Research On Incentive Effect Of Employee Stock Ownership Plan Based On The Psychological Ownership

In the era of knowledge and information,human capital has become the most valuable capital of enterprises.Enterprise managers pay more and more attention to human capital management,so,more and more enterprises in China have implemented employee stock ownership plan(ESOP)to manage talents better.As a medium-and long-term incentive mechanism,what are the ways to generate incentive effects of ESOP? Why do some enterprises in the real world implement ESOP can achieve good incentives,while others can't achieve the expected results? This has always been the focus of academic and enterprise managers.In addition,with the progress of the times,the individuality of employees is more distinct,the demand is higher and more diversified,the incentive effect of traditional incentives for contemporary employees has been greatly discounted,and employees' sense of gain in the enterprise is not only derived from the level of financial reward.Employees pay more attention to the “owner” culture of the enterprise and the sense of belonging to the enterprise.As a kind of subjective psychological perception of employees,psychological ownership is the link between the enterprise and the employees,and it is also inextricably linked with the formal ownership of the equity rights,information rights,and control rights given to the employees of the ESOP,its role in the incentive function of the ESOP cannot be ignored.Based on the psychological ownership,considering the types of employee,what is the deep logic of the ESOP to play an incentive role?This study select the employees who have enjoyed ESOP from many enterprises from 11 cities including Chongqing,Beijing,Lanzhou and Hangzhou as the research objects,and empirically analyze the incentive effect of the ESOP based on the theory of psychological ownership.Constructe a conceptual model based on “ESOP– psychological ownership – incentive effect”,and explore the impacts of the three dimensions of ESOP,namely the equity rights,information rights,and control rights on employee performance and turnover intention,and the role of psychological ownership in these process.The empirical research results show that: for all types of employees,equity rights and information rights significantly positive impacte on employee performance,and psychological ownership play a full mediating role in both effects.However,the impact of control rights on employee performance is not obvious.After analyze the reasons,based on the employees classification,study the impact of control rights on the performance of core employees separately,find that control rights significantly affect the performance of core employees,and psychological ownership also playe full mediating role in the impact process.While,for all types of employees,the equity rights,information rights and control rights significantly negative impacte on the employee's turnover intention,psychological ownership playe the full mediating role in all these three effects processes.The conclusions of the study is conducive to enrich the empirical research of ESOP,and provide important implications for domestic enterprises to implement ESOP.