Applied Research On Employee Stock Ownership Plan Of Stateowned Enterprises

In 2013,the Third Plenary Session of the 18 th CPC Central Committee adopted a document with significant reform significance——“The Decision of the Central Committee of the Communist Party of China on Comprehensively Deepening Several Major Issues in Reform”.The State encourages enterprises to actively explore through various channels to achieve equity diversification.Employee stock ownership is a kind of equity incentive model that can simultaneously motivate the company's management and employees,and return to the public's field of vision.Subsequently,the CSRC promulgated the“Guiding Opinions on the Pilot Implementation of the Company's Employee Stock Ownership Plan”,and the employee stock ownership plan entered a new stage of exploration and promotion.By reviewing and combing the relevant literatures of employee stock ownership plans at home and abroad,and comparing the application status of employee stock ownership plans between state-owned enterprises and non-state-owned enterprises,this paper finds that employee stock ownership plans have certain applicability in the implementation of state-owned enterprises.In the specific application practice,there are still some practical problems such as low success rate,shareholding welfare,and short-term incentive effect.Due to the national policy restrictions,China's state-owned enterprise employee stock ownership plan started late,most scholars conducted empirical analysis based on data statistics to verify the positive impact of employee stock ownership on corporate performance,and study specific implementation cases.Not much.Based on this,this paper selects Shanghai Jiangong,a state-owned holding company that officially passed the non-public offering of shares to implement the employee stock ownership plan on February 28,2017.Using case study methods,event analysis methods and other research methods to analyze the content elements of Shanghai Construction Engineering employees' shareholding plan and its impact on Shanghai Construction Engineering's shareholding structure,governance structure,capital structure and market reaction,and select industry averages and industries.The comparative analysis of the employee's shareholding in China's construction of the employee's shareholdings affects its financial performance,and finally draws relevant suggestions and inspirations.Through research,this paper finds that the employee stock ownership of Shanghai Construction Engineering has indeed strengthened the company's mixed reform,optimized the company's asset structure and governance structure,improved the company's short-term solvency,and brought positive market effects.It also has a certain promotion effect on the company's short-term profitability improvement,but the incentive effect is limited,and the incentive effect is not obvious in the long run.The inspiration of the Shanghai Construction Engineering employee stock ownership plan for state-owned enterprises is that small and medium-sized state-owned enterprises in a competitive environment are more suitable for employee stock ownership;they must choose employee stock ownership when the company's profitability and dividend income are relatively stable;Design: We must do a good job of preparation beforehand,choose the scope of holding shares according to the nature of the company,and set a reasonable duration.At the same time,this paper proposes several optimization suggestions for the content of employee stock ownership plan from rich sources of funds,differentiated shareholding targets,rolling implementation of shares,and dynamic assessment.It is hoped that as much as possible,the employees of state-owned enterprises will be strengthened.The incentive effect is to provide ideas and references for the design of employee holding schemes of other state-owned companies.