| Under the background of supply-side reform,the deleveraging policy has made positive progress.In November 2017,the new rules on asset management was released and formally implemented in April 2018.The regulation that the leverage multiple of stock class and mixed class structured asset management is not allowed to exceed one time has a significant impact on the ESOP.As downward pressure on the economy increases,liquidity tightens and stock prices fluctuate.More than 60% of the employee stock ownership plans disclosed by listed companies are in the state of floating losses or even forced liquidation.This paper adopts the case analysis method to study the case of the ESOP issued by SonDe wisdom.Because the net value of the employee stock ownership plan falls below the warning line,but the capital flow of the controlling shareholder of the indemnity party breaks the chain,it is unable to provide funds to cover positions in time.In addition,the ESOP trust plan uses double leverage,and the employees are the general level principals,whose compensation rights are inferior to the priority clients.Therefore,the loss of ESOP damages the reasonable rights of employees.According to the research and analysis,the implementation effect of the ESOP falls short of the expectation,which is mainly due to the bad motives of senior executives in the plan design,risks and hidden dangers brought by high leverage,short-term behaviors of listed companies during the implementation of ESOP,and the lack of perfect exit mechanism when the plan expires.Therefore,it is suggested that listed companies should actively reduce the leverage ratio loaded in the plan,strengthen relevant risk management,exclude senior management from the system setting,and improve the exit mechanism.It is hoped to provide reference for other companies to smoothly implement the employee stock ownership plan,effectively deal with risks in the reform of non-tradable shares,and effectively protect the interests of employees. |
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