Research On The Influence Of Employee Stock Ownership On The Effectiveness Of Interalnal Supervision

At present,with the deepening of China's economic system reform,the ownership structure from the state-owned economy to the whole national economy has undergone profound changes.In the capital market,ESOP has entered the restart stage from the suspension stage as long as 16 years.The implementation of ESOP has the dual effects of "incentive" and "governance",and the internal employees who participate in ESOP also have the dual identities of "laborer" and "owner".The employees who hold shares become shareholders of the company and hold shares of the company for a long time,which can effectively supervise the management,further promote the improvement of the internal management of the company,and constantly optimize and improve the corporate governance structure.Based on the summary of the existing research,this paper analyzes the mechanism of the four research variables: employee stock ownership,the effectiveness of internal supervision,the nature of property rights and the source of employee stock capital,puts forward the research hypothesis and constructs the conceptual model of this paper.Through the method of questionnaire survey,338 valid questionnaires were distributed and collected,and descriptive statistical analysis and reliability and validity test were carried out for the formal questionnaire data.Regression analysis and structural equation model were used to empirically test the impact of employee stock ownership,the effectiveness of internal supervision,the nature of property rights and the source of employee stock capital.The results show that:(1)Employee stock ownership has a significant positive impact on the effectiveness of internal supervision.(2)The proportion of employee stock ownership and the number of employee stock ownership have a significant positive impact on the effectiveness of internal supervision.(3)The nature of property rights plays a regulatory role in the relationship between employee stock ownership and effective internal supervision,and compared with non-state-owned enterprises,state-owned enterprises have employee stock ownership It has a more significant impact on the effectiveness of internal supervision.(4)The source of ESOP fundswith non own funds,the influence of own funds on ESOP and the effectiveness of internal supervision is more significant.From the perspective of the "governance effect" of employee stock ownership,this paper discusses the relationship between employee stock ownership and the effectiveness of internal supervision.In order to mobilize the employees who hold shares to actively participate in the operation and management of enterprises,give full play to the effective role of the employees who hold shares to supervise the operation and decision-making of the management,optimize the corporate governance structure,improve the level of corporate governance,improve the effectiveness of internal supervision of enterprises,and ultimately improve the economic performance of enterprises Economic benefits and market competitiveness to provide reference.