Research On The Implementation Effect Of ZL’s Employee Stock Ownership Plan

In order to promote the more efficient and sustainable operation of my country’s state-owned enterprises,my country has started to explore the mixed ownership reform of state-owned enterprises,from the implementation of policies to the implementation of pilot projects,to the improvement of the "1+N" policy system,and from the Double Hundred Action to state-owned enterprises.The three-year reform actions have demonstrated my country’s emphasis on and active exploration of the transformation of the market economic system in the new era.By 2019,the top-level design for the reform of my country’s state-owned enterprises has been formed,and the reform pilots are also continuing to advance.The policy focus has begun to shift to the construction of medium-and long-term incentive mechanisms for enterprises.As an important path for the mixed reform of state-owned enterprises in my country,the employee stock ownership plan is important for improving the equity of state-owned enterprises in my country.structure,build a diversified property rights governance mechanism,and optimize the structure and layout of the state-owned economy have a positive role in promoting.Therefore,how to carry out employee stock ownership in state-owned enterprises,how to design appropriate stock ownership plans,so that the incentive mechanism can meet the development needs of state-owned enterprises,and achieve medium and long-term incentives for employees has become the focus of social attention.Through specific case studies,it can provide certain reference experience for other state-owned enterprises to carry out employee stock ownership,and has certain practical research value.In this paper,taking the background of ZL Company’s mixed reform,this paper explores the design and implementation process of its implementation of employee shareholding in the context of mixed reform,and analyzes the changes in the company’s performance indicators and non-performance indicators before and after the implementation,so as to obtain the implementation effect of ZL Company’s employee shareholding.First of all,this paper sorts out the relevant literature and theories of state-owned enterprise mixed reform and employee shareholding,analyzes the institutional background of ZL Company’s implementation of employee shareholding,discusses the specific content of human capital theory,two-factor theory and other theories,and provides theoretical support for the subsequent implementation of the motivation and effect analysis.Then,through the analysis of the specific cases of ZL Company,the impact of mixed reform on its implementation of employee stock ownership plan was studied,and the motivation of ZL Company to carry out employee stock ownership was sorted out,and then the design characteristics of its shareholding plan were analyzed.Finally,this paper discusses the impact of employee stock ownership on ZL and its implementation effect from the changes in financial performance and non-financial performance before and after ZL implemented the ESOP.This article believes that ZL Company’s mixed change to this employee shareholding has created a good implementation environment and promoted the orderly implementation of employee shareholding.The implementation of the plan has achieved the expected results,helping enterprises to deepen the results of mixed reform,optimizing the equity structure;improving the stability of employees,enhancing the talent attractiveness of enterprises;stimulating the enthusiasm for innovation and research and development,increasing the efficiency of the company’s research and development output;and ultimately promoting the improvement of financial performance and enterprise value.Finally,combined with the program design and implementation process and implementation effect of ZL Company’s employee stock ownership plan,it is proposed that other state-owned enterprises should seize the opportunity of mixed reform to actively implement employee stock ownership,and at the same time should reasonably determine the implementation time and implementation plan according to their own actual situation.