Research On The Factors Affecting The Loss Of General Beneficiary Shares In Employee Stock Ownership Plan Under Trust Mode

In June 2014,the CSRC formulated and issued the “Guiding Opinions on the Pilot Implementation of the ESOP for Listed Companies”,marking the beginning of the pilot program for employee stock ownership plans of listed companies in China.Since then,the employee stock ownership plan has become an important incentive for listed companies in China to improve corporate governance structure,improve company efficiency,and use capital market instruments to optimize the allocation of social funds.Between 2014 and 2018,China's listed companies completed a total of 777 employee stock ownership plans,involving more than 332,100 employees.The employee stock ownership plan is developing rapidly in China's capital market,and its application scope is expanding.The management model of the employee stock ownership plan mainly includes self-management,brokerage asset management plan,fund management plan and trust plan.The trust plan did not receive much attention at the beginning.In July 2016,after the “Interim Provisions on the Operation and Management of Private Equity Asset Management Business of Securities and Futures Organs” issued by the CSRC came into effect,securities and fund companies were subject to certain restrictions on the design of employee stock ownership plans.The trust model was on product flexibility.The advantages have emerged and the market share has continued to expand.Listed companies can introduce leverage clauses in the employee stock ownership plan trust model to amplify the profit from rising stock prices.However,as the stock index fell,the risks of the employee stock ownership plan under the trust model were exposed: multiple company employee stock ownership plans,as the general beneficiaries of the trust plan,lost their share,causing widespread concern in society..Since then,the application of the employee stock ownership plan under the trust model and the loss of the general beneficiary share have become hot issues.In this context,this paper screens out 175 employee stock ownership plans implemented in the trust model from the 777 employee stock ownership plans that have been implemented by listed companies in China,and statistics and analysis of their leverage.At the same time,this paper analyzes the status quo of the general beneficiary share loss incident in the employee stock ownership plan under the trust model by sorting out the announcement of the listed company.Then,based on the different subjects involved in the employee stock ownership plan,this paper constructs the analysis ideas of the general beneficiary share loss event,selects representative cases to analyze the influencing factors,and combines the relevant theories such as principal agent and signal transmission.Analyze the internal mechanism of its impact,and strive to find out the shortcomings in the mode selection,scheme design and timing selection in the implementation process of China's current employee stock ownership plan,and put forward practical and effective suggestions.The contribution of this paper is to provide an analysis of the social hotspots of the loss of the general beneficiary share,not only to analyze the factors affecting the occurrence of the event,but also to analyze the internal mechanism of the factors.Although the research results of the employee stock ownership plan are relatively fruitful,the case studies of the employee stock ownership plan under the trust model and the case of the loss of the general beneficiary share of the employee stock ownership plan under the trust model are few.The research results in this area.The shortcoming of this paper is that it is unlikely to take into account all the influencing factors in the research,because of the cross-cutting considerations of the analysis logic and indicators,so the impact of the loss of the general beneficiary share of the employee stock ownership plan under the trust model Analysis of factors may not be comprehensive enough.