Study On The Influence Of Employee Stock Ownership Plan On Enterprise Performance In Sanjiang Shopping Company

In June 2014,the China Securities Regulatory Commission issued the "Guiding Opinions on the Pilot Implementation of Employee Stock Ownership Plans by Listed Companies",officially restarting the employee stock ownership plans that had been suspended for several years.In recent years,with the continuous introduction of policies and the continuous progress of information technology in China,more and more enterprises have begun to implement employee stock ownership plans.However,in the implementation process,many listed companies have not achieved satisfactory results.As a large-scale and standardized listed enterprise in the retail industry,Sanjiang Shopping has implemented a total of five employee stock ownership plans since 2016.Before implementing the employee stock ownership system,Sanjiang Shopping’s main operating income declined in 2015,and its agent development and marketing were in difficulties,gradually increasing internal labor conflicts within the company.Based on this,this article selects the five-year employee stock ownership plan implemented by Sanjiang Shopping Club Co.,Ltd.from 2016 to 2021 as the main research case object,aiming to provide reference for the implementation of employee stock ownership plans in the retail industry.This article uses literature research,case study,and comparative analysis methods.Firstly,this article collects and organizes the research results of domestic and foreign scholars on the implementation motivation of employee stock ownership plans,their relationship with corporate performance,innovation ability,corporate governance,and employee motivation through literature research.A comprehensive understanding of the research achievements of experts and scholars in this field has laid an important theoretical foundation for the main research content of this article through organization and summary.Secondly,taking Sanjiang Shopping as a specific research case,the motivation and basic implementation plan of Sanjiang Shopping’s employee stock ownership plan were introduced in detail.Then,based on the changes in the company’s performance before and after the implementation of the Sanjiang Shopping Phase V employee shareholding plan,research and analysis will be conducted.Through specific stock market value analysis,financial analysis,non-financial analysis,and other methods,comparative analysis will be conducted with industry averages to explore the impact of the implementation of the plan on the company’s performance.Finally,the case of Sanjiang Shopping Employee Stock Ownership Plan is proposed for inspiration.This article mainly elaborates on the inspiration obtained from the case of Sanjiang Shopping Employee Stock Ownership Plan from three aspects: inspiration for listed companies,inspiration for investors,and inspiration for capital market regulation.Through the study of the impact of Sanjiang Shopping’s employee stock ownership plan on corporate performance,the following conclusion can be drawn: the employee stock ownership plan implemented by Sanjiang Shopping brings positive market effects in the short term,improves the company’s debt paying ability and profitability,and enhances the company’s innovation ability.However,due to the roughly identical content of the employee stock ownership plan in the fifth phase of the enterprise,which did not follow the flexible decision-making of the times,the incentive level decreased.Based on case studies,it is suggested that listed companies should improve the implementation of employee stock ownership plans and establish differentiated incentive mechanisms;Market investors should seize the investment opportunity,implement supervision after investment,and closely monitor the development of enterprises;The relevant departments should actively play a supervisory role in order to ensure the long-term and healthy development of employee stock ownership plans.