Research On The Incentive Mechanism For Employee Stock Ownership In State-owned Enterprises

Employee Stock Ownership Plans(ESOP),proposed by the US economist and lawyer Luis Kelso in the 1950s.It refers to a welfare system that employees share corporate ownership,decision-making management rights and future benefits by holding company stock,options or other equity.The implementation of ESOP involves the interest balance of the government,enterprises,employee and multi-agents.It needs the cooperation between the internal and external of the enterprise,which emphasizes the complementarity between the main system and the supporting facilities,improves the modern enterprise system,constructs the equity incentive mechanism,and promotes the rational distribution of social wealth.It is the focus of mixed ownership modernization of the state-owned enterprises.This paper is divided into four chapters.The first chapter is Introduction.It mainly introduces the research background and the significance of research.On the basis of defining the connotation and basic characteristics of ESOP,the existing research results are sorted out and summarized.The second chapter is the evolution and current situation of ESOP in state-owned enterprises.It mainly narrates the development stage,status and the system defects of ESOP in our country.The third chapter is Analysis on the Governance and Incentive Mechanism of ESOP in State-owned Enterprises.It mainly analyzes the internal driving mechanism,the equity governance mechanism and the enterprise performance incentive mechanism of ESOP.By data screening,593 enterprises are determined as samples,which released employee stock ownership plan of A-share from December 31,2013 to December 31,2016.By the multiple linear regressions of enterprise performance variables,employee holding variables and control variables,this paper analyzes the impact of ESOP on enterprise performance,concluding that the positive effect of ESOP in state-owned enterprises is stronger than non-state-owned enterprises,efficiency of management holding is stronger than that of ordinary employees,and actually exists an optimal proportion of ESOP for different companies.The fourth chapter is Improve of countermeasures of the state-owned ESOP.According to the results of multiple linear regressions,this paper puts forward some suggestions to promote the effect of ESOP,equity management and performance incentive.