Research On The Incentive Effect Of Zoomlion’s Esop Under The Background Of Mixed Ownership Reform Of State-owned Enterprises

The employee stock ownership plan briefly appeared in the process of the shareholding reform of state-owned enterprises at the end of the last century.It was not until 2014 that the "Guiding Opinions on the Pilot Implementation of Employee Stock Ownership Plans by Listed Companies" announced that it had returned to the public eye,which meant the opening of the new employee stock ownership system.Since then,as my country’s capital market has become increasingly active,listed companies in the capital market have increasingly favored the restarted ESOP.As far as the newly implemented ESOP is concerned,due to the short restart time,the theoretical level of new ESOP is not systematic,and there are not many companies that have completed a round of employee stock ownership in practice.Therefore,in view of the current complex international and domestic situation and the background of the overall economic downturn,it is necessary to deepen the reform of mixed ownership and promote the sustainable development of state-owned enterprises.Under the background of the new era,in-depth analysis of the motivation and implementation effect of the new ESOP,and testing the incentive effect produced by it has both practical significance and certain theoretical and academic value.Based on the relevant theories and researches,this thesis first briefly describes the evolution process and overall situation of ESOP in state-owned enterprises.Secondly,it expounds the plan and process of the first ESOP in the history of Zoomlion Co.,Ltd.Thirdly,this thesis conducts an in-depth study on the incentive effect of Zoomlion’s first ESOP in the history of the company,and uses the event study method to analyze the stock price of Zoomlion on the 5th and 10 th before and after the implementation of the ESOP.This is to verify the market effect;use the traditional financial indicators and economic value-added method to analyze the relevant data of the first two years and three years after the implementation of the ESOP,and innovatively use projection pursuit at the construction machinery industry level.The method evaluates the comprehensive performance of Zoomlion and enterprises in the industry to verify the financial effect;in addition,the non-financial effect of Zoomlion’s shareholding structure,employee composition and R&D investment is also evaluated.The results show that Zoomlion’s ESOP has a positive effect in the market and has aroused positive responses in the short term.In the traditional evaluation of business performance of enterprises,the improvement of profitability and operating ability is relatively large,but it has no significant impact on the debt repayment and development of enterprises.The economic value added fluctuates greatly and has not produced a sustained improvement effect.Judging from the comprehensive performance at the industry level,Zoomlion’s comprehensive performance is not outstanding,and its performance improvement for the enterprise is limited.In terms of non-financial effects,the proportion of employee shareholding has enriched Zoomlion’s shareholding structure,which has a strong impact on the increase in the number of employees and the attraction of highly educated professionals,which has a positive impact on R&D investment.Based on the above research,this thesis puts forward some countermeasures for Zoomlion from the way of fund raising,employee shareholding ratio,etc.,and also gives suggestions from the improvement of national laws and preferential policies.It is hoped that the research of this thesis will provide theoretical support and case support for construction machinery enterprises in the implementation of ESOP under the background of state-owned enterprise mixed reform.This article has 12 figures,33 tables,and 98 references.