Research On The Market Reaction Of Employee Stock Ownership Plan Of Listed Companies And The Related Influence Factors

The third Plenary Session of the 18 th central Committee of the Communist Party of China considered and passed the resolution on several major issues of comprehensively deepening reform,which marked the beginning of a new round of enterprise reform in China.ESOP,as one of the important ways to realize mixed ownership in enterprises,has been recognized by more and more enterprises.In June,2014,with the promulgation of the guiding opinions on the pilot implementation of ESOP in listed companies,the enthusiasm of listed companies in implementing ESOP was further improved.At the same time,in the secondary stock market,listed companies that introduced ESOP were also favored by more and more investors.In this context,based on the data of listed companies in Shanghai and Shenzhen stock markets,this paper discusses the market effect and influencing factors of employee stock ownership plan announcement in depth.The specific content of this article is mainly divided into three parts.Firstly,the domestic and foreign literature research is systematically combed,and the important theoretical basis is deeply explored to find out the theoretical basis of the market effect of employee stock ownership plan,and on this basis,the hypothesis of this article is put forward.Secondly,this paper takes 394 listed companies in Shanghai and Shenzhen which have implemented ESOP from June 2014 to June 2017 as samples,and adopts event research method to study the market effect of ESOP announcement,and makes multiple linear regressions to explore the influencing factors of the market effect of ESOP announcement.Through the study of this article,the conclusion is drawn: 1.the announcement of employee stock ownership plan by listed companies will have positive market effect and positive excess return rate.2.the marketization degree is negatively related to the accumulated excess return rate.the better the marketization degree of the provinces where listed companies are located,the less the accumulated excess return rate,and the worse the market reporting effect of employee plans.3.compared with the way of secondary market purchase,the market effect of stock source in non-public offering mode is better,and the implementation of employee stock ownership plan system through non-public offering mode is more recognized by the market.Finally,according to the relevant theoretical analysis and empirical research results,it provides reference for regulatory authorities to formulate relevant policies and regulations,supervise and supervise the selection and implementation of specific schemes of employee stock ownership of listed companies,and provides some meaningful views for future research on employee stock ownership plans.