Research On The Reform Of Employee Stock Ownership Plan In State-Owned Enterprises

Employee stock ownership plan has the potential to improve employees' income,enthusiasm and economic performance,so it is favored by many countries in the world.? In the decision of the CPC Central Committee on several major issues of comprehensively deepening reform? adopted at the Third Plenary Session of the 18 th CPC Central Committee,it is clearly proposed that "the mixed ownership economy is allowed to implement employee stock ownership plan in enterprises and form a community of interests of capital owners and workers." The state-owned enterprises restart the employee stock ownership plan,and the employee stock ownership plan has risen to the forefront of the reform of the state-owned enterprises,which fully reflects the high attention of the central government to the employee stock ownership plan.The implementation of employee stock ownership plan in state-owned enterprises is conducive to the overall development of mixed ownership economy.The majority of employees and capital owners share the profits of the enterprise,which embodies the essential requirements of socialism with Chinese characteristics.The reform of employee stock ownership plan in state-owned enterprises aiming at "forming a community of interests of capital owners and workers" is conducive to improving the economic democracy construction of state-owned enterprises,promoting the innovation of state-owned enterprises,improving the corporate governance of state-owned enterprises,and improving the distribution mechanism of production factors according to their contributions.In fact,China's employee stock ownership plan began in the early 1980 s,with the gradual development of state-owned enterprises' shareholding system reform.In the past 30 years,the employee stock ownership plan in China has experienced ups and downs,experienced vigorous promotion,and was "stopped" for several times due to various problems.Its development process is rather tortuous.The main reason is that the specific institutional arrangement of employee stock ownership plan in China is not perfect and the relevant theoretical basis is not mature.Compared with the past,China's market economy conditions and legal system for the implementation of employee stock ownership plan are relatively mature,but on the whole,the relevant laws and regulations are not systematic and meticulous,which is not conducive to the smooth implementation of employee stock ownership plan.From the current practice of some state-owned enterprises,some enterprise practitioners still lack of in-depth understanding of the function of employee stock ownership plan,just use employee stock ownership plan as a tool for employees to seek short-term benefits.There are also views in the theoretical circle that the specific rights of employee stock ownership plan should be limited to the distribution field,otherwise it will reduce the efficiency of enterprise decision-making.At the theoretical and practical level,the emphasis on the function of employee stock ownership plan is different,so the conclusions and practical effects are different.At present,the goal of implementing employee stock ownership plan in state-owned enterprises in China is to "form a community of interests between capital owners and workers".As far as the concept of "community of interests" is concerned,equal attention must be paid to the economic incentive function,corporate governance function and income distribution function of employee stock ownership plan.If we only emphasize the income mechanism of employee stock ownership,and lack the effective institutional guarantee of employee stock ownership participating in enterprise management,it is difficult for employees to have a sense of ownership.Revenue sharing brings positive incentives for employees to improve work efficiency,while employee participation in management provides an effective way to improve work efficiency.At present,in order to ensure the smooth implementation of employee stock ownership plan in state-owned enterprises,it is still necessary to strengthen the theoretical understanding of employee stock ownership plan,improve the relevant legal system and supporting policy measures.In this round of reform,we should adhere to the principles of classified implementation,openness and transparency,and voluntary participation.In the introduction,it introduces the research background and significance,research content,research methods,innovation points and shortcomings in the research.The second chapter describes the conceptual framework of employee stock ownership plan and the relevant theories at home and abroad.The third chapter introduces and analyzes the significance of implementing employee stock ownership plan in state-owned enterprises.The fourth chapter introduces the evolution stage of employee stock ownership plan in state-owned enterprises,and summarizes the purpose,characteristics,relevant laws,policies and problems of employee stock ownership plan in each stage.The fifth chapter expounds the current situation of the implementation of employee stock ownership plan in state-owned enterprises,and uses empirical research methods to test the impact of the current employee stock ownership plan of state-owned listed companies on enterprise performance.It also uses case law to specifically introduce the implementation of employee stock ownership plan in individual state-owned enterprises,and finally summarizes the difficulties faced by the implementation of employee stock ownership planESOP in state-owned enterprises at this stage.The sixth chapter introduces the employee stock ownership plan in the United States,Britain,France,in order to provide experience for the reform of employee stock ownership plan in China.The seventh chapter first puts forward the basic principles that should be followed in the reform of employee stock ownership plan in state-owned enterprises,and finally gives policy suggestions.