The Employee Ownership Stock Plan In The Mixed Ownership Reform Of State-owned Enterprises

In November 2013,the party's 18 session of the three-China conference,the main spirit of the meeting was mentioned,to encourage our state-owned enterprises in the development of mixed ownership of the economy under the background of the implementation of employee ownership plan,so that workers and capital owners into a community of interests.Since then,the employee shareholding plan has aroused the general concern of society,and more and more cases have been put into practice,but most of them are slow and ineffective.August 2016,the SASAC,the Ministry of Finance and the three official authorities of the CSRC jointly issued the "opinion on the pilot of employee shareholding in state-owned mixed ownership enterprises",and a series of implementation details on the pilot of employee shareholding,such as basic principles,conditions and management requirements,are clearly stipulated in the opinion.It also marks a new institutional stage for employee ownership plans.The development of mixed ownership of the economy has a variety of embodiment,employee stock ownership plan as one of the important form,very fit the reform direction of China's state-owned enterprise equity incentive system,even professionals in the industry published a "Exploration of employee ownership is the state-owned enterprises mixed change Soul" this view.In October 2017,at the party's 19 conference on the issue of employee ownership plan,the participants proposed "to be based on the experience to carry out a sound and orderly state-owned enterprises under the mixed ownership of the employee ownership plan." 2018 in succession in the national and local two sessions,the relevant policy discussions on employee shareholding succession,and the central enterprises and the head of the local Sasac have put forward at the meeting,will be in the end of the system summed up the state-owned mixed ownership of the enterprise employee shareholding pilot experience,expand the scope of the pilot,In order to establish a good effective incentive-binding long-term mechanism.General Secretary Xi Jinping has also been advocating "development needs innovation,with the development of our country," mixed change "not only helps to optimize the property right structure of the state-owned enterprises,but also gives the competitive innovation and vigor to the development of enterprises,and introduces various ownership capital,It can form a good situation that each party's capital is complementary to each other and promote each other,and to explore the implementation of employee shareholding plan is one of the important ways to deepen the reform of state-owned enterprises,so it is very valuable to analyze the effect of employee stock ownership plan under the background of "mixed reform".Based on the case study method,this paper chooses Shanghai International Port(Group)Co.,Ltd.as a case study,analyzes the effect of state-owned enterprises on employee shareholding plan under the background of mixed ownership reform,and draws the conclusion and enlightenment,hoping to learn from the state-owned enterprises which are preparing to implement the employee shareholding plan.This article mainly uses the normative research and the case study method,carries on the analysis to the state-owned enterprise listed company implementation employee shareholding plan's effect.In the normative research part,this article first introduces the research background and the research significance,then,on the basis of reviewing and summarizing relevant literatures at home and abroad,this paper defines the related concepts of company employee shareholding plan,and probes into the incentive theory,such as principal-agent theory,human capital theory and profit-sharing theory.In the case study section,firstly,the paper introduces the company situation of the Shang Gang group and the scheme of implementing the employee shareholding plan,and then sums up the characteristics of the scheme after analyzing the motivation of implementing the employee stock ownership plan,and then analyzes the implementation effect by using the financial and Non-financial index data analysis and chart.The key factors of successful implementation of employee stock ownership plan are summarized.Finally,it is concluded that the implementation of the stock ownership plan of the Shang Gang group has improved the performance of the company,increased the shareholder's wealth and promoted the mixed reform of the state-owned enterprises.It is hoped that the basis can be used to promote and implement the employee shareholding plan widely in the listed companies of state-owned enterprises.The main contributions of this thesis are as follows:(1)The characteristics,motives and comprehensive effects of employee stock ownership plan in listed companies controlled by state-owned enterprises are analyzed by contacting the actual cases of the capital market under the background of China's SOEs.(2)In the analysis of effect,the financial index and Non-financial index are considered comprehensively,and the comprehensive Index analysis based on the industry background and the mode of operation of the case company has broken the limitation of the single Financial Index analysis.(3)The case companies selected in this paper,on the Hong Kong group's employee stock ownership plan is currently in the release period of the employee shares,the selection of cases with typical and timeliness,for other is or are ready to comply with the state-owned mixed ownership reform plans of state-owned enterprises listed companies to implement employee shareholding plan.