| As an important part of deepening the reform of state-owned enterprises,the once suspended employee stock ownership plan has been restarted again.Since the 18 th National Congress,guiding policy documents on employee stock ownership have been released one after another,and with the convening of the 19 th and 20 th National Congresses,the government has been paying more and more attention to the reform and development of state-owned enterprises,and the pace of state-owned enterprise reform has been gradually accelerated.In the current reform process,mixed ownership reform,as one of the important policy initiatives to further deepen the reform of state-owned enterprises,has been entrusted with more missions and shouldered greater expectations.Since employee stock ownership plans started late in China and are still in the exploratory stage,studying the paths and effects of employee stock ownership plans implemented by SOEs in the reform process can help provide a reference basis for SOEs that try to introduce employee stock ownership in the future.This paper chooses Wushang Group for research and analysis,which belongs to the retail industry with fierce competition and labor intensive.Firstly,this paper reviews the relevant literature on the motivation and effect of mixed ownership reform and employee stock ownership plan in recent years.Secondly,it defines the concept and theory,and analyzes the role path of employee stock ownership plan for Wushang Group from the theoretical level,and studies how the plan affects enterprise performance.Then,taking the employee stock ownership plan of Wushang Group as an example,this paper introduces the background of the retail industry and the company,analyzes the motivation for implementing the plan,and summarizes the specific implementation process of the employee stock ownership plan.Finally,through market research method,financial ratio analysis and non-financial performance analysis,this paper studies the enterprise performance of Wushang Group after the implementation of the plan.Through the research,this paper finds that in order to actively respond to the call of deepening reform,cope with the increasingly fierce industry competition and improve the governance structure,Wushang Group has launched mixed ownership reform and introduced the employee stock ownership plan.Facts have proved that Wushang Group in this mixed reform under the introduction of employee stock ownership plan does have a positive effect.First,there was a good market reaction during the window period,and investors recognized employee ownership.Second,the enterprise’s financial performance has improved significantly,and its profitability far exceeds the industry average.Thirdly,enterprises have certain positive effects on corporate governance,employee motivation and market size.Finally,the introduction of employee stock ownership plan in the mixed reform of state-owned enterprises should be combined with the actual motives and designed to suit the enterprises,and the following suggestions are made: first,scientific design of the scope of stockholding employees and shareholding ratio;second,establishment of a transparent performance assessment mechanism to promote the distribution of earnings;and third,improvement of policies and laws and regulations. |
