Study On The Implementation Effect Of Employee Stock Ownership Plan In The WCZD Group

Since the Third Plenary Session of the Thirteenth Central Committee,in 2013,the State Council approved the "Several Opinions on Deepening the Reform of Income Distribution System",which pointed out that qualified enterprises should be supported to implement employee stock ownership.Combining with the macro-environment of the current research hot spot that the reform of state-owned enterprises,it is considered that the mixed ownership economy will be more suitable for the development of state-owned enterprises in the "emerging" and "transition" capital market.As the core link of the mixed ownership,employee stock ownership plan plays an important role in optimizing the layout of state-owned economy and promoting the development of state-owned capital.However,the practice of ESOP shows that the performance of ESOP is different.How to analyze the performance of employee stock ownership plan in order to find out the problems in the implementation process and improve them,and promote the healthy development of employee stock ownership plan,has become an urgent problem to be solved in theory and practice.Therefore,the research on the implementation performance of ESOP not only enriches the relevant literature on the economic consequences of policy implementation in theory,but also provides theoretical guidance in practice.This paper chooses WCZD Group Co.,Ltd.(hereinafter referred to as WCZD Group)as the research object.From the perspective of mixed ownership reform,this paper studies the implementation performance of employee stock ownership plan by means of event study,literature search,investigation and comparative study.Firstly,according to the concept and theory of employee stock ownership and the current situation of employee stock ownership in China,this paper makes a theoretical analysis on the implementation effect of agency cost,shareholder wealth and operating performance.Secondly,it introduces the implementation process of employee stock ownership in WCZD Group in detail.Finally,it analyses the implementation performance of employee stock ownership plan in WCZD Group in detail.The research finds that: ESOP has a positive impact on reducing agency costs;WCZD Group has a more obvious announcement effect after announcing ESOP,which has a positive impact on increasing shareholders' wealth;ESOP can help enterprises get rid of the negative impact of the industry environment and have a positive impact on business performance;Employees The shareholding plan has a positive impact on the internal capital flow and the diversification of ownership structure.The main contribution of this paper is to make a comprehensive analysis of the implementation performance of the employee stock ownership plan of WCZD Group,and to put forward improvement measures for the existing problems of the employee stock ownership plan of WCZD Group.At the same time,through the study of the implementation effect of employee stock ownership in WCZD Group,the policy spirit and implementation ideas of the current mixed ownership reform of state-owned enterprises in China are docked,providing experience and reference for the development of employee stock ownership in state-owned enterprises and the realization path of the mixed ownership reform.