Research On The Influence Of ESOP On Enterprise Performance In State-owned Enterprises

Since the 18 th CPC National Congress,the mixed ownership reform,a s an important part of the reform of state-owned enterprises,has played an important role in promoting the integration of different ownership economic components and pro moting the reform of China's economic system.As an important system exploration an d practice innovation of the reform of mixed ownership,ESOP has taken a solid step in the process of mixed ownership reform.In recent years,with the "CPC Central C ommittee and the State Council on deepening the reform of state-owned enterprises" g uidance "on the development of state-owned holding enterprises of mixed ownership E SOP pilot opinions" and other top-level design documents have been introduced,the b ackground of the reform of state-owned enterprises under the system of employee stoc k ownership in the country have also developed,many state-owned enterprises began t o expand staff but whether the stock ownership plan,ESOP enterprises can bring perf ormance improvement,much influence,and what are the problems in the implementati on process,how to improve the study of these problems is particularly important.The refore,this paper studies the governance performance of the current state owned enter prises' employee stock ownership,and based on this,puts forward relevant proposals t o stimulate the vitality and resultant force of state-owned enterprises.Firstly,this paper studies the basic theory of ESOP,the concepts and research r esults are summarized and explored the related factors,and finally select two factor th eory,principal-agent theory,human capital theory,corporate governance theory,the fo ur theory as the theoretical basis of this article.Secondly,by using the academic resul ts of ESOP and corporate governance performance,we define the era of ESOP and c orporate governance performance and clarify the connotation of the era.At the same t ime,it also analyzes and summarizes the development process,and makes a thorough analysis of the background of the employee stock ownership in state-owned enterprises in the new era,and points out the practical significance of its development.Thirdly,through the analysis of the status of employee stock ownership in state-owned enterpri ses.Finally,through empirical research,draw the following conclusions: whether in th e long-term or short-term incentive incentive,employee stock ownership of state-owne d enterprises has a positive impact on business performance,and the influence of emp loyees of non-state-owned enterprises ownership on corporate performance than the stat e-owned enterprises;in the short-term incentive effect on the management of state-own ed enterprises holding more influence employee stock ownership for enterprise perform ance impact on enterprise performance.Based on the analysis of the empirical results,we draw the following questions: first,the governance mechanism of some state-own ed enterprises is not perfect;the two is to encourage the employee stock ownership s ystem to be imperfect,and the three is to prevent the loss of state-owned assets.Thro ugh combing the relevant literature,three suggestions for the development of employee stock ownership plan in state-owned enterprises are summarized: one is to improve e mployee participation system;the two is to improve the governance mechanism of stat e-owned enterprises;the three is to improve the supervision mechanism of state-owned assets.This paper studies the performance of the employee stock ownership system in st ate-owned enterprises,analyzes the problems in the shareholding plan,and puts forwar d the corresponding solutions to improve it,which is not only of practical significance,but also has profound theoretical contributions.From the perspective of empirical res earch,we verify the positive impact of ESOP on improving the performance of SOEs,but also find that employee stock ownership is still insufficient in improving the perf ormance of SOEs.Therefore,this article puts forward suggestions for improving emplo yee stock participation system,improving the governance mechanism of state-owned en terprises and perfecting the supervision mechanism of state-owned assets in three aspec ts.Through the improvement of employee stock ownership,employee stock ownership can play a better role in the reform of state-owned enterprises,so as to promote the overall process of China's economic restructuring.