| Employee Stock Ownership Plan(ESOP),as a new form of enterprise system that embodies reform ideas,enables employees to become employees of the firm through employee holdings,so that employees have shares in the business,thereby improving the staff's cohesion,sense of belonging,responsibility.Whether it is for employees themselves,or for enterprises,countries,society has a positive effect.China's employee stock ownership plan began to appear in the early 1980 s and as of the late 1990 s has been exploring during the process of state-owned state-owned enterprises reform.It has become a necessary means to push state-owned enterprises to deepen reform.However,because of many problems arising in the process,it has not been implemented for many years and is equivalent to stagnation.With the state council's opinion on further promoting the healthy development of capital markets,it clearly states that "allowing listed companies to carry out employee ownership plans in a variety of ways",The China securities regulatory commission(CSRC)has set up a pilot guide on the implementation of employee stock ownership plans for listed companies to carry out pilot projects in the listed companies.By the end of the first half of 2017,637 listed companies have issued employee stock ownership program or equity incentive programs and similar programs,but the proportion of listed companies is only 18.91%.This ratio is negligible if the 11551 companies listed in the National SME Share Transfer System(the "NEEQ")are considered.At present,China's economic development faces the new normal development trend.As an important part of social economic organization,How does the listed company adapt to the new normal to achieve survival and development become an important topic.In the 24 years since the shareholding reform in 1993,JILIN AODONG has implemented 9 employee stock ownership plans,the company's management can always allow enterprises to adapt to changes in national macroeconomic policy.At the same time of enterprise restructuring and restructuring,the management of the company can always take into account the interests of all parties,insists on integrating employee stock ownership into capital operation,so that employees to equity as a link to truly become the common responsibility and community of interest in the development of enterprises.JILIN AODONG in the development process of the implementation of employee holdings for a long time,the effect is obvious.A total of nearly 30 thousand person-times participated in the program.It can be said that it is the opportunity for all employees to participate in the subscription,and basically realized all employees participate in the subscription shares.The program can inspire employees' consciousness of "ownership" and cultivate employees' awareness of improving work efficiency,reducing production cost and ensuring product quality,thereby reduces operational risk,and enables JILIN AODONG to maintain its operating income and stable profit growth for many years.In this paper,according to the current situation of China's listed companies to implement employee stock ownership,existing problems and according to their work,some immature proposals were put forward.The purpose is to illustrate the implementation of employee holdings to a certain extent,to solve the short cycle of business life,to achieve sustainable development and other issues more difficult.In particular,the employee stock ownership plan is not a golden handcuffs to retain employees in the relatively short duration of the current employee ownership plan.The fundamental measures to improve the operation of enterprises are not the employees' incentives,but more in the aspects of strategy formulation,daily operation decision-making and decision making and so on.ESOP can have the effect of "amplifier" in the process,can effectively reduce the management risk and financial risk of the enterprise,and provide some reference for sustainable development of Chinese enterprises. |
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