Research On The Relationship Between Motivation And Economic Consequences Of Employee Stock Ownership Plan Of Listed Companies

Employee stock ownership plan as a listed company with company employees,especially the core employee benefit sharing and risk-sharing mechanism between the effective incentive measures to build the company’s future long-term benign strategic development goals,it could be sent to outside investors pay close attention to the company long-term strategy of signals,such as related research also found that after the implementation of employee stock ownership plan,the company’s business development efficiency,profitability and growth significantly superior to not implement employee stock ownership plan of the company.Push and implementation of employee stock ownership plan in China also has a history of 30 years,but due to the changes in the policy has been in constant adjustment and modification,so the research of employee stock ownership plan is less,and focuses on the research of employee ownership and corporate performance.And for the employee stock ownership plan less dynamic motivation research and capital market research.In this paper,based on the employee stock ownership plan latest announcement date between the solstice on July 10,2014 in 2016 on December 31 of all effective data of the listed company to the employee stock ownership plan was studied by means of Logistic and OLS model the motivation of employee stock ownership plan and the corporate governance effect of employee stock ownership plan and the wealth effect.Employee stock ownership plan motivation research results show that on the one hand,compared with the state-owned enterprises,private listed companies tend to release the employee stock ownership plan,largely because of the mode of operation is more flexible,private listed companies the possibility of innovation mode to the staff’s incentive is higher;On the other hand,is at the early stage of growth of the private listed companies and equity is not yet full circulation of listed companies,are more prone to release the vigor of employee stock ownership plan to motivate employees so as to improve corporate profitability,broaden the financing channels of the company.The economic consequences of a listed company’s employee stock ownership plan empirical research found that on the one hand,employee stock ownership plan in the number of employees incentive the higher the proportion of the total number of employees,the company’s performance,and short-term capital market performance have significant positive effects;Compared with the employee stock ownership plan,on the other hand,the stock source forthe secondary market to buy,source for non-public company stock market excess returns are higher.Finally,excess profits brought by the employee shareholding effect exist large companies,the larger the company’s growth is better than small company,but the company larger companies information asymmetry degree is higher,therefore,the company through the employee stock ownership plan can deliver positive information to the public,larger companies implement employee stock ownership plan can achieve greater excess returns.In this paper,the empirical results show that not only in the short term,the implementation of employee stock ownership plan with short-term investment value of listed companies,and has a significant positive influence on firm performance,decisions of the managers of listed companies,the external investors provide certain guidance.