Research On The Economic Effect Of Taiji Industry’s Implementation Of Employee Stock Ownership Plan Under The Background Of Mixed Reform

State-owned enterprises achieve resource allocation by giving full play to the benefits of state-owned assets and occupy an important strategic position in China’s economic development.The Third Plenary Session of the 18 th CPC Central Committee clarified for the first time that mixed ownership reform is an important breakthrough in the new round of SOE reform,and employee stock ownership plan,as a key path to achieve mixed ownership reform,is conducive to optimizing corporate governance,motivating talents and enhancing the multiple effects of enterprise core competitiveness.Therefore,it is necessary to conduct a more in-depth study of ESOP.Although China’s mixed reform has entered the stage of promoting "reform" from "mixing",the specific implementation policies and exit mechanisms of the relevant employee stock ownership plans are not perfect,and some state-owned enterprises hesitate due to lack of reference experience.Therefore,this thesis selects the typical state-owned enterprise-Taiji Industry as the research object in the background of mixed changes.At present,the mixed reform of employee shareholding in state-owned enterprises is still in the pilot Firstly,the impact of employee stock ownership plan on enterprise value is summarized from three perspectives.Secondly,the plan implementation process,element design and characteristics of the case company are analyzed,and the implementation motivation is obtained by combining the elements.Thirdly,through the event research method and financial analysis,the implementation effect is studied from the perspectives of market,finance and non-financial performance,and its role path is explored from the perspective of market response,corporate operation and corporate governance,and the impact mechanism summarized above is tested.Finally,suggestions are made based on the scheme design problems found in the study,and samples are provided for other state-owned enterprises.Through case analysis,the following conclusions are drawn: Taiji Industrial implemented the employee stock ownership plan out of three major motives: responding to the call of the national mixed reform policy,promoting the strategic transformation of the enterprise,and alleviating the contradiction between principal-agent.After the implementation,the comprehensive performance has improved,among which the short-term positive market benefits are obvious,the relevant indicators such as profit and debt repayment have been significantly improved,the non-financial indicators such as employee contribution,R&D investment and social responsibility have also improved,and the comprehensive score of entropy also shows that the economic performance has been improved.It also deconstructs its intrinsic influence path from three perspectives,and based on the perspective of signal transmission,it is found that the ESOP enhances corporate value by releasing positive signals.From the perspective of debt structure,financing constraints are eased by reducing debt financing and expanding current assets.Based on the perspective of agency cost,the employee stock ownership plan takes the path of restricting management’s rent-seeking and major shareholders’ hollowing out as the path,reducing agency costs,enriching the nature of equity,improving the equity structure,and improving governance efficiency.However,the results show that the long-term incentive effect of the current ESOP is poor,and there is still a short-term and welfare phenomenon.Therefore,this thesis proposes to extend the incentive period,enrich the sources of funds,set performance standards,and expand the scope of equity participation,so as to provide reference significance for other state-owned enterprises that have implemented or intend to implement.