Research On The Implementation Effect Of State Owned Enterprise Employee Stock Ownership Plan

After 40-year development,the state-owned enterprise in our country become the leading power and important support of economy.However,there are still some problems such as low efficiency,imperfect incentive mechanism and corporate governance.These problems can directly influence whether state-owned enterprise will succeed in being larger and better.The Third Plenary Session of the 18 th CPC Central Committee in 2013 clearly pointed out that to go deeper in the state-owned enterprise reform,one of important things is to develop mixed-ownership reform,allowing mixed-ownership enterprise to try employees stock ownership plan.To go deeper in state-owned enterprise reform,State-owned Assets Supervision and Administration Commission released Opinions on the development of mixed ownership economy in state-owned enterprises in 2015.This file points out that we need to implement mixed-ownership reform to go deeper in the state-owned enterprise reform with the help of employees stock ownership plan.At this time,state-owned enterprise employees stock ownership plan under mixed-ownership reform has been placed in an important place both theoretically and practically.Therefore,it is meaningful to analyze the relationship between mixedownership reform and employees stock ownership plan and verify the incentive effect of state-ownership enterprise employees stock ownership plan under mixedownership reform,not only for going deeper in the state-owned enterprise reform,also for the following implementation of state-owned enterprise employees stock ownership plan.In this background,this research is divided into two parts: analyzing the effect of mixed-ownership reform on employees stock ownership plan and discuss the incentive effect of this plan in the background of mixed-ownership reform.This paper is organized as following:(1)The first chapter introduces the research background,research goal,research structure and expected contribution of this paper.(2)The second chapter reviews previous researches on mixed-ownership —— Based on the Case Analysis of Baiyunshan medicine's “Mixed Ownership Reform” reform,the relationship between enterprise mixed-ownership reform and employees stock ownership,employees stock ownership and corporate governance and incentive effect.(3)The third chapter is theoretical analysis,beginning with definition of the concepts in this paper,following with the theoretical basis and the effect of mixed-ownership reform on employees ownership stock plan,and we find that reform,by means of changing how the employees own their stocks,will change the actual influence,which makes employees stock ownership now behave differently from that in the shareholding reform period.(4)The forth chapter is situation analysis,this paper analyzed the situation of state-owned enterprise employees stock plan based on a large quantity of data and charts;(5)The fifth chapter is introduction of the case,describing how employees stock ownership plan is going in Baiyunshan Medicine,especially its content and features.(6)The sixed chapter is case study,starting with analysis of why employees want to own stock,following with the analysis of incentive effect of employees stock ownership plan from corporate government,innovation,performance and market reaction.And finally I analyze the incentive effect of state-owned enterprise employees stock plan.(7)The seventh chapter is research conclusion and suggestion.The conclusion of this paper is that the state-owned enterprise employee stock ownership plan based on the mixed reform has a positive incentive effect,which is reflected in improving corporate governance,stimulating enterprise innovation,improving business performance and bringing short-term positive market performance.The main contribution is:(1)This paper analyzed the effect of mixedownership reform on employees stock ownership plan,and find that reform,by means of changing how the employees own their stocks,will change the actual influence,which makes employees stock ownership now behave differently from that in the shareholding reform period;(2)I also shed light on the effect of under mixed-ownership reform,and find that employees stock ownership plan can make positive influence,including turning corporate governance better,provoking enterprise innovation,delivering positive market signals and improving business performance.There are also something needing improving:(1)Lack of long-term and observation.The earliest new-round employees stock ownership plan started from the autumn of 2014,and the case company selected in this paper began to implement the employees stock ownership plan in 2015,ending in the July of next year.It means a short observation time while a long-term observation is needed to verify the existence of incentive effect after ban lift and later.(2)the conclusion of case study is not universal and only applied to certain situations.(3)Due to the limited research time and knowledge about mixed-ownership reform and employees stock ownership plan,some opinions and analyzation in this paper may be not penetrating enough.