Research On The Corporate Performance Effect And Market Effect Of Esop Of Listed Companies In China

With the intensification of economic globalization,market competition is becoming increasingly fierce.As the most scarce resource for enterprises in the 21 st century,human capital plays an increasingly important role in the development of today's enterprises.Effective measures for enterprises to use human capital.Scholars generally believe that the employee stock ownership plan conforms to the trend of modern social and economic development,and is of great significance for improving the corporate governance level of modern enterprises and improving the company's business performance.By sharing the company's equity,employees are allowed to own the company's shares,thereby closely linking their personal interests with the interests of the company,forming a community of interests.It is of great significance to improve the supervision and management mechanism of enterprises,mobilize the enthusiasm of employees,enhance the cohesiveness of enterprises,promote the long-term development of enterprises,and achieve a win-win situation for employees and enterprises.China's employee stock ownership plan started late.The initial introduction of this plan was only to solve the problem of state-owned enterprise shareholding system reform.In the course of China's economic development,the employee stock ownership plan has been abandoned,and there are many problems.Until June 20,2014,the China Securities Regulatory Commission issued the “Guiding Opinions on the Pilot Implementation of the Employee Stock Ownership Plan for Listed Companies”,and the number of listed companies in China has flooded into the enthusiasm for employee stock ownership plans.As an equity incentive measure,the employee stock ownership plan also serves as a corporate governance tool.Whether it can affect the company's performance and how it affects the company's performance is a problem we must explore.Based on the above background,this paper explores the impact of employee stock ownership plans on company performance through a combination of literature research and case studies.In terms of normative research,based on domestic and foreign literature review and theoretical analysis,the concept,characteristics and development status of employee stock ownership plan are summarized through descriptive statistical analysis,and then the mechanism of employee stock ownership plan affecting company performance is focused on.In the case study,the Shanghai Port Group)employee stock ownership plan,for example,based on the specific implementation status of its employee stock ownership plan,analyzed the impact of this plan on company performance.Finally,draw conclusions and propose corresponding plans for the Shanghai Port Group to design and implement the employee stock ownership plan.According to the above ideas,this article has the following six chapters.The first chapter is the introduction,which mainly expounds the background of this research,the research purpose of this paper,the research ideas of the author and the research methods adopted,and the expected contribution to be reached at the end of this paper.The second chapter is a literature review,summarizing domestic and foreign research on employee stock ownership plans from different aspects.The third chapter is theoretical analysis.This part introduces the three theories about the employee stock ownership plan,and then summarizes the related concepts,characteristics and the difference between the shareholding incentives.The fourth chapter is the development status of the employee stock ownership plan of listed companies in China,and analyzes the current status of the employee stock ownership plan that has been implemented from the aspects of implementation company distribution and implementation plan characteristics.The fifth chapter is a case study of the Shanghai Stock Exchange employee stock ownership plan.This part begins with the development history of Shanghai Port Group and the background of its employee stock ownership plan,and then holds its employees from both vertical and horizontal perspectives.The company's performance after the implementation of the plan was evaluated to analyze the impact of the plan on the company's performance.Finally,the conclusions were drawn and the problems of the Shanghai Stock Group in the implementation of the shareholding plan were summarized.The sixth chapter is the case summary and policy recommendations.It mainly summarizes and evaluates the case,and puts forward corresponding suggestions on the specific problems existing in the implementation of the employee stock ownership plan by Shanghai Port Group.