theoretical basis,analyzing the shortcomings in the program,so as to make the employee stock ownership plan The long-term incentive effect and performance improvement effect that should have been fully exerted,providing experience and solution ideas for future practice.This paper finds that the implementation of ESOP in listed companies has obvious short-term ownership,one-sided emphasis on short-term investment returns and neglect of long-term incentive effect,and the rights and interests of shareholders are not guaranteed.This is related to the insufficient understanding of ESOP by enterprises themselves,but more importantly,there are many shortcomings in the scheme design.The key to the success of ESOP is to combine the motivation of improving performance with the motivation of employee's profit through rational design of scheme system.That is to say,to let employees perceive ESOP as a long-term incentive plan,and to make profits through their own efforts to improve enterprise's performance.At the same time,we should strengthen the protection of employees' rights and interests,especially the right of employees to participate in corporate governance,as well as reasonable investment options and exit mechanism.Generally speaking,starting from the mechanism and specific provisions of the scheme design,this paper explores the problems in the current practice of employee stock ownership plan and gives targeted optimization suggestions,which is of great significance to the rational use of this system in Chinese enterprises and its sustainable and healthy development.