Research On The Implementation Effect Of WS Group’s Employee Stock Ownership Plan Under The Background Of Mixed Ownership Reform

State-owned enterprises are an important material and political foundation of socialism with Chinese characteristics,and an important pillar and strength for the party to govern and rejuvenate the country.However,in the historical development of state-owned enterprises,there were problems such as excessive concentration of property rights,low production efficiency,and poor operating conditions,which hindered the development of the state-owned economy.To enhance the vitality and competitiveness of state-owned enterprises,the state has actively introduced policies to promote the reform of the state-owned economic system.In 2014,the "Guiding Opinions on the Pilot Implementation of Employee Stock Ownership Plans for Listed Companies" was issued,providing policy documents for companies to implement employee stock ownership plans.In 2020,the "Three-Year Action Plan for State-owned Enterprise Reform(2020-2022)" was issued to promote the implementation of various medium and longterm incentive policies for state-owned enterprises.The report of the 20 th National Congress of the Communist Party of China pointed out that it is necessary to continuously improve the reform of mixed ownership and promote the in-depth transformation of the operating mechanism.Therefore,in the context of mixed ownership reform,it is of great significance to explore the implementation effect of state-owned enterprise employee stock ownership plans.Competitive state-owned enterprises are the focus of mixed-ownership reform,with the deepest level of reform,the most arduous task,and the most expected results.As the first batch of local competitive state-owned enterprises to implement employee stock ownership plans,WS Group is a typical demonstration of its implementation effect.The article first introduces the research background and significance of the employee stock ownership plan,sorts out the relevant literature and determines the research objectives,content and methods;secondly,it expounds the relevant concepts,theoretical basis and implementation effect mechanism;then introduces the case of WS Group implementing the employee stock ownership plan;Then build the implementation effect analysis framework,analyze and evaluate the implementation effect from the three dimensions of financial performance,market performance and corporate governance;then put forward optimization suggestions for existing problems;finally draw research conclusions based on the research results and make an outlook.Through the analysis,the following conclusions are drawn: In terms of financial performance,the implementation of employee stock ownership plans has a more obvious role in promoting the company’s profitability and solvency,but the effect in terms of operational capabilities needs to be improved.Further analyzing the economic value-added indicators,the first two years of implementing the plan played a significant role in promoting the company’s performance.From the perspective of market performance,the company’s short-term market performance is positively motivated to a certain extent,but it does not help the company’s long-term market share.In terms of corporate governance,although the conflict of interests between shareholders and management has not been effectively alleviated,the encroachment of the company’s funds by the controlling shareholder has been reduced,the second type of agency costs has been reduced,and the ownership structure has been optimized to a certain extent.To better exert the effectiveness of the employee stock ownership plan,it is necessary to continue to optimize in the future in terms of improving employees’ willingness to participate in shareholding,optimizing the design of the plan,and protecting the rights and interests of the company’s shareholders.