Case Study Of Beijing Shengtong Printing Co.,ltd.'s ESOP

Implementing ESOP is a way for companies to motivate employees.In China,the predecessor of ESOP is internal employee share.In the 1980 s and 1990 s,enterprises initially issued internal employee share to raise funds.However,due to laws and regulations couldn't updated in time,internal employee shares gradually degenerated into internal apportionment tasks,and Some people began to use internal staff shares to speculate.Finally,the CSRC stopped the issuance of internal employee shares in 1998.After the "Decision of the Central Committee of the Communist Party of China on Several Major Issues in Comprehensively Deepening Reform" explicitly permits the implementation of corporate employee stock ownership in a mixed ownership economy,the CSRC issued the "Guiding Opinions on the Pilot Implementation of ESOP for Listed Companies",which provides policy support for the implementation of ESOP in listed companies.By the end of 2019,more than 900 ESOP have been implemented by listed companies.Previous studies mainly focus on empirical research and Analyze the quality of a single ESOP.Does the company's multiple ESOP have the same effect? If the effect is different,what factors influenced it? How to improve the follow-up ESOP?These issues are worthy of study.Since 2014,China's listed companies have launched a large number of ESOP,but some ESOP not only failed to play a positive role,but also damaged the enterprise value.This thesis uses a combination of theoretical analysis and case analysis,based on principal-agent theory,stakeholder theory,human capital theory and two-factor theory to study Shengtong Co.,Ltd.'s ESOP and provide reference for other ESOP.The research content has theoretical significance and practical value.This thesis is divided into five parts.The first part introduces the research background and significance of this thesis,combs the existing literature on the implementation effect,influencing factors,existing problems and related suggestions of ESOP,expounds the research ideas and research methods of this thesis,and determines the framework of this thesis.In the theoretical overview of ESOP,we systematically reviewed the concepts and basic theories involved in ESOP,focusing on the types and specific implementation steps of ESOP,and analyzing which may affect ESOP.In the third part,the whole process to implementing Shengtong Co.,Ltd.'s ESOP have been introduced in detail.We have explained the stock sources,capital sources,employee participation and management methods of each ESOP.By comparing theimplementation of Shengtong Co.,Ltd.'s ESOP,the common characteristics and differences of each ESOP were found,which fully demonstrated the overall situation of Shengtong Co.,Ltd.'s ESOP.The fourth part analyzes the implementation effect of Shengtong Co.,Ltd.'s ESOP,explains how the differences between each ESOP lead to the different effect,then point out some common problems in Shengtong Co.,Ltd.'s ESOP and discuss the causes of these problems.In the fifth part,we put forward suggestions for Shengtong Co.,Ltd.to improve its follow-up ESOP,and attempts to make suggestions on improving the ESOP system at the policy level,and looks forward to the future development of ESOP.This thesis believes that there are some problems in the ESOP of Shengtong Co.,Ltd.,such as single source of funds,unreasonable setting of lock-in period,and no performance appraisal.The main reasons for these problems are insufficient practical experience and incomplete legal regulations.When analyzing the implementation effect of each ESOP,it is found that the difference in executive subscription ratio,employee per capita subscription expenditure and market environment has a significant impact on the implementation effect of ESOP.Shengtong Co.,Ltd.may consider changing management methods in the follow-up ESOP,diversifying the sources of funds for employees to participate in the ESOP and choosing a suitable implementation time.We hope that the relevant policies and regulations can guide the ESOP to play a role in improving the corporate governance structure,and promote companies to establish long-term institutional arrangements for ESOP.The possible contributions of this thesis are as follows: first,in the research object,this thesis takes Shengtong Co.,Ltd.'s three ESOP as the research object,supplementing the comparative study of the ESOP in the same company;second,in the analysis of the implementation effect of ESOP,we tried to use employee changes,market feedback during the announcement period,and employee gains as evaluation indicators,it is the basis of subsequent analysis;third,When analyzing the factors influencing the implementation effect of ESOP,we found that the average expenditure of employees subscribing for shares of ESOP may be one of the factors influencing the implementation effect of ESOP...