Research On The Implementation Effect Of Sinosteel Lonay Employee Stock Ownership Plan Under The Background Of Mixed Ownership Reform

In 2020,with the promulgation of the Three-Year Action Plan for SOE Reform(2020-2022)and the expansion of the "Double Hundred Action" for SOE reform,the mixed improvement of SOEs entered a stage of comprehensive deepening,of which the employee stock ownership plan was regarded as an important path for the mixed reform of enterprises.By enabling employees to hold stocks,promoting employees to participate in corporate governance,optimizing equity and governance structure,binding with employees’ interests,motivating employees,and providing a steady stream of power for enterprise development.Throughout the history of the development of employee stock ownership plans,due to many problems in the past promotion of employee stock ownership plans in China,many adverse consequences such as the loss of state-owned assets have occurred.Nowadays,after several policy optimizations,the employee stock ownership plan has returned to the historical stage as one of the mixed reform paths.With the supply-side reform and the proposal of the dual carbon goal,the refractory industry as a whole has entered the stage of industrial upgrading and transformation,and many industry enterprises are facing the dilemma of survival and development.In this context,Sinosteel Luonai,an emerging enterprise in the refractory industry,intends to promote the mixed improvement process through the implementation of the employee stock ownership plan and get out of the development dilemma.This thesis takes Sinosteel Lonay as a case study,As the first case of an enterprise in the refractory industry to implement an employee stock ownership plan to promote mixed reform.As the first batch of state-owned enterprises selected for the list after the expansion of the "Double Hundred Action" in 2020,and it is more representative to study the implementation effect of its employee stock ownership plan.The structure of this thesis is as follows: First,the research background,significance,content and mode of operation,innovation points and disadvantages of work.The literature review reviews the relevant research on mixed ownership reform,employee stock ownership plan and employee stock ownership plan in mixed property reform,and reviews the content of the literature.Then,the relevant concepts of mixed ownership reform and employee stock ownership plan are introduced,and the design elements,implementation motivation and effect and theoretical basis of employee stock ownership plan of state-owned enterprises in the context of mixed ownership reform are expounded.Then,the overview of Sinosteel Lonay and the implementation background,process,content and design characteristics of the employee stock ownership plan are introduced.Secondly,the motivation and impact path of the implementation of the employee stock ownership plan of Sinosteel Lonay were analyzed.Thirdly,the implementation effect is analyzed from three aspects: financial performance,governance performance and innovation performance.Finally,based on the above analysis,the research conclusions are drawn and relevant suggestions are put forward.Through a series of research,This article summarizes the following findings:(1)Sinosteel Lonay employee stock ownership plan has the following design characteristics: wide range of participants,scientific stock pricing,reasonable selection of shareholding methods,and perfect constraint mechanism.These design features significantly enhance the implementation of the ESOP.(2)Sinosteel Luonai’s mixed reform through the employee stock ownership improve the financial performance of the business,moreover optimize corporate governance mechanism and improves the innovation ability of the enterprise.Finally,based on the research results,this thesis makes the following recommendations.At the enterprise level:(1)The scheme design adheres to policy orientation.(2)Clarify its own corporate characteristics.(3)Establish and improve access mechanisms.At the policy level:(1)improve the supervision mechanism and(2)provide policy support.It is hoped that the findings of the study in this work can provide experience and reference for other companies implementing ESOP in mixed reform,and enrich the case studies of existing ESOPs.