Research On The Motivation And Effect Of Wuliangye's Implementation Of ESOP Under Mixed Ownership Reform

In recent years,all walks of life have been paying great attention to the reform of mixed ownership of state-owned enterprises in our country.It is very important to accelerate the development of social economy and enhance the comprehensive strength of our country.As an entry point to promote the reform of mixed ownership in China,ESOP has been paid more attention in China.Through the implementation of ESOP,enterprises can achieve the purpose of improving governance structure,stimulating internal vitality and improving international competitiveness.However,compared with foreign countries,the research time of ESOP in China is short,and there is no corresponding research and experience in theoretical research and practical guidance.Therefore,this paper studies the ESOP of state-owned enterprises based on examples,hoping to contribute to the implementation of ESOP in China.This paper chooses Wuliangye's ESOP as a case study and analyzes the motivation and effect of its ESOP.First of all,through combing the literature,this paper summarizes and analyzes the research status of ESOP at home and abroad,and expounds the corresponding theories.Secondly,through the case study method,the basic situation of Wuliangye implementing employee stock ownership plan is briefly introduced,and combined with the actual situation of Wuliangye,the motivation of implementing employee stock holding plan is analyzed.According to the analysis results,the effect of Wuliangye implementing ESOP was evaluated and analyzed from three aspects: market response,equity structure and financial effect.Then it is found that in the process of implementation there are some problems such as inappropriate timing of issuance,too low employee stock ownership ratio and unreasonable scheme design.Finally,this paper summarizes Wuliangye ESOP,and puts forward some suggestions to choose the right time to issue,to expand the proportion of ESOP and to design the ESOP according to the actual situation of the company,which provides experience and reference for other state-owned enterprises to implement ESOP.