Research On The Implementation Effect And Optimization Of Employee Stock Ownership Plan Of Company D Under The Background Of Strategic Transformation

Employee stock ownership plan is currently one of the most common employee incentive methods in A-share listed companies.In recent years,the internal and external environment of enterprises has been constantly changing,and many listed companies have entered the stage of strategic adjustment or transformation.Studying how companies design and implement employee stock ownership plans in the context of strategic transformation is of great significance for effectively motivating employees in the long term and promoting the steady progress of company strategic transformation.Therefore,based on the principal-agent theory,human capital theory and other theories,through case comparison,financial index analysis and event study,this paper queries and collates the annual reports of listed companies,financial websites,financial databases and other data.Based on the background of D Company’s "two main businesses+emerging industries,two wheel drive" strategic transformation,this paper takes it as the research object of employee stock ownership plan that promotes the steady implementation of strategic transformation.Introduce the strategic transformation process of Company D and the basic situation of the employee stock ownership plan.Analyze the implementation effect of the employee stock ownership plan in the context of Company D’s strategic transformation from three dimensions: employee situation,financial and non-financial performance.The research analysis results show that through the implementation of the employee stock ownership plan,the professional composition of D company’s employees has been improved to a certain extent in terms of employee situation,and the innovation output ability has been enhanced;In terms of financial performance,the profitability,debt paying ability,and operational ability of Company D have been improved to some extent,but the improvement in growth ability has not been effective.The economic value added has been increasing year by year,but the stability of net assets such as EVA and EVA per share is insufficient;In the non-financial performance dimension,the short-term market effect before and after the first and third announcements was good,but the performance of the second and fourth periods was poor.The long-term market effect fluctuated greatly,and the improvement of the company’s agency costs showed a short-term effect.The impact of employee stock ownership plan on D company’s strategic transformation: improving the company’s ability to obtain resources from both internal and external sources;To some extent,enhance the company’s ability to resist strategic transformation risks;Stimulate the company’s ability to innovate.Based on the above research,further analyze the problems existing in the employee stock ownership plan scheme of Company D: at the design level,the matching degree between the grant object and the strategic transformation is not high,the grant price is relatively low compared with the market price,the source of funds is single,the performance indicators are set single,the locking period is short,and the unlocking conditions are lack of single;At the implementation level,the management model lacks supervision and long-term incentive planning and measures.After summarizing the issues,suggestions are put forward:at the design level,core employees in strategic transformation should be included in the award targets,appropriate award prices should be selected through multiple comparisons,funding sources should be expanded,performance indicators that align with strategic transformation should be comprehensively set,and appropriate weights should be unlocked to align with the strategy;At the implementation level,it is necessary to protect the rights and interests of employees and reserve a certain proportion of shares to form long-term shareholding plan incentives.Through the study of this case,this study analyzes the problems of D Company’s employee stock ownership plan in the context of strategic transformation,and proposes suggestions from the design and implementation levels.Other companies can use their own actual situations for reference and improve the role of stock ownership plans in promoting company strategic transformation and motivating employees.