Analysis Of The Implementation Effect Of Employee Stock Ownership Plan Under The Background Of Mixed Ownership Reform

After the third plenary session of the 18 th CPC central committee,China has entered a new period of comprehensively deepening reform,and established the mixed ownership economy as the main form of state-owned economy.As the micro-subject of state-owned economy,the mixed ownership has become the main form of state-owned enterprises(SOEs).The reform of mixed ownership has injected different kinds of capatial into SOEs,foreign capatial and private capital has injected vitality into SOEs,state-owned capital has guaranteed the steadiness of SOEs,and the stock right incentive for the mamagement has aroused the enthusiasm of the management and reduced the ageency cost.In the process of promoting mixed-ownership reform,ESOP was introduced again.Different from the ESOP in the last century under the background of joint-stock reform,due to the lack of norms and guidelines to promote blindly,resulting in the loss of state-owned assets,short-term arbitrage,uneven distribution,exacerbated the gap between the rich and the poor.A new round of ESOP under the background of mixed ownership reform of SOEs,adhering to the three basic principles of "incentive compatibility","increemental sharing","long-term orientation",pilot implementation,progressive promotion,scientific design of the stock ownership plan,and strengthening the disclosure of relevant information,in order to give full play to the incentive effect and governance effect of ESOP.The background of mixed-ownership reform is a new opportunity for ESOP.The successful implementation of ESOP will also play a role in improving corporate governance and incentive mechanism,which is conducive to improving the low efficiency of SOEs,which is of great significance for promoting the development of mixed-ownership economy.The case company selected in this paper "Wuhan Department Store Group Co.,Ltd",is a medium-sized local state-owned enterprise,belonging to the fully competitive and labor-intensive wholesale and retail industry.From the perspective of functional positioning,size and the natuere of human capital of Wuhan Department Store Group Co.,Ltd,it is very suitable for the implementation of employee stock ownership plan under the background of mixed ownership reform.Therefore,this paper selects the employee stock ownership plan of Wuhan Department Store Group Co.,Ltd as the research object.Through the comparative analysis of the short-term market reaction after the implementation of ESOP by Wuhan Department Store Group Co.,Ltd and the corporate performance about three years,this paper verifies whether the ESOP has played an incentive effect.Secondly,it analyzes the changes of directors and supervisors,the optimization of ownership structure and the degree of ownership balance after the implementation of the employee stock ownership plan,and verifies the role of the employee stock ownership plan in improving corporate governance.In this paper,A comprehensive evaluation of Wuhan Department Store Group Co.,Ltd design scheme and characteristics of employee stock ownership plan,analyzes the implementation effect of the impact of the employee stock ownership plan,the employee stock ownership plan incentive effects and mechanisms of the governance effect of combination of theoretical analysis and the application of specific cases,it is concluded that ESOP plays a positive role in promoting further mix to SOEs,improving corporate performance and corporate governance.