Listed Company Employee Stock Ownership Plan And Company Performance Study

On June 20,2014,the China Securities Regulatory Commission issued the"Guiding Opinions on Pilot Projects for Listed Companies to Implement Employee Stock Ownership Plans",which clearly stipulates the specific details of the implementation of employee stock ownership plans by listed companies.It indicates the direction in which the company implements the employee stock ownership plan.After the publication of the document,many listed companies have issued employee stock ownership plan announcements.They want to use the employee stock ownership plan to improve the company's governance structure,improve corporate governance,motivate employees,and improve company performance.However,there is still considerable controversy at home and abroad on whether employees'shareholdings can play a role in improving corporate performance.Based on this,on the basis of theoretical analysis,this paper adopted a propensity score matching method which uses the sample of the listed company that implements the employee stock ownership plan for the entire year of 2015 as a sample of the control group,the company that has not implemented the employee stock ownership plan as a control group sample and the return on equity as a measure of corporate performance to verify whether the implementation of the employee stock ownership plan has played a role in improving performance.At the same time,in the process of analysis,it also verified the effect of different equity property companies implementing employee stock ownership plans on corporate performance,and the effect of different stock sources and funding sources on employee performance in the employee stock ownership plan.The data in this article comes from the public company announcements and the Wind database,using statal4.0 to complete the data processing.After analysis of the propensity score model,it was found that the implementation of the employee stock ownership plan by listed companies has a significant impact on the improvement of the company's operating performance.The nature of the company and the different design of the plan also have an impact on the improvement of business performance.Comparing the effect of the employee-owned stock ownership plan between the state-owned and non-state-holding enterprises,the implementation of the employee stock ownership plan has a greater effect on the improvement of the company's performance than that of the non-state-owned enterprise;comparing the stock ownership plan and the company's performance under different stock sources and funding sources,it was found that stocks originating from the subscription of non-public issuances had a greater effect on the improvement of corporate performance than other sources;the source of funds derived from employee self-financing was better than other sources of improvement in corporate performance.This article is based on the data of listed companies that implemented employee stock ownership plans in 2015 to verify the impact of employee stock ownership on corporate performance,which has certain reference significance.However,the article also has the problem of relatively few data samples,relatively uniform research indicators,and relatively short research period.The future research can start from the above three aspects and provide a more comprehensive and detailed analysis of the impact of employee stock ownership plans on business performance,and provide more useful suggestions for the company's business decisions.