Research On The Motivation And Effect Of The Baiyunshan's ESOP Under The Background Of The Mixed Ownership Reform

With the decision of the central committee of the communist party of China on some major issues concerning comprehensively deepening reform put forward at the third plenary session of the 18 th Party Congress,a new round of deepening reform of state-owned enterprises has begun.ESOP,an important move to explore mixed reform of state-owned enterprises,has been restarted.Due to the adverse consequences of the former employee stock ownership,such as family shares,power shares and damaging state-owned assets,how to establish and use employee stock ownership correctly has attracted much attention from scholars.In June 2014,the CSRC issued the guidelines on the pilot project of ESOP for quoted companies,which further improved the regulations of ESOP and the practical measures to promote ESOP.In August 2016,the SASAC,the Treasury and the CSRC jointly issued the opinions on the pilot project of ESOP for state holding mixed ownership,thus officially starting the pilot promotion of the employee stock ownership plan in state-owned enterprises.It can be seen that the state has made a lot of efforts to improve the employee stock ownership system,which has laid the policy foundation for deepening the reform of mixed ownership of state-owned enterprises.At the same time,with the implementation of the two-child policy,the aging population is accelerating,the population structure is changing,the demand for medical services is increasing,and the pharmaceutical industry has ushered in a broad market.However,since 2014,the growth rate of the pharmaceutical industry has been declining.The implementation of the new version of GMP has led to a sharp drop in drug prices,and the emergence of innovative medical service model on the Internet has also brought huge challenges to the pharmaceutical industry.Guangzhou Baiyunshan pharmaceutical group co.,ltd.responded to the policy call at the beginning of 2015,and was one of the earliest pilot companies in China to carry out the employee stock ownership scheme,as well as one of the first state-owned enterprises in Guangzhou to implement the employee stock ownership plan.Taking Baiyunshan,a pharmaceutical enterprise,as an example,this paper studied the effect of the employee stock ownership plan on the mixed ownership reform of state-owned enterprises,as well as the economic benefits brought to enterprises,and revealed practical condition,design consideration,existing problems and suggestions for improvement of the employee stock ownership plan ofstate-owned enterprises.Study found,Baiyunshan on the level of employee shareholding motivation mainly includes the external environment of deepening the reform of state-owned enterprises and employee shareholding to get the policy support,the pharmaceutical industry competition and internal demand level optimization of ownership and governance structure,reduce the brain drain to improve employees' enthusiasm,to establish a long-term mechanism,but as a result of the plan in the design and implementation level shareholding is too low,hold the problem of short maturity,supervisors to participate in ownership,not achieve the desired effect.Finally,in view of the existing shortcomings,this paper puts forward the direction of improvement and corresponding Suggestions,hoping to provide reference for state-owned enterprises to try ESOP.