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

In 2014,the state issued the "on the implementation of employee stock ownership plan pilot guidance",by now,a lot of positive response file content,listed company began to develop to meet the company's employee ownership plan,and in a short span of six months time,number of companies involved in more than 150 or so,is the opinion of the 1980 domestic new employee ownership since the relevant content and a wide range of holding pilot strategy.which is another large-scale pilot plan since China first contacted the Employee Stock Ownership Plan in the 1980 s.Whether ESOP can achieve the effect of improving enterprise performance is a controversial issue in society.Starting from the impact path of ESOP,this paper studies the impact of ESOP on enterprise performance.This paper reviews a large number of domestic and foreign literatures,summarizes the two-factor theory,principal-agent theory,human capital theory,sharing economy theory,and puts forward the relevant hypothesis of employee stock ownership on enterprise performance based on the theory.On this basis,it further discusses the mechanism of employee stock ownership on enterprise performance by adding intermediary variable operating capacity and adjusting variable enterprise nature.This paper collects all the data of employee stock ownership since June 2014.After screening,550 valid data of employee stock ownership are obtained.SPSS software is used for empirical analysis.Through the results of empirical research,this paper argues that:(1)Employee stock ownership has a significant positive relationship with corporate performance,and the implementation of employee stock ownership by listed companies will improve corporate performance.(2)the operating capacity of the company plays a part of intermediary role in the impact of employee stock ownership on corporate performance,which confirms the path of employee stock ownership-operating capacity-corporate performance as a guide.(3)It shows that the performance of state-owned enterprises is better than that of non-state-owned enterprises,and the incentive effect is more obvious.The incentive effect is more obvious and the scope of incentive is wider.This paper innovatively introduces the conduction mechanism of employee stock ownership-operating ability-enterprise performance,analyses the impact of employee stock ownership on enterprise performance from the perspective of enterprise operation,opens the black box of input and output,and provides a reference for exploring the key elements of employee stock ownership plan in order to design the plan more rationally.