Reserach On The Motivation And Incentive Effect Of Core Employyee Stock Ownership In China Eastern Airlines Logistics

Core employees can create value far higher than their employment cost for the enterprise,and are difficult to be imitated and replaced.They usually have professional technology,rich experience or broad contacts.The implementation of core employee stock ownership can mobilize the enthusiasm,initiative and innovation of core employees,and then widely and effectively promote the organic,coordinated and efficient operation of all departments of the enterprise,and finally realize the maximization of shareholder value.After the Third Plenary Session of the 18 th CPC Central Committee formally proposed to improve the employee stock ownership system and allow core employee stock ownership,the number of enterprises implementing core employee stock ownership officially increased as one of the core paths of mixed ownership reform.However,the development time of ESOP in China is relatively short,relevant theories have not yet formed a system,and the research results are lack of application value.In addition,the choice of the subject is still limited to all employees or enterprise executives,and the attention to the core employees is always insufficient.Therefore,under the background of mixed reform,how to improve the ownership structure,improve business performance and realize the preservation and appreciation of state-owned assets with the help of core employee stock ownership has become an urgent problem to be solved.This paper selects China Eastern Airlines logistics,the first batch of pilot enterprises in the mixed reform of state-owned enterprises,as the object of case study.As a pillar industry of the national economy with the characteristics of natural monopoly,aviation logistics industry is an important part of the mixed reform,while China Eastern Airlines logistics,as one of the three state-owned giants,is highly representative.This paper first introduces the aviation logistics industry from three aspects: development status,development trend and competition status,then summarizes the enterprise situation and core employee stock ownership plan of China Eastern Airlines logistics,and then summarizes its implementation motivation from three levels through the analysis of its internal and external environment: the national level,responding to the policy call;At the industry level,deal with market competition;At the enterprise level,optimize the ownership structure,improve the financial situation,reduce the agency cost and establish an effective incentive mechanism.Then it analyzes the incentive effect of the implementation of core employee stock ownership from the perspectives of market,finance and non-finance,and finds that as an effective incentive mechanism,it not only responds well in the market,but also helps to improve financial performance,improve the company’s competitiveness and optimize the equity structure.Finally,the advantages of the scheme are summarized: first,shareholding through the platform;second,a wide range of incentives;third,a high proportion of shareholding;fourth,the supporting system is perfect,and targeted further optimization suggestions are put forward for the scheme according to the findings in the research process,so as to make the scheme more perfect and strengthen the reference significance.In addition,this paper puts forward three prospects for the deficiencies of the existing market and system found in the analysis process,hoping to provide reference value for other state-owned enterprises,especially the state-owned enterprises in the aviation logistics industry to formulate the core employee stock ownership plan and speed up the process of mixed reform.