Research On The Motivation And Effect Of Esop Under The Background Of Mixed Ownership Reform

In recent years,with the development and improvement of the capital market,China has kept pace with the times and deepened the reform of the economic system.After the 18 th Party conference,the state-owned Enterprise Mixed Ownership Reform(hereinafter referred to as "mixed reform")as the future continuous improvement of the state-owned enterprise system in the process of key projects.Tending to the fierce market competition environment and responding to the call of the national reform,some state-owned enterprises began to mix the journey.As a part of the reform of mixed ownership system,ESOP has become the reform direction that the state-owned enterprises try first,but ESOP is not simply to provide employees with shares in the enterprise,what it emphasizes more is to be able to perfect the enterprise's governance mechanism and achieve certain synergy,thus improving the Enterprise's operating performance.The implementation effect of ESOP in the reform of mixed ownership of state-owned enterprises is also controversial.Some scholars think that the effect is obvious,while others think that the effect is very small,therefore,the further study in this area is particularly important.In this paper,Kunming Yunnei Power.(hereinafter referred to as "Yunnei power"),a leading company in China's diesel engine industry,is chosen as the research object,mainly using the case analysis method,based on two-factor theory,principal-agent Theory and human capital theory,this paper analyzes the motivation and effect of implementing ESOP in 2015.First of all,this paper reviews the announcement of employee stock ownership plan,and expounds the main content of employee stock ownership plan.Secondly,combined with the internal environment and external environment,the paper analyzes the motivation of implementing esop.The main motives of implementing ESOP in Yunnei power company are as follows:(1)to respond to the call of SOE restructuring;(2)to introduce and retain key talents to improve the performance of enterprises.For the study of the implementation effect of Employee Stock Ownership Plan in cloud power,this paper starts from two aspects: Market Reaction and financial performance.Based on the analysis of the market reaction and the index of the change of the stock price and the accumulated excess return rate,this paper concludes that the employee stock ownership plan of Yunnei power can enhance the short-term shareholder wealth,but the long-term incentive effect is not obvious.In the analysis of financial performance,some financial indicators of enterprises are selected as the basis,and the results are compared with the data of typical enterprises in the same period,there is the problem of insufficient long-term incentive effect.Finally,the paper gives some suggestions on the problems and gives some valuable advice on the implementation of ESOP in China,in order to promote the reform of ESOP and provide reference for other enterprises.