Under The Background Of Mixed Ownership Reform Research On Incentive Effect Of Employee Stock Ownership Plan Of Ht Group

In the report of the 20 th Party Congress,it is clearly stated that deepening the reform of state-owned capital and state-owned enterprises,accelerating the optimization of national economic construction and structural adjustment,promoting the development of state-owned capital and state-owned enterprises,and improving the basic competitiveness of enterprises are the main directions of the reform of state-owned enterprises.As an indispensable part of the SOE reform process,the employee stock ownership plan enables the company to develop quickly and more effectively by introducing external capital,which in turn improves the relationship between the private economy and the state-run economy.However,in the context of the mixed ownership reform,many companies have introduced employee stock ownership plans after the implementation process due to unreasonable operation,but the performance of the company is not as good as before.Therefore,it is of great significance in studying how to develop a reasonable and effective employee stock ownership plan.This thesis firstly introduces the research background,significance,ideas and methods as well as innovation points,summarizes the current situation of domestic and foreign research,and briefly outlines the content of recent literature.Secondly,it introduces the concepts of employee stock ownership plan and mixed ownership reform,and sorts out the theoretical basis of this thesis,then analyzes the development history,current situation and problems of mixed ownership reform and employee stock ownership plan in China.Then the basic overview of Ht Group and the content of the employee stock ownership plan are introduced,followed by the analysis of the motivation of its employee stock ownership plan from internal and external aspects.The next section introduces the effect of the implementation of Ht Group’s employee stock ownership plan,analyzing the short-term market response through share price changes and cumulative excess return,analyzing the incentive effect of the employee stock ownership plan on Ht Group’s major financial performance indicators through a system of four corporate capability indicators,and analyzing Ht Group’s employee stock ownership plan by selecting the dimensions of corporate innovation level,human resource efficiency,corporate governance level,market share and shareholder return.The incentive effect of non-financial indicators of Ht Group’s employee stock ownership plan is analyzed by selecting the dimensions of corporate innovation,human resource efficiency,corporate governance,market share and shareholder return.Finally,based on the case study of Ht Group,the following conclusions are summarized:(1)the employee stock ownership plan promotes the diversification of the equity structure of state-owned enterprises,enhances the efficiency of corporate management and promotes the process of mixed reform;(2)the employee stock ownership plan helps to enhance the market position,and the capital market reacts well to increase the value of the company;(3)the employee stock ownership plan promotes the formation of an interest community between Ht Group and its employees and(4)Employee share ownership plan has a certain degree of incentive effect on the financial indicators of Ht Group,but it is not significant enough.The findings of this case study provide a certain reference for the application of employee stock ownership plan in state-owned enterprises in China,but further improvement is needed.