Font Size: a A A

Research On Mechanism Design Optimization Of The ESOP In State-owned Listed Enterprises

Posted on:2018-06-13Degree:MasterType:Thesis
Country:ChinaCandidate:J L LiuFull Text:PDF
GTID:2359330512993174Subject:Accounting
Abstract/Summary:PDF Full Text Request
Since the Commission issued "Guiding opinions on the implementation of ESOP in Listed Companies" in June 20,2014,the employee stock ownership plan began to rise again.Employee stock ownership plan which is a part of the mixed ownership reform of state-owned enterprises,has begun to pilot in a number of enterprises.The main difference between this paper and the existing research is that this paper combines the latest policy with the mechanism design of ESOP,and tries to provide reference for the state-owned listed companies which are ready to implement the ESOP,which is of great practical significance.In this paper,the case study method is used and Haige Communication was selected as the research object.Based on the theoretical basis and literature review at home and abroad,firstly,this paper analyzes the status quo of the implementation of ESOP in listed companies,and explores the problems and causes of ESOP in listed companies.Secondly,taking Haige Communications as an example,this paper analyzes the feasibility,purpose,content and effect of the ESOP in Haige Communications,and explores the reasons from the point of the mechanism design,at the same time,organize the advantages and disadvantages of the design mechanism.Finally,according to the latest policy and case analysis,this paper puts forward an optimization plan for the design mechanism of Haige Communications ESOP,which provides reference for the state-owned listed companies.Through the case study,the conclusions of this paper are as follows:First,the implementation of the ESOP in the state-owned listed companies existent short-term incentives more than long-term incentives,cannot protect shareholders' rights and many other issues,and did not achieve the desired purpose.Second,these problems are related to the irrational design of the mechanism.Thirdly,with the changing of policy,some of the advantages of the mechanism design will change,so during the planning stage,the company need to understand the relevant policies,and combine with their own needs,select the optimal program.Although in the specific implementation process,the design of the ESOP will be varied,but only to grasp the basic principles of ESOP,the incentive effect can be reflected.Through the case study of the ESOP of state-owned listed companies,it can enrich the theory of employee stock ownership plan and make more instructive significance to its development in China.It provides a good reference for the design and effective implementation of ESOP.Besides,it can also provide useful reference for business decision-making.
Keywords/Search Tags:Employee Stock Ownership Plan, State-owned Listed enterprises, Mechanism design, Haige Communications
PDF Full Text Request
Related items