Research On The Effect Of The GRGbanking's ESOP Under The Background Of The Mixed Ownership Reform

Since the reform and opening up,economic system reform in China has deepened,and the capital market has been developing rapidly.The mixed ownership reform of employee stock ownership plan has gradually penetrated into the major state-owned enterprises.In the increasingly fierce market competition,the state-owned enterprises are gradually promoting the pace of reform of state-owned enterprises to their own.They try to further improve the efficiency of resource allocation by means of mixed ownership reform and hope to establish an independent corporate governance structure on the basis of equity diversification.The employee stock ownership plan helps the reform of state-owned enterprises,making the ownership structure of state-owned enterprises constantly optimized,so that mutual interest checks and balances between state assets,private capital and ESOP are formed.By holding employees in the company's stock or options,employees can be encouraged.At the same time,it can also have a positive and effective long-term development for the enterprise itself.Based on the dual factor theory,the human capital theory and the principal-agent theory,this paper takes GRG Banking as the research object.Through combing the ESOP implementation process,the holders of shares,stock funds and sources of content,this paper analyzes the data from 2014 to 2017 and studies the effect of the implementation of the ESOP for corporate performance and shareholder wealth.The role and significance of employee stock ownership plan for the implementation of mixed ownership reform in state-owned enterprises is obtained,which provides reference for further speeding up the reform of state-owned enterprises.By analyzing the stock price change,the daily excess return rate and the cumulative excess return rate before and after the implementation of the employee stock ownership plan,it is found that the indicators show a positive effect.This shows that ESOP is effective in creating short-term wealth for shareholders.Then,this paper evaluates the long-term performance of the enterprise from the aspect of financial condition,and the analysis of financial indicators are selected with the industry average level of comparison.We find that the implementation of ESOP can promote the performance of enterprises.The implementation of the ESOP is good for enterprises to build the whole industry chain of financial outsourcing service platform,enhancing the profits of enterprises,expanding market share in some areas,increasing the new profit growth point and its influence and competitiveness.