Research On Incentive Of ESOP In State-owned Enterprises

On the 18 session of the Plenary,the State has proposed to take the ESOP as an important way to deepen the reform of state-owned enterprises,and the SFC issued the guiding opinions on the implementation of the pilot scheme of ESOP in listed companies to guide the pilot work and affirm the incentive effect of employee shareholding plan As a model of equity incentive,ESOP has a history of more than more than 20 years in our country,and after three stops,the employee stock ownership plan returns to the public view again,and obtains many enterprises ' positive response.Using the method of case study,this paper chooses the ESOP implemented by Guangzhou Haige Communications in November 2014.Firstly,this paper expounds the relevant concepts and theoretical bases of state-owned enterprises and ESOP,and secondly,analyzes the present situation of the implementation of ESOP,including the development course,general description,characteristic analysis and existing problems of the ESOP.Then,describe the present situation of the ESOP.Including Haige company profile,employee stock Ownership feasibility analysis and implementation of the program and procedures;Then,the author emphatically analyzes the incentive effect and incentive effects of the project,which is based on the internal and external two perspectives of the company,and the incentive effect is from the equity structure optimization,market reaction,Financial indicators and staff recognition of the four points of view analysis,and finally to the state-owned enterprises employee shareholding problems put forward suggestions for improvement.In this paper,we find that: from the perspective of motivation,the ESOP of Haige's communication can raise sufficient funds for enterprise's scientific research investment,replenish liquidity for enterprise extension expansion,help enterprises retain existing talents,recruit new talents,and set up demonstration and reference benchmark for High-tech manufacturing enterprises on the other hand,Promote the reform of the whole state-owned enterprises.From the perspective of incentive effect,the implementation of the ESOP has positive impact of improving the ownership structure of the corporation.ESOP has been positive response to the market,both short-term and long-term promotion of stock price growth;ESOP has an incentive effect on the overall financial performance of the company,employee shareholding increases employee approval degree,But the long-term incentive effect is not obvious,but also must be vigilant,the enterprise senior management talented person's resignation and abandons the subscription and so on the enterprise employee stock holding incentive effect bad result.The aim of state-owned enterprises to carry out employee shareholding plan is to form the interest community of capital owners and laborers,thus improving the performance of enterprises.This requires the Government and competent departments to strengthen the construction of laws and regulations,the establishment of effective control and supervision mechanisms;It is hoped that this study canprovide case support and reference for the state-owned enterprises that are implementing and preparing to implement the employee shareholding plan.