Research On The Model Of Employee Stock Ownership Under The Reform Of Mixed Ownership Of State-owned Enterprises

China's social structure and economic system have a great change from planned economy to the opening economy.Under the reform of mixed ownership economy,the reform of state-owned enterprises is the key area and the problem of ESOP(employee stock ownership plan)can not be ignored.This paper illustrates the necessity of the implementation of ESOP of state-owned enterprises,combining the advantages and disadvantages of the current state-owned enterprises and benefits and problems of ESOP of general enterprises.Accordingly,if state-owned enterprises would set up an effective stock option motivation mechanism,it will continue to develop its advantages and control weaknesses.As of March 1 2018,there are 693 enterprises of ESOP in a-share companies including 72 state-owned enterprises.The amount of state-owned enterprises of ESOP is so small,mainly because of the unsound legal mechanism of ESOP and lack of perfect long-term mechanism of ESOP and so on.This paper selected the three classic case analysis of ESOP by getting the different modes of ESOP and existing problems to find a new direction for ESOP of state-owned enterprises,including "greenland model" of Greenland group,"paralyzed holding" of Huawei and "all-involvement holding" of United Airlines.Specifically,It is worthwhile to study the employee shareholder' meeting,but the problem of holding the stock by management brings many disputes after the ipo;the status of "paralyzed holding" of Huawei,it also confronts question of reality such as unsustainability of high profit;the status of "all-involvement holding" of United Airlines,it cause enormous losses because of neglecting of management authority.THE writer would detail and refine the current model of ESOP based on the analysis of the above and be owing to set up a tripartite benefit model of ESOP including " state-owned capital","employment capital" and " social capital".