ESOPs Improve To Listed Companies Governance Research In China

ESOPs(Employee Stock Ownership Plans)refer to employees in one form or hold shares of the company,employees enjoy dual role,both as a company's employees,but also a shareholder of the company.As China's market economy development in China,the number of listed companies to implement ESOP has been showing a rapid upward trend.In mature markets abroad,employee stock ownership is fairly common kind of system design,this system will help to improve corporate governance,enhance the company's production efficiency,improve the company's overall strength.In this paper,the type of employee-owned be divided,now we mainly studied the three most common types of employee-owned,are trust-based ESOP leveraged ESOP and stock returns by right interchangeable ESOP.From these three types of employee-owned,respectively,selected three trust-based employee-owned companies,three companies and leveraged ESOP shares usufruct two interchangeable ESOP companies.In these eight companies in the sample of companies to examine the impact of ESOP on corporate governance.First,this paper describes the theoretical basis of the development process of foreign ESOP ESOP at home and abroad is based,introduced the development of our employees holding the stages,as well as our ESOP currently exist in practice,the main type,and focuses on three typical types of employee-owned.Then,this paper three types of employee-owned companies in eight samples of data,starting from the perspective of corporate governance,shareholders types of companies,ownership structure,board of directors,board of supervisors,employee-shareholders voting mechanism,incentives,and governance effects companies were seven angles analyzed data comparison,made a empirical study tour.Finally,this paper summarizes the empirical study,by analyzing and comparing results,corporate governance ESOP indeed had an impact,to a certain extent and to improve certain aspects of corporate governance.First,the increase in the types of shareholders,the protection of minority shareholders is enhanced;optimize the ownership structure of a second,to a certain extent,it is conducive to safeguarding the interests of minority shareholders of the Company;third,improve the company's incentives,conducive to long-term development of the company.Finally,through the Employee Stock Ownership Improvement of corporate governance,the paper suggested a number of practical recommendations to improve the operation of sense.