Research On The Design And Implementation Effects Of Employee Stock Ownership Plans In State-owned Enterprises

in the new era,the reform of mixed ownership is gradually deepening,and the implementation of employee stock ownership is an important measure of mixed reform.For the state-owned enterprises,the purpose of implementing ESOP is to improve the operating performance of enterprises by allocating the residual interests of the company on the basis of ensuring the state-owned holding.The increasingly rich theory promotes the implementation of mixed reform in state-owned enterprises,but at present,the participation of employee stock ownership in state-owned enterprises is low,and the implementation effect is not outstanding.Based on the different contract elements and limited macro policy guidance,this paper focuses on how to design a reasonable ESOP plan to achieve good incentive effect and improve business performance.This paper combines theoretical analysis with case study,taking the employee stock ownership plan carried out by Shanghai Automobile Group in 2015 as an example,focusing on two dimensions of "scheme design" and "implementation effect".First of all,on the basis of a large number of literature,the research of ESOP at home and abroad is classified and summarized.Secondly,it introduces the basic theory of ESOP,explains the related concepts of ESOP,reviews the development process of ESOP in state-owned enterprises,and summarizes the characteristics of implementation.Thirdly,the case part introduces the basic situation of SAIC Group,analyzes the implementation motivation of employee stock ownership,according to the issued stock ownership plan,studies the design characteristics from the five elements of the object of participation,capital and stock source,stock price,management mode and survival exit mechanism.On this basis,this paper explores the implementation effect of ESOP from four aspects:(1)internal structure,based on the theory of property rights and human capital,to analyze the changes of ownership structure and employee composition;(2)enterprise performance,through the method of comparative analysis,to study the changes of financial situation,and to study EVA,to evaluate the enterprise as a whole Economic value;(3)innovation research and development,through innovation investment and innovation effectiveness,to study the impact of employee stock ownership on innovation efficiency;(4)market response,using event research method to analyze the short-term and long-term market effects of the implementation of the plan.The conclusions are as follows: ESOP optimizes the ownership structure and employee composition;promotes theimprovement of financial performance but slows down the long-term growth;has strong innovation ability and positive correlation between investment and effectiveness;brings positive market reaction in the short term,but has general long-term effect.The scheme design is the bridge between theory and practice.In view of the research feedback of the implementation effect and the design elements of SAIC Group’s shareholding plan,it is found that there are some deficiencies in the shareholding ratio,capital source and incentive mechanism.According to the design optimization principle,the following optimization measures are proposed:(1)set up the ladder shareholding ratio;(2)diversify the capital source;(3)set up the regular shareholding ratio State incentive mechanism.Finally,it puts forward the overall suggestions for the implementation of ESOP in state-owned enterprises.From the perspective of the government,it is suggested to speed up the revision of relevant laws and strengthen the supervision of financial institutions;in the aspect of enterprises themselves,the appropriateness of implementing plans,making scientific plans and establishing perfect management mechanisms should be considered.The research of this paper is connected with the current situation of mixed ownership reform of state-owned enterprises,and the successful implementation of SAIC’s employee stock ownership plan.On the one hand,it enriches the case study of employee stock ownership of state-owned enterprises,confirms the feasibility of policies and plans,on the other hand,it provides reference for the future implementation of plans of state-owned enterprises and the same industry.