Research On The Impact Of Employee Stock Ownership Plan Of Listed Companies On Enterprise Performance

Employee Stock Ownership Plan(ESOP)in China began in 1980 with the reform of state-owned enterprises,and then ceased to be implemented in 1998 because of the irregular implementation process and imperfect system.In June 2014,the SFC promulgated the Guiding Opinions on the implementation of employee stock ownership in enterprises,which affirmed the implementation of employee stock ownership plan in domestic enterprises from the institutional point of view,which means that the employee stock ownership plan in the new era has begun to enter the right track.On the one hand,scholars have different opinions on the impact of ESOP on enterprise performance.Most of the research comes from foreign countries.Compared with foreign countries,the implementation time of the new ESOP in China is relatively short,and there are differences in the implementation background,planning design and other aspects.To study the effect of ESOP in China,we need to study the country.Domestic enterprises are the research objects to conduct in-depth research on their current situation.How will the implementation of ESOP affect the performance of Listed Companies in China?What are the differences in the impact of different types of industries and human-controlled enterprises?On the other hand,for enterprises implementing ESOP,not only the proportion of employees allocated by each enterprise is different,but also the number of employees allocated is different.Some enterprises are mainly aimed at management,and some enterprises are mainly aimed at ordinary employees.So will the different structure of employee stock ownership affect the effect of employee stock ownership plan?Based on relevant theories and the latest data,this paper studies the implementation effect of ESOP and the impact of different ESOP ratios and executive subscription ratios on corporate performance.In this paper,163 companies implementing ESOP in 2015 are selected as research samples,and the tendency score matching method is used to find the control group samples,so the selected control group is more scientific and reasonable.Firstly,by observing the average processing effect of ATT,we can judge whether the ESOP will affect the enterprise performance.After testing,the ATT is positive,which shows that the ESOP has a positive impact on the enterprise performance.Then we construct the experimental group of double difference model and match the operating performance of the control group before and after the implementation of the plan.The results show that the ESOP can promote the improvement of the enterprise performance.Step by step,we study whether the attributes of companies and industries will affect the implementation of ESOP.We divide the samples into stateowned enterprises and non-state-owned enterprises.The results show that ESOP has a more obvious impact on state-owned enterprises.According to the different industries,we divide the samples into high-tech companies and non-high-tech companies.The results show that ESOP has a significant impact on state-owned enterprises.The impact of high-tech is more obvious,which further explains why many high-tech companies motivate their employees through employee stock ownership plans,thus promoting the development of the company.Finally,the panel data of 62 listed companies with employee stock ownership from 2015 to 2018 are selected as the research sample,and the multiple regression method is used to test the difference of the impact of employee stock ownership ratio and executive subscription ratio on corporate performance.The results confirm that the coefficients are positive.At the same time,the cross-sectional data of 446 listed companies which implemented employee stock ownership in 2014-2017 in 2017 are taken as the research object,which further verifies the difference of the impact of employee stock ownership ratio and executive subscription ratio on corporate performance.