Research On Esop Under The Mix Ownership Reform Of State

Employee stock ownership is a stock incentive method for employees.Compared with the managers,employee stock ownership can motivate the general employees in a better way.But how does the implementation of the employee stock ownership plan influence the performance of the enterprise during the state-owned enterprise mixed ownership reform process? The Third Plenary Session of the 18 th CPC Central Committee requested that employee stock ownership be an significant reform sector of mixed ownership of enterprises,which makes the employee stock ownership plan once again come back into view of the mixed reform of state-owned enterprises;the Securities Regulatory Commission officially issued the “Guiding Opinions on the Implementation of Employee Stock Ownership Plans by Listed Companies”,which provided a strong policy support for the concrete implementation of employee stock ownership plans.This paper studies the incentive effects of employee stock ownership plans in listed companies and draws conclusions about how it affects enterprise performance.In reference to the research results of domestic and foreign scholars,and in view of how the existing stock company's implementation of the employee stock ownership plan is affected by the new policy,it chooses listed companies implementing employee stock ownership plan from June 30,2015 to December 31,2016 as research sample,and carries out empirical research based on the announcement data issued by state-owned listed companies during this period.This paper adopts the corporate capability index as the proxy variable for the incentive effect of employee stock ownership plans.Incentive effect is the effect on corporate performance,which is the external performance of the corporate capability index.The corporate capability index is a comprehensive index system that involves the overall operational potential,industry potential and development potential of the enterprise.Compared with the previous single variable to measure corporate performance,the corporate capability index can measure corporate performance more systematically and comprehensively,thus offering more accurate and persuasiveanalysis results.This paper summarizes each variable included in the corporate capability index,calculates the weight of each part,obtains the comprehensive weight of each part of the index system,and finally gets the data of the enterprise capability index.Meanwhile,by controlling other variables that will affect the performance of the enterprise,it finally uses the corporate capability index,a comprehensive index of corporate performance as a proxy variable for the incentive effect,as well as the corresponding model to conduct an empirical analysis of the research issues.Upon the above empirical analysis,the following conclusions are drawn: when the incentive effect of the employee stock ownership plan on the listed company is positive,the impact of employee stock ownership on the company's performance is positive;when the incentive effect of ownership concentration on the implementation of the employee stock ownership is negative,which means,the higher the ownership concentration,the worse the incentive effect of the employee stock ownership plan;the intensity of rivalry between competitors will affect the implementation of the employee stock ownership plan,that is,more intense market competition will lead to positive incentive effect of the employee stock ownership plan.The research conclusions of this paper will not only theoretically enrich the relevant literature on the incentive effects of employee stock ownership plans,but also provide empirical data support for the development of new round of employee stock ownership plans in China,as well as bringing certain practical significance to its implementation and perfection.