Research On The Implementation Motivation And Effect Of Employee Stock Ownership Plan Under The Background Of Mixed Ownership Reform Of State-owned Enterprises

In 2018,the State Council issued several guiding suggestions on deepening the reform of mixed ownership system,which pointed out that state-owned enterprises should continue to deepen the reform,continue to complete the pilot practice of shareholding,bind the interests and risks of the company and employees together,so as to improve the level of corporate governance and enhance the comprehensive competitiveness of state-owned enterprises.At the same time,local governments should formulate a system matching with the local,so as to provide guidance for the development of state-owned enterprises Relevant enterprises to implement ESOP to provide policy reference.At present,as one of the paths of mixed reform of state-owned enterprises,employee stock ownership has become the focus of the community.Under the background of current mixed ownership reform,ESOP has great development opportunities.The implementation of ESOP can establish an incentive and restraint mechanism,enhance the enthusiasm of employees and the participation of the company's operation,improve the corporate governance system,and solve the problem of underground management efficiency of state-owned enterprises.At present,many scholars are studying the ESOP,but most of them focus on empirical analysis,and the case study of a single case and the effect of ESOP implementation is not enough.In this paper,case study method is used to select a Engineering Bureau in Henan Province,which participated in the mixed reform and implemented ESOP in the latest period,as a case company.It is expected that through the in-depth analysis of the implementation motivation and effect of ESOP in a Engineering Bureau,the existing case study can be enriched,and the reference and motivation for the state-owned enterprises that will participate in the mixed reform and implement ESOP can be provided.First of all,this paper analyzes the implementation motivation of ESOP in a Engineering Bureau from the perspective of external environment and internal demand,and then analyzes the effect path of implementing ESOP in a Engineering Bureau from three aspects: reducing agency cost,encouraging and attracting employees,and improving enterprise performance.Then,it analyzes the effect path of implementing ESOP in a Engineering Bureau from three aspects: corporate governance,employee incentive and company performance This paper makes a qualitative and quantitative analysis on the implementation effect of ESOP in a Engineering Bureau by means of questionnaire survey and data index analysis.Finally,based on the case study of a Engineering Bureau,the following conclusions are drawn:(1)ESOP encouraged capital diversification of public companies,achieved direct employee participation in corporate governance,and encouraged mixed ownership reform;(2)The implementation of ESOP not only reduces the turnover rate of employees,but also improves the proportion of core employees in employees(3)The implementation of employee stock ownership by Engineering Bureau A not only has a positive effect on improving the business performance of the company,but also improves the overall debt repayment,operation and growth capabilities of Engineering Bureau A.The above research conclusions of this paper are expected to provide reference for state-owned enterprises that will participate in the mixed reform and implement employee shareholding plans,and provide case support for the theory of employee shareholding plans in the context of the mixed reform of state-owned enterprises.