| With the accelerated development of economic globalization,in a complex situation,competition between companies is becoming more and fiercer.In today’s era of knowledge economy,human capital,as a scarce resource,is increasingly important to the development of enterprises.Even for some knowledge-intensive enterprises,human capital is the key to their survival and competition.Employee stock ownership plans are used as a means of internal incentives for enterprises.By bundling the interests of employees and the interests of the company,it can have a positive impact on improving the company’s supervision mechanism,cultivating employee ownership and enhancing team cohesion,which is conducive to creating a win-win situation for the company and employees.At present,domestic and foreign scholars have conducted a lot of research on the relationship between employee stock ownership plans and corporate performance.However,whether it really has a positive impact on corporate performance,scholars have expressed their opinions.In practice,the performance of companies implementing employee stock ownership plans has also changed different.Based on the above background,this article explores the impact of the implementation of the employee stock ownership plan on corporate performance based on a large number of previous research results and specific cases.First of all,this article combs and summarizes relevant domestic and foreign literature from three aspects: the motivation of employee stock ownership plan,market reaction and the relationship with enterprise performance.After defining the concept of employee stock ownership plan,the relevant theoretical basis is explained.Secondly,it briefly reviewed the development history of the ESOP in my country and used descriptive statistical analysis methods to comb and analyze the current situation of the implementation of the employee stock ownership plan in my country.The reasons for selecting Yi Wei Li Neng as the case study object are as follows.Pave the way for the case analysis part.Then,after introducing the basic situation of the company in the case and the contents of the employee stock ownership plan implemented,it further analyzes the characteristics of the stock ownership plan and the reasons for its implementation,and then analyzes the financial performance of Yi Wei Li Neng through a vertical and horizontal comparison analysis.After an objective assessment,a more comprehensive assessment of a company’s performance in terms of four non-financial performance aspects: short-term market response,employee quality,human capital efficiency,and market competitiveness.At the same time,it also evaluates corporate performance from agency costs,employee incentives,and corporate innovation.Three aspects analyze the mechanism of the effect of the employee stock ownership plan on corporate performance.According to the research results,the implementation of the ESOP has a positive impact on the financial performance of the company.For non-financial indicators,the impact on short-term shareholder wealth growth is limited.The quality of employees,human capital efficiency and product competitiveness follow the stock ownership plan.There have been positive changes in the implementation of the company.In general,the employee stock ownership plan implemented by Yi Wei Li Neng is indeed helpful to the improvement of corporate performance,and the implementation is considered to be relatively successful in terms of results.However,there are also ill-considered aspects in the design of the shareholding plan,such as a short lock-up period and no performance evaluation indicators.Finally,based on the conclusion that the implementation of the ESOP can have a positive impact on corporate performance,this article puts forward relevant recommendations from both the regulatory and corporate levels. |
