Employee Stock Ownership Plan And Corporate Performance Of Listed Companies

Employee Stock Ownership Plan has been put forward for decades,and China's Employee Stock Ownership Plan has also experienced several failures and restarts in the past decades.After learning from the previous experience and lessons,China Securities Regulatory Commission promulgated on June 20,2014 "Guidance Opinions on the Implementation of Employee Stock Ownership Plan Pilot by Listed Companies".Since then,major listed companies have rushed to issue Employee Stock Ownership Plan.Hope to enhance the competitiveness of the company and employee cohesion,enhance the efficiency of the enterprise.Experience shows that advanced enterprise system,property right system and management system can greatly promote the improvement of productivity.As a way of enterprise system innovation,employee stock ownership plan can not only attract and retain talents,enhance the sense of "ownership" of employees,but also improve enterprise property right system and alleviate financial pressure,which is the only way for enterprises to enhance their vitality.So,whether the ESOP implemented at this stage can really improve the performance of enterprises,what factors are related to the effect of ESOP and how to maximize the effectiveness of ESOP is an important issue that enterprises should pay attention to.To this end,this paper combs the relevant literature on ESOP,and finds that some scholars believe that ESOP has a positive impact on the improvement of corporate governance and the enthusiasm of employees;some scholars believe that it has a free-rider effect,and has no or even a negative impact on performance.Generally speaking,scholars at home and abroad have a positive impact on ESOP.There is no unified conclusion,and few studies have been carried out combining the characteristics of enterprises with the granted objects.Therefore,after analyzing and summarizing the theoretical basis of ESOP,and introducing the development process and implementation of ESOP,this paper chooses 406 listed companies to implement ESOP from 2015 to 2017,taking the granted object of ESOP as the entry point,the return on net assets(ROE)as the dependent variable and whether ESOP is implemented as the independent variable.The company is the experimental group,Using the propensity score matching(PSM)method to match the enterprises in the experimental group with those in the control group year by year,to avoid the problem of self selection,after the successful matching enterprises are integrated,the net effect of multi-period difference in difference(DID)analysis is carried out,and the effect of employee shareholding is more accurately observedusing.Next,combining with the characteristics of the enterprise,such as debt ratio and growth,further analysis,explore a more targeted ESOP,which can enrich the existing theoretical research to a certain extent.The results show that:1.ESOP can reduce agency costs,ease financing constraints,and implement ESOP to improve corporate performance by 0.61%.2.The more the granting objects tend to be ordinary employees,the better the effect of performance improvement.3.In the growing enterprises,the more the implementation objects of employee stock ownership tend to be executives,the better the performance of enterprises.4.Among the enterprises with financing constraints,the more inclined to implement the nationwide ownership plan,the better the performance of the enterprises.Finally,according to the analysis results,this paper puts forward relevant suggestions to encourage enterprises to implement employee stock ownership plan and select the granting objects according to their own situation.At the same time,relevant departments should strengthen supervision,avoid short-term behavior,improve tax preferential system,and provide a good institutional environment for the implementation of employee stock ownership plan.