A Study On The Effect Both Of Empioyee Stock Ownership And Stock Ownership Incentive Under The Mixed Ownership Reform

From the reform and opening up to now,China has been reforming the economic system without interruption.Among them,our country pays more importance on the reform of state-owned enterprises.As the quick growth of the capital market and increasing contest,state-owned enterprises begin to focus on the reform of mixed ownership.By having shares except of state capital,they can make the biggest controlling shareholder’s rate decline and establish a multiply ownership structure.At last,the increase of state-owned enterprises will get new energy.The employee stock ownership and the stock ownership incentive are two forms of mixed ownership reform.By owning shares,employees can become a community of interests with the company,that can not only motivate employees themselves,but also promote the long-term and efficient development of the company.Found on the principal-agent theory,the dual factor theory and the human capital theory,the paper selects a state-owned enterprise in Liao Ning province for the case company.This company is the first state-owned enterprise of Liao Ning province that combine the employee stock ownership and the stock ownership incentive.According to the order,this paper breaks down the reason,program and complex points of the employee stock ownership and the stock ownership incentive.It also contrasts the financial documents before and after the reform with another similar enterprise in the same industry over these years.Beyond that,this paper inspects stock price change,cumulative excess return,debt paying ability,operating ability,development ability,profitability and other related index,thinks that the employee stock ownership and the stock ownership incentive have a positive impact on corporate performance improvement and talent retention.Then,this paper proposes four suggestions for the same type of state-owned enterprises because of the case company’s occurrence.In the end,it looks forward to the future of mixed ownership reform,thinks the reform of mixed ownership is a very long process.All enterprises are required to adopt appropriate strategies according to their own status,to welly complete the goal of mixed ownership reform.