The Research Of Performance Evaluation Of Employee Stock Ownership Plan In China Electric Research Institute

After the Third Plenary Session of the 18 th CPC Central Committee,China’s economic development has shifted to high-quality development on the basis of rapid growth.Since then,state-owned enterprises have stepped up the pace of deepening reform.After the Fourth Plenary Session of the 19 th Central Committee,the reform of state-owned enterprises has been more extensive and deeper.In this context,whether ESOP can play its role to improve the ownership structure of state-owned enterprises,improve the governance system,attract and retain talents,and then improve enterprise performance requires a large number of cases to verify.As the first batch of pilot enterprises to implement employee stock ownership plan in Chinese state-owned enterprises,the implementation of China Electric Research Institute has attracted much attention.Based on the exploration of state-owned enterprises on employee stock ownership plan,this paper selects the old state-owned enterprise China National Electric Apparatus Research Institute Co.,Ltd.(hereinafter referred to as "China Electric Power Research Institute")as the research object,mainly adopts case study and comparative analysis methods,reviews relevant articles on employee stock ownership,and takes principal-agent theory,human capital theory,two factor theory and sharing economy theory as the basis,Analyze its performance based on the balanced scorecard.First of all,it briefly introduces the basic situation of China Electric Power Research Corporation,and details the specific process,content,characteristics,changes in equity structure and motivation of China Electric Power Research Corporation’s employee stock ownership plan.Secondly,combine the balanced scorecard multi angle and multi index evaluation idea with the impact of employee stock ownership on performance,and build an evaluation index system suitable for evaluating the performance of China Electric Power Research’s employee stock ownership reform based on the actual situation of China Electric Power Research;The analytic hierarchy process is introduced,and the EXCEL software is used to assist data accounting,so as to give reasonable weight to each index.Thirdly,according to the index evaluation system constructed above,combined with the relevant data of China Electric Power Research Institute from 2016 to 2021,we evaluated and analyzed the mixed reform from the horizontal and vertical perspectives,obtained the comprehensive performance evaluation score by calculating the inter annual difference rate and analyzed it,found the existing problems and put forward corresponding suggestions.Through the comparison of the performance before and after the implementation of employee stock ownership in China Electric Power Research Corporation,this paper finds that the implementation of employee stock ownership in China Electric Power Research Corporation has enabled the management,business department heads and key personnel to become shareholders of the company.The equity structure has been optimized,and the corporate governance structure has also been improved,thus promoting the improvement of performance,especially from 2017 to 2019.In terms of finance,most of the indicators have improved,except for some indicators whose changes are not obvious.On the whole,financial performance has been improved;On the non-financial side,agency costs were reduced and staff enthusiasm was improved,which promoted innovation output and innovation capability.However,there are also some problems.For example,there is still much room for enterprises to improve their grasp of the market and customers,and the ability to convert R&D investment into income needs to be strengthened.On the whole,the implementation of employee stock ownership has brought positive effects to the overall development of China Electric Research Institute,hoping to provide reference for the reform of employee stock ownership of other state-owned enterprises in the future.