The Employee Ownership Stock Plan In The Mixed Ownership Reform Of State-owned Enterprises

As an important part of China's social economy,state-owned enterprises have always been an important issue in China's economic development.After the 18 th National Congress on the reform of state-owned enterprises,the reform of state-owned enterprises ushered in a new stage of development,mixed ownership reform.Become a new focus of this reform.The purpose of implementing the reform of mixed ownership in state-owned enterprises is to inject momentum into the development of enterprises through the improvement of the ownership structure of enterprises,and then stimulate the vitality of enterprises.Introducing ownership capital of different natures in state-owned enterprises can help to promote the ownership of capital of various natures.To complement,promote the optimization of the national economy.Since the employee stock ownership plan was restarted in 2014,the employee stock ownership plan re-entered the reform of state-owned enterprises in 2015.State-owned enterprises can implement the shareholding structure to optimize the ownership structure and realize the reform of mixed ownership.Therefore,the research is under the background of mixed ownership reform.The employee stock ownership plan of state-owned enterprises has a strong research value for the reform and development of state-owned enterprises.After combing the literature,it is found that the theoretical research related to employee stock ownership focuses on the empirical analysis under big data,and there are few researches on cases,and because the reform of state-owned enterprise mixed ownership is still in the pilot,it has not been fully developed,especially for the state-owned The research on the implementation of the employee stock ownership plan is very limited.In addition,the system construction of the employee stock ownership plan is still in progress.Therefore,this article starts from a specific case and explains that it may be possible for the state-owned enterprises to implement employee stock ownership in the future due to imperfect system design.The pitfalls appear and suggest feasible to deal with these issues.This paper takes Wuliangye's employee stock ownership plan as the research object,starts from the concept and theory of employee stock ownership,and also analyzes the current status of the implementation of the employee stock ownership plan of state-owned enterprises in China,and analyzes the existence of employee stock ownership of state-owned enterprises in the implementation.Problems and shortcomings in current system design.In the case analysis part,this paper analyzes the motivation of Wuliangye's implementation of employee stock ownership plan based on the institutional background,the industry situation of the company and the company's own development stage,and gives a detailed introduction to the program content of its employee stock ownership.The analysis analyzes the financial effects and non-financial effects of Wuliangye before and after implementation.Finally,it summarizes the characteristics of Wuliangye's employee stock ownership plan and proposes improvement suggestions for the optimization of the program.The main conclusions of this paper after analyzing the case are as follows: On the one hand,when designing the employee stock ownership plan,the proportion of employees holding shares is low,which will make it difficult for the company's shareholding structure to change,and may eventually make Equity optimization is caught in formalism;on the other hand,due to the flexibility of the system,especially for the participants and performance conditions,state-owned enterprises are likely to use the employee stock ownership plan as an employee benefit apportionment tool in the specific implementation.The application value of this paper is in response to the wave of mixed ownership reform of state-owned enterprises in China,especially for the improvement of the institutional shareholding plan of state-owned enterprises and the optimization of the design of the specific plan of the employee stock ownership plan.