The Employee Ownership Stock Plan In The Mixed Ownership Reform Of State-owned Enterprises

Since 18th CPC National Congress, a new round of reform of state-owned enterprises opened, under the current conditions of our country, the development of mixed ownership is conducive not only to improve the structure of property rights of the state-owned enterprise of our country and enhance the competition ability of innovation and vitality, but also conducive to all kinds of ownership of capital to complement on each other and promote each other. To explore the implementation of employee stock ownership is an important way to deepen the reform of state-owned enterprises, and therefore, in view of the mixed ownership reform of state-owned enterprises in China, the issue of employee stock ownership plan is extremely valuable. Selecting Shanghai international port (Group) Co., Ltd. as the research object, embarking from the mixed ownership reform perspective, this paper will discuss the question whether implement ESOP can improve business performance and promote mixed ownership reform of state-owned enterprises in depth.The main difference between this paper and the existing research is to present a number of research issues in a specific case. The existing research on employee stock ownership mostly concentrated in empirical test on the relationship between employee stock ownership and corporate performance. There is lack of demonstration dynamics in the aspect of concrete case analysis, and the study combined with state-owned enterprises of mixed ownership reform also does not see more. Taking Shanghai international port (Group) Co., Ltd. as the research object and starting from the concept and theory of employee stock ownership, this paper comes to a conclusion that employee stock ownership plan is more suitable for the reform of state-owned enterprises compared to the equity incentive plan through a comparison between employee stock ownership plans and equity incentive plan. At the same time, based on the current situation of employee stock ownership reform under the mixed ownership reform of state-owned enterprises in our country, the problems and challenges in the implementation of employee stock ownership are analyzed. Based on enterprise features and policy environment of the port group, the reform background and feasibility are analyzed. And then the content and effect of ESOP are discussed in this paper and the effect and impact of ESOP to the mixed ownership reform of state-owned enterprises are explored and analyzed.In this paper, based on the main conclusions of the case study has the following two points:on the one hand, for state-owned enterprises, employee stock ownership plan will bring good market reaction and financial performance to the enterprise; on the other hand, in terms of the state-owned enterprises mixed ownership reform, ESOP is helpful to the optimization of governance structure of state-owned enterprises and strategic adjustment of state owned capital. The application value lies in the docking of the policy ideas and implementation of ideas of current state-owned enterprises mixed ownership reform in our country, and this paper provides a reference for the development of employee stock ownership in the state-owned enterprises and the realization path of the mixed ownership.