The Implementation Strategies And Effects Of Employee Stock Ownership Plan In The Background Of Mixed Ownership Reform Of State-Owned Enterprises

Since the Third Plenary Session of the 18 th Central Committee of the Communist Party,the Central Committee has made it clear that it will further deepen the reform of state-owned enterprises,encourage them to carry out the reform of mixed ownership,and allow enterprises to implement employee stock ownership plan(hereinafter referred to as ESOP).In 2015,the State Council issued the "Guidance on Deepening the Reform of State-owned Enterprises" which pointed out that ESOP is an important way to reform the mixed ownership of stateowned enterprises,which reflects the central government’s high attention to ESOP.In 2019,the State-owned Assets Supervision and Administration Commission’s "Operational Guidelines for the Reform of Mixed Ownership of Central Enterprises" encouraged statecontrolled mixed ownership enterprises to comprehensively use medium-and long-term incentives such as ESOP,and systematically promote positive incentives.The implementation of ESOP in state-owned enterprises enables the employees and capital owners to share the profits,and aims at binding the interests community between capital owners and enterprise workers,which reflects the essential requirements of Socialism with Chinese characteristics.Under the background of mixed reform,how to implement the general instruction to promote the state-owned capital to become stronger,better and bigger,and how state-owned enterprises to perfect the economic democracy construction of state-owned enterprises,improve the competitiveness of state-owned economy and realize the value preservation of state-owned assets by means of ESOP have become practical problems that need to be solved urgently.This thesis uses the method of case study to select Eastern Airlines Logistics Co.,Ltd.(hereinafter referred to as "Eastern Airlines Logistics")as the research object.In 2016,as one of the first batch of mixed reform pilot enterprises announced by the central government,Eastern Airlines Logistics pioneered the mixed reform of the civil aviation industry,and formally implemented the ESOP in 2017.The ESOP of Eastern Airlines Logistics is an important part of its "three steps" strategy of mixed reform.The research on it can provide reference value for the same industry and help to promote the process of mixed reform of stateowned enterprises.First of all,based on the theoretical basis of ESOP,this thesis classifies and combs the existing literature at home and abroad,summarizes the motivation,path and effect of the mixed reform of state-owned enterprises and ESOP,and provides theoretical support.Secondly,introduce the development process of the mixed reform of state-owned enterprises and the historical evolution of ESOP in our country,it summarizes the characteristics of ESOP under the background of mixed reform of state-owned enterprises and the implementation status of ESOP in listed enterprises.Then,the case enterprise is analyzed in depth.China Eastern Logistics introduces the ESOP model in its mixed reform process,and studies the implementation strategy,supporting system and internal and external implementation motivation of its ESOP.Finally,based on the four theoretical foundations of ESOP,the thesis summarizes its direct and indirect effects on corporate performance,and proves the implementation effect of ESOP from the perspectives of operating performance,equity structure,governance system,management level and executive compensation from both financial and non-financial perspectives.Based on the research on the implementation strategy and effect of ESOP under the background of mixed reform of Eastern Airlines Logistics,this paper draws a conclusion that ESOP of Eastern Airlines Logistics has helped the process of mixed reform,reversed the past loss situation,greatly improved the operating performance,optimized the performance appraisal incentive mechanism,improved the internal governance system of the company,and contributed to the long-term and stable development of the enterprise.Finally,by summarizing the highlights of the implementation strategies of the ESOP of Eastern Airlines Logistics,we can draw inspiration from the implementation and design of the ESOP.When implementing ESOP,enterprises should scientifically formulate ESOP strategies,reasonably formulate the proportion and scope of ESOP,and optimize the performance appraisal mechanism.This thesis aims to supplement and enrich the relevant research results of ESOP under the background of mixed reform of state-owned enterprises through case study,improve the domestic theory of ESOP,and promote the reform process of mixed ownership of state-owned enterprises.