Case Study On Employee Stock Ownership Of State-owned Enterprises Under The Background Of Mixed Ownership Reform

Along with China's economic growth has entered a new norm,state-owned enterprises are facing downward pressure on the economy is more and more big,the central temporise began a new round of reform of state-owned enterprises,"the CPC Central Committee on deepening reform of the overall number of major issues" clearly pointed out that "allow mixed ownership economy to implement ESOP",to the state-owned mixed owned enterprises ESOP provides policy support.The reform of the mixed ownership system is the breakthrough point of the reform of the state-owned enterprises,and the employee stock ownership plan is the key point of the reform of the mixed ownership system.The goal of the reform is to build the perfect corporate governance structure based on the diversified ownership structure,the central government to promote the reform of mixed ownership can improve the efficiency of the allocation of resources,to optimize the ownership structure of ESOP.But because of the lack of understanding of the importance of ESOP and the lack of legal norms and guidance,resulting in the reform of state-owned enterprises since twentieth Century in the process of the implementation of the ESOP has many problems,has not formed universal ownership model in operation,coupled with the current round of SOE reform in the ESOP is in the pilot phase,the relevant research on the implementation of ESOP practice effect is still relatively small,the case study is the lack of.In view of this,this paper selects the current round of mixed ownership reform of state-owned enterprises,the first batch of pilot China Unicom as the research object,whether the implementation of ESOP can effectively improve enterprise performance of large state-owned enterprises,promote mixed reform process this problem is deeply discussed.First,it introduces the background of the study,the lack of research and other related contents.Secondly,we commented on the research status at home and abroad,clarified the research basis and key points of the study,and took the principal-agent theory,the two factor theory and the incentive theory as the theoretical basis of case analysis.Then we comb the development process reform and ESOP in China,and discuss the problems of employee stock ownership plan under the background of mixed reform.Then,the China Unicom Group mixed ownership reform and employee stock ownership as a case study,introduces the general situation of the company,mixed reform background and feasibility of ESOP,combing the China Unicom ESOP specific implementation details,and from the corporate governance structure,financial performance,capital market reflects the analysis of the ESOP effect four aspects.Finally,the paper concludes that the employee stock ownership plan has an incentive effect on the financial performance of the company.The participation of core employees in holding shares can maximally attract talents;the implementation of the employee stock ownership plan can achieve a good market response;and the China Unicom Group The mixed ownership reforms implement the inadequacies of the employee stock ownership plan and put forward relevant recommendations,as well as the prospects for the future state-owned enterprises to continuously improve employee stock ownership plans during mixed reforms.