Research On The Path And Effect Of Employee Stock Ownership Plan Under The Background Of Mixed Ownership Reform

In order to improve the operating efficiency of state-owned enterprises,China has been committed to the reform of state-owned enterprises.The promotion of Mixed Ownership Reform is an important breakthrough for the reform of stateowned enterprises.The main task of reform is to develop competitive businesses,break market monopolies,and allow more non-public capital to be introduced.In September 2015,an important document on the reform of mixed ownership spells out Opinions on the development of a mixed ownership economy in state-owned enterprises.This opinion first proposed that the Employee Stock Ownership Plan is important to the reform of state-owned enterprises.The reform of mixed ownership is to introduce social capital into state-owned enterprises.Therefore,employee stock ownership is one of the important means of state-owned enterprise reform,which can establish employees’ sense of ownership and improve corporate performance.But at the same time,in the process of practice,we also need to focus on whether the employee stock ownership plan can really play a role in the shareholder’s wealth enhancement and how it works.This article is divided into six chapters.The first chapter mainly introduces the research background,significance,ideas and methods,and also points out the contributions and deficiencies in the writing,as an introduction to this article.The second chapter is literature review and theoretical basis.It mainly defines key concepts such as “employee shareholding”.At the same time,it combines two-factor theory,principal-agent theory human capital theory and other theories to analyze whether Employee Stock Ownership Plan can bring shareholder value enhancement.The third chapter is the explanation of the background of mixed ownership reform and the present status of employee stock ownership plan.This article analyzes the program and implementation of the Employee Stock Ownership Plan issued by the state-owned enterprises in China,and summarizes the opportunities provided by the mixed ownership reform for employee stock ownership plan.The fourth chapter is the analysis of the path and effect of the Employee Stock Ownership Plan of the mixed ownership enterprise.It concludes that the Employee Stock Ownership Plan enhances the company’s value through the dual path of employee incentive and breakthrough financing constraints in the context of mixed ownership.The fifth chapter is the analysis of the specific case of the product.This chapter is the focus and core part of this paper.Firstly,it introduces the company’s general situation,and then conducts an in-depth analysis of the company’s Employee Stock Ownership Plan.Finally,it analyzes the short-term market response and long-term financial performance.The sixth chapter is the conclusions and recommendations of the study.This part mainly focuses on the results of relevant theories and case studies,draws the conclusions of the full text,and proposes relevant policy recommendations based on the conclusions.