Research On The Implementation Effect And Development Trend Of The Employee Stock Ownership Plan Of Listed Companies

The employee stock ownership plan first emerged in the United States and was proposed by Luis Kelso.It is an important system in modern company law and corporate governance.China's employee stock ownership plan started later than some advanced Western countries.But,in recent years,the rules and regulations concerning employee stock ownership plans have been continuously improved,and China has also successively issued documents concerning employee stock ownership plans.For example,in 2012,the "Provisional Management Measures for Listed Companies' Employee Stock Ownership Plan" was issued,which largely aroused the company's interest in implementing employee stock ownership plans.In 2014,the "Guiding Opinions on the Pilot Program for the Implementation of Employee Stock Ownership Plan for Listed Companies" was proposed,which indicates that the Chinese employee stock ownership plan has entered a rapid phase,and most listed companies have started to implement employee stock ownership plans.This article focuses on the development of employee stock ownership plans and their impact on the company.This article mainly uses statistical analysis methods to collect the number of companies that have implemented the employee stock ownership plan for each listed company that has implemented the employee stock ownership plan from 2015 to 2017 collected from the Wande database.The company's implementation of employee stock ownership plan fund sources,stock sources and other aspects of the relevant statistical analysis to study its development.The employee stock ownership plan introduced by Mu yuan Foods Co.,Ltd.(hereinafter referred to as Mu yuan Co.,Ltd.)was used for the analysis of the case and combined with the theory to study the effect of implementing the employee stock ownership plan.Here mainly from the company's human capital,the company's operating activities,market performance and EVA and other perspectives to study its implementation of employee stock ownership plan after the company's impact.Specifically studying the impact of human capital on the changes in the structure of employees and the rate of return on investment in human capital,from the perspective of non-financial indicators and financialindicators to study the impact on the company's operating activities,from the short-term market response and long-term market performance.To study the effect of market performance.The study found that from the above perspectives,the employee stock ownership plan implemented by Muyuan Group was successful.In addition,the development of employee stock ownership plans in China tends to be mature and stable.The coverage of employee share ownership plans is very broad,and stock sources have more flexibility and autonomy,and they tend to use a combination of methods to obtain The underlying stocks;sources of funding are also diversified,but mainly based on employee salaries and self-financing sources.Based on the research results,the relevant recommendations were put forward at the end of the article,aiming at the better development of the employee stock ownership plan.