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

ESOP is an indispensable part of the mixed ownership reform of state-owned enterprises.In this paper,through literature induction,comparative analysis of two cases,financial index analysis and non-financial index analysis,ESOP of stateowned enterprises is studied and analyzed.First of all,through the statistical analysis of the employee stock ownership plan of the current state-owned listed enterprises,it is found that there are the following problems: first,the overall enthusiasm of the state-owned enterprises to implement the employee stock ownership plan is not strong;second,the participation scope of each employee stock ownership plan(employee shareholding ratio of the company)varies greatly;third,the proportion of employee stock ownership is low.In this regard,this paper believes that enterprises can be encouraged to implement and guided to improve by standardizing the proportion of participants and giving corresponding tax incentives to ESOP enterprises.Then,this paper compares the content of the ESOP plan and the changes in corporate performance of two state-owned listed companies in Shandong Gold and Zijin Mining,and puts forward the factors that may affect the implementation effect of ESOP from the aspects of plan design,employee situation,ownership structure and corporate governance.The main conclusions are as follows:First,Shandong Gold and Zijin Mining have both improved their corporate performance under the ESOP,but Zijin Mining is generally better than Shandong Gold.Secondly,according to the comparative analysis of Shandong Gold and Zijin Mining,the main factors that affect ESOP’s improvement of enterprise performance are as follows:(1)ESOP’s improvement of enterprise performance may be affected by the scope of ESOP’s participants,the management mode and the proportion of ESOP.Within a certain range,the greater the range of participants and the higher the shareholding ratio,the better the effect of ESOP.The management mode is employee stock ownership plan managed by the enterprise’s own election committee,which has a better effect.(2)The implementation effect of ESOP is probably related to the professional structure,educational background structure and welfare benefits of employees.On the basis of non-full employee motivation,it is beneficial to give full play to the role of ESOP by paying attention to extensive employee motivation,technical personnel motivation and maintaining scientific and reasonable professional structure and educational background structure of employees.(3)Employee stock ownership plan is beneficial to the promotion and improvement of enterprise performance to a certain extent,but whether it can achieve its long-term incentive effect depends on the company’s governance level and relatively stable operating environment.Higher management efficiency,more stable ownership structure and better management structure of directors and supervisors are conducive to the role of employee stock ownership.