Analysis Of Employee Stock Ownership Plan Of Listed Companies

As China's economy keeps in line with international standards,Increased openness of the market to the outside world.China's enterprises are facing more and more competitive pressure at home and abroad.How to improve the competitiveness of enterprises and improve the corporate governance structure is the basis for sustainable development of enterprises.Establishing a modern enterprise system with joint-stock system as the core,It can improve the efficiency of enterprises and optimize the corporate governance structure.The typical feature of modern enterprise system is the separation of ownership and management rights and forming the principal-agent relationship between the owner and the operator,This raises the contradiction between the interests of owners and operators themselves.So modern enterprises want to improve the performance level,they need to coordinate the contradictions between principals and agents.Promoting employee stock ownership plans within the company can,to some extent,reduce the negative impact of the principal-agent relationship.Employee stock ownership originates in the U.S.and allows employees to change from employees to owners of the business by allowing employees to participate in shares held by the company to achieve the sharing of corporate profits,participate in the business management.The employee stock ownership plan is a long-term incentive mechanism for the employees of the company and can optimize the corporate governance structure.In China's employee shareholding practice,there are many problems such as incomplete laws and regulations,narrow scope,and short duration,Therefore,research on employee shareholdings has important value.This article selects the Suning.Com Co.LTD.as a case study object.Investigate the effect of employee stock ownership plan on listed companies,whether it can have an incentive effect and improve the operating efficiency of the company.This article describes the basic situation of Suning.Com Co.,LTD.Analyzed the motivation of implementing its employee stock ownership plan.Describes the specific implementation process of employee stock ownership plan,And summed up the implementation of the employee stock ownership plan.Analyze the contents of the employee stock ownership plan to find out the features and problems of the design plan.Through the analysis of the financial indicators of the employee stock ownership plan for several years before and after implementation,the impact of employee stock ownership plan on corporate financial performance is evaluated.Through the incident research method,analyze the impact of employee stock ownership plan on the stock market.Finally,we examined the impact of employee stock ownership programs on the wealth of holders.It is then judged whether the implementation of the employee stock ownership plan by the company can play an incentive role and promote the sustainable development of the company.Through case studies,the following conclusions have been drawn: First,the employee stock ownership plan of Suning.Com Co.,LTD.has brought positive results to the company in the stock market,and the cumulative excess return has increased in different window periods.Second,the employee stock ownership plan has brought value added to employees and has played a positive incentive role for employees.Third,by analyzing the financial performance of the company,the employee stock ownership plan has promoted the financial performance of the company to some extent.Fourth,in the aspect of designing the project,the employee stock ownership plan has obvious characteristics and there are also some problems.The employee stock ownership plan is not mature enough in our country and there are still many problems.We need to learn from experience and constantly improve the establishment of employee stock ownership system.