A Study On The Market Effect And The Infiuence Factors Of ESOP

On June 20,2014,the CSRC issued the Guidance on the Implementation of the Employee Stock Ownership Plan for Listed Companies,provided detailed provisions on how employees implemented the shareholding plan,and also introduced various restrictions to enable listed companies to launch The employee’s holding plan is more flexible and flexible,marking the beginning of the employee holding plan in the new era.Although the development of employee stock ownership program in our country has been paid more attention by many economists,the research on the incentive effect of the employee’s holding plan is mainly focused on the influence of the employee stock ownership plan on the short and long term performance of the enterprise.Due to the earlier data disclosure problems and the small sample of data,the few domestic scholars from the perspective of the performance of the staff sharehold:ing plan to interpret.In this paper,502 listed companies in the A-share market in China from June 2014 to the end of July 2016 were selected as the base sample,and the companies that did not meet the observational study were selected according to the rules.Using the method of event study and calculating the average abnormal returns and cumulative average abnormal returns of sample firms at different time window periods according to the market model,constructs the null hypothesis to conduct T test to examine the market effect of the ESOP event,Source of funds,senior management subscription ratio,leverage ratio and other factors affecting the market effect of the different groups of factors.The results show that the ESOP has a significant positive impact on the short-term market performance of the enterprise,and the intuitionistic data show that the cumulative excess return of 6.1%is obtained from the first trading day to the last 5 trading days.The impact of factors,the stock source for the non-public offering of shares in the short-term plan has a significant stimulus effect on the market,and the secondary market to buy the type of window after the expansion of the study also has a good average abnormal returns;funding sources of financing The shareholding plan in the form of borrowing has better market performance than the self-raised form of employees,the cumulative average abnormal return rate to achieve;the higher the proportion of executives holding more investors can get the company’s recognition of the future development of the final leverage ratio The greater the proportion of large shareholders to bear the back end of the degree of risk,the market effect is more significant.Based on the above empirical research results,this paper,respectively,to build two investment strategies:non-public investment strategy and the secondary market to buy investment strategy,and through the sample data validation to obtain good returns for the majority of investors to provide investment of the scientific rationality of thinking.