Research On The Performance Of Xiamen Xiangyu Employee Stock Ownership Plan Based On The Balanced Scorecard

The purpose of an employee stock ownership plan is to enable employees to become shareholders of an enterprise by purchasing shares in the enterprise,thereby correlating their own interests with the development of the enterprise.By holding shares in the enterprise,they can share profits and risks with the enterprise owner.In China’s economic market system,the number of state-owned enterprises occupies a dominant position.Since the 18 th National Congress of the Communist Party of China,state-owned enterprises have gradually made mixed ownership a breakthrough in enterprise reform.During the reform process of mixed ownership in state-owned enterprises,employee stock ownership has become one of the effective methods.However,experts hold various views on the implementation effect of this method,some of which believe that the impact of this method on the enterprise is positive and beneficial,while others believe that the long-term effect of this method on the enterprise is not obvious or even has a reverse effect.Under such different perspectives,It is necessary to study the implementation effect of employee stock ownership plans in state-owned enterprises.This article selects Xiamen Xiangyu,a benchmark enterprise in the logistics industry,as the research object.Based on the balanced scorecard perspective,combined with various indicator data before and after the implementation of the employee stock ownership plan,it conducts a three-dimensional evaluation of the effect of the company’s employee stock ownership before and after the implementation.This article first reviews the implementation motivation,performance impact,and market reaction of employee stock ownership plans based on relevant domestic and foreign literature,and provides a conceptual explanation based on the theoretical basis of employee stock ownership plans.Secondly,introduce the specific content of the Xiamen Xiangyu employee stock ownership plan.Due to the three extensions of the company’s employee stock ownership plan and the long duration of the plan,it is necessary to study the operating effectiveness of the company during the entire duration.Therefore,based on the implementation and strategic objectives of the company’s employee stock ownership plan,combine financial indicators and non-financial indicators to construct the four dimensions of the balanced scorecard,Select the main evaluation data from four dimensions to form a comprehensive analysis and evaluation system.Based on the analytic hierarchy process,the comprehensive scoring of indicators at all levels for the entire duration of Xiamen Xiangyu Company from 2016 to 2021 is conducted to analyze the long-term impact of the employee stock ownership plan on the company using the scoring results.Finally,select companies in the same industry that have not implemented employee stock ownership plans for performance comparison to further verify the implementation effect of employee stock ownership plans.The main conclusions of this article are as follows: First,employee stock ownership plans are conducive to improving corporate performance.Secondly,employee stock ownership plans are conducive to improving the governance structure.Third,the long-term impact of employee stock ownership plans is not obvious.Enterprises should pay more attention to long-term incentives,optimize the incentive system,and ensure the long-term effect of employee stock ownership plans.At the same time,research on the company can summarize the uniqueness of implementing employee stock ownership plans in the logistics industry,providing reference for companies in the same industry when formulating employee stock ownership plans.