Study On The Motivation And Effect Of Employees' Shareholding Model In High-tech Enterprises

Since the SFC promulgated the guidance on the implementation of the employee stock ownership plan of Listed Companies in 2014,many enterprises in A shares have begun to implement ESOP,and many companies are still planning to implement ESOP.Some of them are not properly chosen because of the stock source model.Cause a plan to terminate or delay.Taking the company as a case,this paper selects the stock source model in the process of employee stock ownership plan as the research foothold,and explores the reasons for the different stock sources,and what economic consequences will be brought by the different stock source models,thus further enriching the theory of the employee stock ownership plan.It will be a reference for other listed companies that will implement ESOP.As a high-tech enterprise,its human capital occupies an important position.It is a key issue to motivate employees effectively.At the same time,it is the only one of A shares who have selected different stock sources in the ESOP plan.During the three ESOP,the business scope,main business,core management and so on are almost unchanged.Only the employee stock ownership plan is different,which is very consistent with the case study.Standard.The analysis of this paper is mainly composed of two parts: motivation analysis and effect analysis.In the part of motivation analysis,this paper analyzes the reasons for the selection of the stock source model from the aspects of employee demand,capital demand,financing difficulty,information cost,management interest and implementation procedure.It is found that the "directional increase" model is not only to solve the incentive problem,but also to solve the financing problem,and to be a participant.When there are a large number of ordinary employees,the possibility of taking "directional" addition mode is more likely,and the "stock increase" model is more likely to be applied to the participants as the core personnel of the enterprise.In the part of the effect analysis,this paper first examines the short-term market response of the three employee stock ownership plan,and finds that the capital market is more active in the response to the "directional increase" model,and then tests the effectiveness of the employee stock ownership by using data from the financing capacity and R & D ability,and discovers the members of the "directional increase" model.The employee stock ownership plan can enhance the financing ability of the enterprise,and the employee stock ownership plan can promote the R & D ability of the enterprise.