The Study Of LBGJ's Employee Stock Ownership Plan

Employee stock ownership plan first arrived on the scene in USA since the early 1950 s,making this pattern quickly spread around the world,and foreign employee stock ownership plan developed more mature.However,in our country,relevant theoretical research and practice of employee stock ownership plan began in the 1980 s,there is success coexists with failure in the process of development,because there were a lot of problems in the employee stock ownership plan in the process of practice,it was halted in1998.But as “the Guidance of How to Enforce Employee Stock Ownership Plan Pilot in Mixed Ownership Enterprises” approved,Chinese state-owned enterprises also raised a hot wave of implementing employee stock ownership plan.As Chinese state-owned enterprises trying to implement the employee stock ownership plan step by step.However,the effect of employee stock ownership plan also depends on institutional environment and content of the plan,so the deference of research conclusions between China and other countries and China's changing institutional environment makes the current research on these problems appear very necessary.Therefore,based on the comprehensive analysis of the connotation and realization of employee stock ownership plan,the impact on the enterprise and the research results of the employee stock ownership plan in the mixed ownership reform of the domestic and foreign scholars,from the perspective of corporate finance and corporate governance,based on the specific policy and industry background and related financial data,this paper mainly analyzes the case of liquor enterprise which is LBGJ through the implementation of employee stock ownership plan to promote enterprise mixed ownership reform.The implementation of the employee shareholding plan described in this paper includes the specific contents of the plan and the implementation process and the change of the ownership structure before and after the implementation.The plan covers the principles,the object of participation,the stock and the source of funds,the management mode and supervision of this plan.Secondly,the impact of employee stock ownership plan on the operation and management of case company is mainly to improved the corporate governance,enhanced the company's market competitiveness and improved the staff's enthusiasm;comparing the financial data of LBGJ before with after the implementation,this paper analyses the impact on the LBGJ's financial situation through four aspects which are debt-paying ability,operational capacity,profitability and growthability.Last but not least,based on summarizing the contents of the plan and the experience and shortcomings in the course of its implementation.In view of the design of the specific plan of the case company,the author puts forward some revelations on improving the value evaluation standard,performance evaluation mechanism and executive stock ownership system are put forward.This paper could provide some empirical evidences for Chinese state-owned enterprises which would like to implement employee ownership plan in their process of the mixed-ownership reform in the future,at the same time,it also further emphasizes the significance of implementing employee stock ownership plan,and is beneficial to the development of employee stock ownership plan in China,it is hoped that this paper can provide some reference for other state-owned enterprises of liquor industry to promote the mixed ownership reform and take the employee's shareholding path.