Study On The Influence Path And Effect Of Lepu Medical Employee Stock Ownership Plan

Esop,as a kind of incentive method,has been widely used abroad.In recent years,with the increasing emphasis on ESOP in our country,more and more enterprises in our country are inclined to implement this plan,and the impact of the implementation of ESOP,as well as the specific path and effects of the impact have attracted more and more attention.Many scholars at home and abroad have conducted relevant studies on the effects of the implementation of employee stock ownership plans.Some scholars believe that the implementation of employee stock ownership plans can produce positive effects.However,at present,most scholars use empirical methods to find that employee stock ownership plans can produce a series of impacts on enterprises.Therefore,this paper will use specific cases to study the specific influence path and effect of Lepu Medical’s 2018 first phase employee stock ownership plan,and finally draw relevant conclusions.This paper takes the first phase of the employee stock ownership plan implemented by Lepu Medical as a case study,firstly summarizes the relevant literature,and then combs the relationship between the employee stock ownership plan and corporate governance,innovation ability and capital structure.After analyzing the impact path of the first phase of employee stock ownership plan implemented by Lepu Medical in 2018,it is found that Lepu Medical has exerted an impact on the enterprise from three aspects after the implementation of the plan.First,it can reduce the agency cost of Lepu Medical and optimize its ownership structure,thus strengthening its governance ability.Secondly,it can attract more high-quality talents for Lepu Medical and enhance its technological innovation,thus enhancing the innovation ability of the enterprise;Third,by reducing the degree of financing constraints of Lepu Medical and optimizing its financing structure,the capital structure is finally improved.In general,Lepu Medical has produced the following effects through the above three paths after implementing the employee stock ownership plan: first,it has aroused a positive market response;Second,improve the overall operating situation and performance;Third,it has realized the improvement of its long-term value.Finally,based on the conclusions drawn from the research,this paper puts forward some suggestions for the implementation of ESOP,such as enterprises should formulate appropriate implementation plans,relevant departments should improve the laws and regulations related to the plan,timely adjust the relevant policies,strengthen the supervision of enterprises,etc.,in order to provide useful reference opinions for the implementation of ESOP by Chinese listed companies.