The Research On Employee Stock Ownership Plan Of The Mixed Ownership

Since the 18th CPC National Congress,Mixed ownership reform,as an important part of the reform of state-owned enterprises,need to play the different ownership economy integration and mutual promotion.In fact,employee stock ownership plan is an important content of the practice.In recent years,with the Chinese Securities Regulatory Commission promulgated 'The Guidance of the Pilot Project on Listed Companies' Employee Stock Ownership Plan',ESOP has set up a boom on the market,and the listed companies try to imitate and implement,but the effect in many cases is not significant,even counterproductive.Therefore,it is necessary to study the employee stock ownership system in our country at present.This paper adopts the case study method to study the system of employee stock ownership under the change of Greenland holding.First of all,based on related literature and theory of ESOP are studied.The factors that research the theory and the related influence;secondly,this article on China's current mixed ownership reform are introduced,analyzed the existing problems,on the other hand,this paper introduces the developing process of I the employee stock ownership and the status quo.Thirdly,this paper focuses on the background and process of the implementation of the green space of the employee stock ownership plan,and summarizes its successful "Greenland mode".In view of the "Greenland mode",this paper analyzes and studies the following conclusions:(1)"Greenland mode" can effectively reduce the agency costs from the asset turnover rate,three expense ratio and asset liability ratio,financial leverage of the further analysis of the model,in-depth analysis and calculation,proved that the model has the effect of strengthening ESOP.(2)"The Greenland mode",reflects the strategic flexibility,including the government wanted to do "enterprise culture and the Greenland management special strategic leadership.On the other hand,with the development of the enterprise,the effective implementation of diversification strategy,from two aspects to promote the implementation of ESOP.(3)"Greenland mode" before its listing,the reasonable transformation of the ESOP,neatly and effectively balance the equity component of social capital,the state-owned capital and internal ESOP three properties,win in three ways.This paper provides a part of the experience as well as supporting evidence for China's companies which listed ESOP,has a certain significance to not have been implemented or the implementation of ESOP in state owned enterprises,Summarize the relevant enlightenment and experience:first,from the view of the company,ESOP from agency cost stable,with the corporate culture and strategic flexibility,three aspects of ownership structure adjustment to design,in the future may try to promote the business,management,scientific research personnel related holdings,the change from "enterprise" to "capital management";legal aspects from the policy,fiscal policy should be adjusted properly related,maintain the stability of the market,improve the ESOP related law and capital market system.