Research On The Effect Of Employee Stock Ownership On Improving The Governance Efficiency Of State-Owned Enterprises Under The Background Of Mixed Ownership Reform

The 20 th Party Congress proposed to deepen the reform of state-owned capital and state-owned enterprises,promote state-owned capital and state-owned enterprises to become stronger,better and larger,and accelerate the construction of world-class enterprises.The Party Central Committee and local governments at all levels are paying more and more attention to the reform and development of Mixed Ownership Reform.,and the pace is gradually accelerating,presenting a new picture of Chinese wisdom and wisdom.At this stage of reform,mixed ownership reform is still the breakthrough to further deepen SOE reform,and employee stock ownership plan is an important measure to promote the mixed reform of Mixed Ownership Reform.,which is crucial to improve the shareholding structure,perfect the governance system,and enhance the innovation capability and business performance of Mixed Ownership Reform..With the reform of Mixed Ownership Reform.officially entering the "deep water" area,can the implementation of employee stock ownership plan have a positive impact on the governance effect of Mixed Ownership Reform.?What are the specific paths and mechanisms of impact? Does the effect of its implementation meet the expectations of enterprises? In the current context,these are important issues that need to be studied in the process of promoting state-owned enterprises to become stronger and better.After reviewing relevant literature and materials,this article selects China Electric Appliance Research Institute Co.one of the first batch of employee shareholding pilot enterprises under the State owned Assets Supervision and Administration Commission of the State Council,as the case study object.This article first explores and sorts out the paths and effects of employee stock ownership plans on the governance efficiency of state-owned enterprises through theoretical analysis;Secondly,based on theoretical analysis,a detailed analysis is conducted from three aspects: corporate governance structure,innovation capability,and operational performance.In terms of business performance,the financial indicator analysis method was used to analyze the short-term economic effects generated by the introduction of employee stock ownership plans.At the same time,in order to make the case results more accurate and reliable,a multiple linear regression analysis was conducted on a total of 400 samples from China Electric Appliances Institute and 49 state-owned listed companies in their respective industries,and parallel trend tests were conducted on this basis.Finally,based on the research results,the conclusions and research implications of this article are drawn in a targeted manner.This paper mainly adopts the literature research method,case study method and quantitative analysis method.The main contributions are: First,the research method is innovative.At present,most of the domestic and foreign research on mixed reform and employee stock ownership plan is based on empirical research,and the corresponding case studies are not sufficient.In this paper,China Electric Institute is selected as a case study,and the impact of employee stock ownership plan on corporate governance efficiency is analyzed through financial data comparison and multiple linear regression.Second,the research perspective is innovative.Most scholars in the past have studied the compliance of employee stock ownership and its impact on the innovation performance of enterprises.This paper takes mixed ownership reform as the background,and provides a comprehensive analysis of the antecedents,consequences and implementation process of implementing employee stock ownership plan in China Electric Institute,which is more valuable for market practice operation.