Research On The Impact Of SOEs' ESOPs On Corporate Governance And Performance

Since the 1990 s,China's state-owned enterprises start to carry out mixed-ownership reform.Since 2017,China's state-owned enterprises,have entered the stage of comprehensive deepening of reform.The mixed-ownership reform of state-owned enterprises is using more and more,and the reform depth and reform mode are getting more and more comprehensive.ESOPs has gone through a process from experiment to suspension to re-use.Through the plan design,ESOPs makes employees become shareholders of the company,thus binding the personal interests of employees with the interests of the company,so as to motivate employees and improve the corporate governance structure.In 2012,China Securities Regulatory Commission launched the ‘Listed Companies ESOPs Interim Meaesures(draft)',and in 2014 formally promulgated the ‘Guiding Opinions on the Listed Companies ESOPs'.These marked the beginning of a new phase of ESOPs in China,so the study of ESOPs has important practical significance.This article first to the Chinese scholars in recent years for the mixed ownership reform of state-owned enterprises and employee stock ownership plan,summarizes the related research.At present our country scholars for basic mixed ownership reform of state-owned enterprises have been supportive,that mixed ownership reform of state-owned enterprises to speed up the pace of marketization of China's state-owned enterprises,perfect our country's market structure,and many other benefits.However,Chinese scholars have disputes on the implementation effect of ESOPs.Among which there are some disputes on the role of ESOPs in the mixed reform of state-owned enterprises and the improvement of corporate governance as well as the state's regulatory attitude towards ESOPs.This is because the study of ESOPs by Chinese scholars is still in infancy.At the same time,ESOPs has a short term in China.Therefore,Chinese scholars should have more practical significance in studying the problems that affect the implementation effect of ESOPs,such as the short-term,welfare,average,low shareholding ratio and government regulation in the implementation of ESOPs in state-owned enterprises.This paper choose Taiji case study of ESOPs,employee shareholding in Taiji industrial ESOPs is the highest of the state-owned enterprises,and Taiji industrial implementation of ESOPs also exist in addition to the realization of mixed ownership reform of other strategic purpose,namely,complete the change of the company's main business as well as to the target company with the purpose of the company employees incentive.Through the analysis of the purpose,design,implementation and effect of the ESOPs of Taiji industry,this paper points out that there are many problems in state-owned enterprises in China,such as the tendency of welfare,the tendency of short-term,the tendency of average,the inequality of new and old employees and the imperfection of laws and regulations.In view of the problems in the implementation of Taiji's ESOPs,this paper proposes that the government should improve laws and regulations,strengthen supervision and management;At the level of scholars,theoretical research should be strengthened,and foreign ESOPs studies should be used for reference to improve the theoretical basis of ESOPs in China.The company should face up to the effect of ESOPs,do not over-rely on ESOPs,and should choose a suitable mixed-ownership reform plan according to the actual situation of the company.Only through the joint research and help of government,enterprises and academia,can we promote the development of ESOPs in China.