The Motivations And The Impact On Performance Of Employee Stock Ownership Plan In State-owned Enterprise

The state owned enterprise is an important guarantee for developing the productive forces of socialist society and realizing the modernization of the country's economy.The goal of the reform of state-owned enterprises is to establish an independent corporate governance structure on the basis of equity diversification,and to further improve the efficiency of resource allocation through mixed-ownership reform.The ESOP can balance the mutual interests between the national capital,the civil capital and the employee stock ownership.In this thesis,the main research methods are literature research and case data analysis.First of all,through the analysis and summary of related literature at home and abroad,We can fully understand the relationship between employee stock ownership plan and performance mainly theory and reality.Then,taking the ESOP of SIPG as an instance,the thesis analyzes the reasons of implementing the ESOP,and influence of performance.At last,this thesis offers proposals and revelations about ESOP.The first part introduces the significance and background of the thesis,summarizing the relevant literatures about the ESOP,presenting the research ideas and methods,and constructing the frame structure of the thesis.The second part is the related theory of employee stock ownership plan.The thesis introduces the concept and the characteristics of ESOP.Then it puts forward the relevant theories of employee stock ownership plan,including two-factor theory,human capital theory and incentive theory.The third part introduces the generalization of SIPG,summarizing the principle and characteristics of the ESOP,including many voluntary participation,stocks coming from non-public offerings and the open and transparent management mechanism.In the fourth part,the motivation of implementing the employee stock ownership plan is been analyzed from the external and internal environment.From the external environment,the main reasons are deepening of the reform of state-owned enterprises,the promulgation of policies of ESOP and One Belt And One Road.From the internal environment of the enterprise,the main reasons are optimizing the capital composition,reinforcing the incentive atmosphere and increasing business efficiency.The fifth part is the analysis of the performance influence of ESOP.The thesis analyzes solvency,operation ability,profitability and growth ability,and produces the reasons which are improving liability composition,management structure and sustainable development.The sixth part is the suggestion and revelation of the case.The suggestions are setting up the appropriate price,holding period and shareholding ratio.The enlightenment of the case is that the ESOP can help to deepen the reform of state-owned enterprises when it designed according to itself feature.And we ought to strengthen supervision in case of losing of state-owned assets...