A Case Study On ESOP Of State-owned Enterprises Under The Background Of Mixed Ownership Reform

The reports of the 19 th National Congress of the Communist Party of China clearly points out that deepening the reform of state-owned enterprises(SOEs)is an important and durative issue in China.China should accelerate the reform of mixed ownership of SOEs to continuously stimulate the vitality of SOEs and cultivate a number of new competitive SOEs.The starting point of this paper is how to make use of the innovation and flexibility of employee share ownership schemes to help SOEs achieve successful transformation.2016 saw the launch of the "three-step" plan for the mixed-ownership reform of China Eastern Airlines Logistics,a subsidiary of China Eastern Airlines Group.As one of the first pilot mixed reform enterprises,the study of its employee share ownership scheme is of high exemplary significance.This paper focuses on the performance and problems of the implementation of the employee share ownership scheme of China Eastern Airlines Logistics,which can provide suggestions for other state-owned enterprises’ employee share ownership schemes and mixed ownership reforms.This paper firstly sorts out the overall mixed-reform plan of China Eastern Logistics,and on this basis focuses on analyzing the design,performance and existing problems of its employee stock ownership plan.This paper uses literature research method and comparative analysis method to conclude that the employee stock ownership plan has a positive effect on the financial performance and non-financial performance of China Eastern Airlines Logistics Company.The specific conclusions are as follows:(1)In terms of non-financial performance,the employee stock ownership plan of China Eastern Logistics not only improves the corporate governance structure,but also makes the employment mechanism marketized,which realizes the "stripping off the armored" of state-owned employees and optimizes the employee structure.In addition,it also stimulates the vitality of R&D and innovation of the enterprise and innovates the industrial layout.China Eastern Logistics successfully achieved the goal of being listed on the Shanghai Stock Exchange and completed the "three-step" plan of mixed reform when the above performance was realized.(2)In terms of financial performance,the ESOP improves the debt paying ability and operation ability of China Eastern Logistics,and optimizes the capital structure and operation efficiency of it;Profitability and growth of this company have been improved but not significantly and need to be consolidated,compared to other competitors in the industry.The success of reform is not achieved overnight.For China Eastern Logistics,to continue to improve its financial performance,it needs to further accelerate the pace of construction in corporate governance,team building and industrial layout.At the same time,considering the influence of external factors such as the popularization of5 G and the rise of digital economy,the implementation performance of ESOP still needs to be further studied in the future combined with the development situation of enterprises.