| Since the third Plenary session of the 18 th CPC Central Committee in November2013,the mixed ownership reform has become the focus of economic reform in recent years;in 2014,the government issued the Guidance on deepening the reform with the ESOP as the focus of this round of the mixed reform;since the 19 th and 2020 government work reports emphasized the mixed ownership reform.Since the first batch of ESOP pilot of SOEs in 2016,more and more state-owned enterprises have begun to use ESOP plans for mixed ownership reform.The application of ESOP in mixed reform of SOEs has also become a hot topic for scholars’ research.This paper takes China Electrical Appliance Research Institute Co.,Ltd.(hereinafter referred to as "China Electrical Institute")as an example to study how its employee stock ownership plan implemented in 2017 can help enterprises complete the mixed ownership reform of state-owned enterprises,and analyze the actual completion effect of the mixed reform target of state-owned enterprises.This paper adopts the literature review method and case analysis method,based on modern property rights theory,incentive theory,and entrusted agency theory,first summarizes the background and concept of state-owned enterprise mixed reform and employee stock ownership plan,analyzes the development status of the current state-owned enterprise mixed reform and the significance of the employee stock ownership plan for the mixed reform of state-owned enterprises,and then describes the implementation background and implementation plan rules of the Employee Stock Ownership Plan of the China Electric Power Institute,analyzes the goal of mixed reform of state-owned enterprises and the realization path of the employee stock ownership plan of this employee stock ownership plan for the goal of mixed reform of state-owned enterprises,and the mixed reform of state-owned enterprises mainly improves the governance structure,improve the level of governance;Improve business performance and promote the benign development of state-owned capital;Clarify the property rights relationship and establish three goals of a modern enterprise system.For the goal of improving the governance structure and improving the level of governance,the employee stock ownership plan first introduces stakeholders,improves the structure of senior management and binds the interests of executives and enterprises,strengthens supervision to reduce agency costs,and finally reduces the negative impact of the government management chain;For the goal of improving business performance,the employee stock ownership plan has established a long-term incentive mechanism to enhance the value of employees,strengthen the innovation ability of enterprises,enhance the competitiveness of enterprises,and finally strengthen the power of independent operation of enterprises and enhance the enthusiasm of enterprise operations.With regard to the goal of clarifying property rights relations and establishing a modern enterprise system,the employee stock ownership plan introduces external capital,separates the control of state-owned capital investors over enterprise property,establishes the independent legal personality of enterprises,establishes a joint-stock system,improves the shortcomings of state-owned capital in the soft budget of enterprise operation,and establishes a limited responsibility system.The paper measures the completion of the employee stock ownership plan on the mixed reform goal of state-owned enterprises from the two aspects of governance ability and financial performance,and uses the entropy method to construct comprehensive evaluation indicators,summarizes the actual effect of the employee stock ownership plan to improve the comprehensive ability,and after analysis,it is found that the employee stock ownership plan has greatly improved the level of enterprise operation,but for the limited improvement of corporate governance capabilities,it is still necessary to continue to deepen the mixed reform of state-owned enterprises through other means. |
