| Employee stock ownership plan is an important measure for enterprises to motivate employees by allowing employees to own enterprise stock,so that employees have the ownership of the enterprise and the right to future income.In recent years,the increasing number of "zero-cost" employee stock ownership plans with zero transfer price has attracted great attention in the securities market,and regulators have also attached great importance to "zero-cost" employee stock ownership plans.At present,the research on "zero-cost" employee stock ownership plans is relatively weak.The articles published by China’s major financial websites and relevant public accounts conduct empirical discussions on the "zero-cost" employee stock ownership plan,and lack in-depth research on the company’s "zero-cost" employee stock ownership plan.Therefore,this paper conducts an in-depth study of "zero-cost" employee stock ownership plans,aiming to provide experience for companies planning to implement "zero-cost" employee stock ownership plans.This paper takes SF Diamond as an example to study the "zero-cost" employee stock ownership plan,and the main research content includes the following aspects.Firstly,on the basis of combing the literature,this paper conducts theoretical analysis based on signal theory,principal-agent theory,binary economics theory and psychological ownership theory.Secondly,this paper analyzes the system norms of China’s employee stock ownership plan,and discusses the implementation status of "zero-cost" employee stock ownership plan in China.The study found that the listed enterprises announced the implementation of "zero-cost" employee stock ownership plans in China are all private,of which manufacturing enterprises account for the largest proportion.The stock source and management of "zero-cost" employee stock ownership plans have evolved to favor share buyback and self-management,respectively.Thirdly,this paper takes SF Diamond as an example to conduct an indepth study of its third-phase "zero-cost" employee stock ownership plan and its implementation effect.The study found that SF Diamond implemented a "zero-cost" employee stock ownership plan to motivate employees,attract and retain talent,and improve governance.Although the implementation of the "zero-cost" employee stock ownership plan has improved its business performance,it has not achieved the expected effect of the "zero-cost" employee stock ownership plan in terms of employee incentives,corporate governance and innovation performance.Among them,in terms of employee incentives,the "zero-cost" employee stock ownership plan improves employee quality and human resource efficiency,but does not promote employee loyalty.In terms of corporate governance,the phenomenon of extravagance and waste of employees has been reduced to a certain extent,but the efficiency of asset use has not been improved.In terms of innovation performance,the process of SF Diamond’s innovation activities has been promoted,but the efficiency of innovation output needs to be improved.Finally,the paper finds the problems of the "zero-cost" employee stock ownership plan of listed companies in China,and puts forward countermeasures and suggestions.Through the study of the "zero-cost" employee stock ownership plan of listed companies in China,this paper finds that the "zero-cost" employee stock ownership plan mainly has problems such as insufficient and formal information disclosure,unreasonable shareholding ratio distribution and lack of performance appraisal system,which affect the implementation effect of the "zero-cost" employee stock ownership plan.In order to improve the implementation effect of the "zero-cost" employee stock ownership plan and strengthen the management of the "zero-cost" employee stock ownership plan,this paper argues that listed companies should strengthen the disclosure of relevant information such as the basis for setting the transfer price,formulate reasonable employee stock ownership distribution rules,and improve the performance appraisal system.Regulators should strengthen supervision,improve policies and legal basis,and require enterprises to formulate performance appraisal requirements from the institutional level. |
