Research On The Impact Of Employee Stock Ownership On The Vitality Of State-owned Enterprises

With the issuance of the "Guiding Opinions on the Pilot Implementation of Employee Stock Ownership Plan by Listed Companies"(2014),a new round of employee stock ownership of Listed Companies in China has begun.At the same time,in the document "Guiding Opinions on Deepening the Reform of State-owned Enterprises"(2015),it is proposed that the reform of state-owned enterprises should be "centered on improving the efficiency of state-owned capital and enhancing the vitality of state-owned enterprises".As one of the main ways to deepen the reform of state-owned enterprises,whether ESOP can effectively promote the vitality of state-owned enterprises will have an important impact on the expansion,strengthening and excellence of state-owned enterprises.In view of this,this paper takes Shanghai and Shenzhen A-share state-owned enterprises which implemented the ESOP between 2015 and 2016 as the research object.Based on property rights theory,principal-agent theory,human capital theory and sharing economic theory,it uses the propensity score matching-double difference analysis method to test the policy effect of ESOP on the vitality improvement of state-owned enterprises.Through factor analysis method,this paper constructs a comprehensive evaluation index of enterprise vitality from three dimensions of viability,growth ability and regeneration ability;selects industry,company size,sum of squares of the first three shareholders' shareholding ratio,asset-liability ratio,total asset turnover ratio,net profit return rate and sustainable growth rate as matching variables,and carries out one-to-three neighbors within the caliper range of 0.01.Match,get the samples of the experimental group and the corresponding control group;compare the differences between the experimental group and the control group through the double difference analysis method,and analyze the heterogeneity of different types of ESOP plans to enhance the vitality of enterprises.Empirical research results show that:(1)Employee stock ownership plan can significantly promote the vitality of state-owned enterprises;(2)Subscription of non-public offering stocks has a more significant effect on the vitality of state-owned enterprises than purchasing from the secondary market;(3)More ordinary employee stock ownership has a more significant effect on the vitality of enterprises than more executive stock ownership.According to the research conclusion,the paper puts forward the following countermeasures and suggestions:(1)Continue to deepen the reform of employee stock ownership system in state-owned enterprises,expand the main scope of employee stock ownership enterprises in an orderly manner,and increase the number of pilot enterprises in an orderly manner.(2)Continuously improve the long-term incentive mechanism of state-owned enterprises and encourage state-owned listed enterprises to acquire stocks by subscribing for non-public offerings.(3)Rationally allocate the subscription ratio of senior managers and ordinary employees,appropriately increase the total subscription ratio of ordinary employees,and dynamically adjust the upper limit of individual subscription stock through regular assessment.The conclusion of this paper is helpful to deepen the understanding of the relationship between employee stock ownership and the vitality of state-owned enterprises.It can provide some reference for state-owned listed enterprises to formulate and implement employee stock ownership plans.It can also provide some theoretical reference and empirical evidence for deepening the reform of state-owned enterprises.