| On January 12,2015,the State-owned Assets Supervision and Administration Commission of the State Council examined on ‘the guidance on the implementation of employee stock ownership pilot in mixed-ownership enterprises',the publicity of the guidance means that employee stock ownership will be the highlight in the mixedownership reform of state-owned enterprises.This paper adopts the case study method and selects Baiyunshan as the case object,which can not only make up for the vacancy of nowadays literature on cases of stateowned enterprise ESOP in the mixed-ownership reform,but also provide reference.The reform of mixed ownership is the most important part of the reform of state-owned enterprises.Generally,the reform starts from competitive state-owned enterprises,while the pharmaceutical industry is the typical one.This paper deeply analyzes the mixed reform background,multi-level motivation,implementation process,elements and models of esop in Baiyunshan,as well as the influence of financial indicators,nonfinancial indicators and short-term market performance,and finally evaluates the effect of ESOP.This paper finds that the implementation of ESOP has a positive impact on the company's financial indicators both horizontally and vertically.Non-financial indicators,such as dismission rate goes down,indicating that the plan is conducive to stabilizing talents;The implementation of ESOP will bring obvious short-term market performance,which is reflected in the increase of cumulative excess rate of return and the increase of shareholder wealth.In the effect of ‘mixed-ownership reform',ESOP is beneficial to equity diversification and corporate governance.Finally,the case study has important inspiration for other state-owned enterprises on how to carry out ESOP in mixed ownership reform.It is hoped that this case study can provide inspiration and reference to state-owned enterprises that have not implemented the employee stock ownership plan. |
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