The Influence Of Employee Stock Ownership Plan On Business Performance And Employee Incentive Effect Of State-owned Enterprises Under The Background Of Mixed Reform

With the development of economy and the promotion of policies,the mixed ownership reform of state-owned enterprises(Hereinafter referred to as "SOEs")is being continuously deepened.As one of the modes of mixed ownership reform,employee stock ownership plan(Hereinafter referred to as "ESOP")has gradually become a hot topic.Shanghai International Port Group(Hereinafter referred to as "SIPG")as the first round of pilot one of the enterprises of ESOP,the number of employees benefited and the amount of money raised is very huge,and employee shareholding has lifted in 2018.As a result,the case is very representative,exploring its way and effects of the ESOP implementation is of great significance and reference value.Based on the incentive theory,sharing economy theory,human capital theory and principal agent theory,this paper studies the implementation effect of the ESOP in SIPG by case analysis method.This paper expounds the process of SIPG’s implementation of the ESOP,discusses the motivation of implementation,analyzes the short-term market response,financial performance,employee incentive effect and changes in ownership structure after implementation,and finally summarizes the research conclusions and implications.The main points of this paper are as follows:First,the announcement of the ESOP brings a good short-term market effect to SIPG,but the market reaction is slightly ahead of schedule because the news may be leaked in advance;Second,in the long run,the company’s performance improves significantly during the holding period,but decreases slightly after the end of the holding period.It is difficult to maintain the long-term effect of the ESOP implementation.Thirdly,the ESOP does bring a certain incentive effect to SIPG.The employee departure rate has been improved,the per capita salary has been increased,and the per capita income/profit has also been significantly increased,which indicates that the incentive effect brought by the ESOP has also brought a positive impact to the enterprise.Fourthly,SIPG’s ESOP has little effect on the optimization of its property rights due to its low shareholding rate.Therefore,it is difficult to achieve the purpose of mixed ownership reform,that is,to achieve diversification of property rights and optimize corporate governance.According to the analysis and viewpoints,the following enlightenment can be obtained:First,the ESOP should be gradually promoted by classification and stratification,so that the ESOP can be effectively implemented in different types of enterprises;Second,appropriately strengthen the implementation of the ESOP,improve the employee stock ownership ratio;Third,appropriately extend the ESOP lock-up period,promote the long-term development of ESOP,and establish a long-term and effective incentive and restraint mechanism;Fourth,improve the relevant laws of ESOP to promote the smooth implementation of relevant policies.This thesis research from different aspects on SIPG of ESOP implementation effect,combining short-term and long-term analysis,using comparison enterprises and industry average to research comprehensively and accurately,but because of some indicators are difficult to quantify and data are difficult to obtain makes paper still have deficiencies,but also for the later research has made a contribution to ESOP.