| Employee stock ownership plan is a common long-term incentive measure in modern corporate enterprises.Through the implementation of the plan,enterprises can achieve the binding of employee interests and enterprise interests,enhance the labor efficiency and creativity of employees,stimulate the quality and efficiency of enterprises,and enhance the market competitiveness while emphasizing the functions of profit sharing and democratic management.From 2015 to 2019,China’s listed companies issued a total of 974 employee stock ownership plans,a large number.This paper has a certain practical significance to study the incentive effect of employee stock ownership.This paper constructs an evaluation system of the incentive effect of ESOP from the perspective of enterprise capability,and takes Sany as a case study to analyze the content and implementation of the ESOP.Based on the enterprise capability,this paper focuses on the incentive effect of the ESOP in three aspects: comprehensive operation efficiency,industry potential and development potential.The results show that the employee stock ownership plan of Sany Heavy Industry Co.,Ltd.can help enterprises improve employee efficiency and financial performance,reduce agency cost and improve comprehensive operation efficiency;At the same time,the improvement of staff efficiency stimulates the creative activities of the team in the organization,improves the efficiency of enterprise innovation output,improves the patent R & D ability,and ensures the development potential;In terms of industry potential energy,Sany’s market share and sales growth rate have been improved to a certain extent after the implementation of ESOP,and its brand image and competitive advantage of leading products have been improved.However,Sany also needs to pay attention to the external industry potential energy transformation effect of internal competitive advantage while giving play to the above advantages.In view of the shortcomings of ESOP and the research results of incentive effect,this paper puts forward some strategies to enhance the incentive effect of ESOP,and provides some experience and practical guidance for listed companies to implement ESOP in the future. |
