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The Research On The Application Of Esop In State-owned Listed Enterprises

Posted on:2019-01-03Degree:MasterType:Thesis
Country:ChinaCandidate:S ZhangFull Text:PDF
GTID:2429330545968748Subject:Accounting
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Solving the problem of inefficiency in the state-owned enterprises is the original intention of state-owned enterprises reform.Although the reform of state-owned enterprises has been steadily advancing,the problem of inefficiency in state-owned enterprises has not been fundamentally solved.With the deepening of state-owned enterprises reform and the establishment and improvement of modern enterprise system,people are becoming more and more aware of the lack of incentives and restrictions on enterprise employees(especially senior management),which is the key to solve the problem of inefficiency in state-owned enterprises.In the Third Plenary Session of the eighteen,it is proposed to actively develop the mixed ownership economy and encourage the state-owned enterprises to carry on the mixed ownership reform.After the convening of the Third Plenary Session of the eighteen,employee stock ownership plan was opened again,and it is the first time for employee stock ownership plan to appear in the central document,which fully reflects the positive significance of the employee shareholding plan.As one of the forms of mixed ownership reform,employee stock ownership plan can also motivate and restrain the employees who participate in the scheme.In our country,the research on employee stock ownership plan mainly focuses on the theoretical research and empirical research,which is insufficient in the case study of the state-owned enterprises.Therefore,the purpose of this paper is to confirm the positive significance of employee stock ownership plan in the reform of state-owned enterprise incentive mechanism,and to provide concrete case studies as evidence.First of all,this article will briefly introduce the background of the topic,domestic and foreign literature review,significance,and the framework of the paper.Second,in the second chapter,we will introduce the theory and practice of ESOP,and introduce the background of ESOP on the basis of relevant theories,that is,the reform of SOE in the level of incentive mechanism and property rights.The employee stock ownership plan can not only satisfy the reform of the state-owned enterprises in the incentive mechanism,but also meet the requirements of reforms at the level of property rights.This article describes the definition of the employee stock ownership plan,its development history,and its possible advantages.Then,this article will use the employee stock ownership plan of Shanghai Construction Engineering as a case to analyze the role of employee stock ownership plan in Shanghai construction enterprises.This article will give a brief introduction to the basic situation of the company before the implementation of the employee shareholding plan,and analyzes the motivations of Shanghai Construction Engineering's employee stock ownership plan and the design of its employee stock ownership plan.Furthermore,the article will analyze the internal influence of the employee stock ownership plan on the company,including the corporate governance structure,equity structure and asset structure.And analyze its financial performance in the company,that is,the impact on profitability,solvency.At the same time,the incident research method was used to analyze the influence of employee stock ownership plan on shareholder value,and the more significant conclusion was obtained.In addition,from the perspective of external influences,it includes analysis of the role of ESOP in other companies and the influence of external customer relationships.This article comprehensively evaluates whether the Shanghai Construction Engineering employee shareholding plan's design is reasonable,and how the employee stock ownership plan affects Shanghai construction workers.Finally,based on the theoretical analysis of the employee stock ownership plan and the application of specific cases,this paper concludes that the employee stock ownership plan has a positive effect on the development of Shanghai Construction.
Keywords/Search Tags:Equity incentive, ESOP, State-owned enterprise
PDF Full Text Request
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