| Esop was first born in America in the 1950 s,and is still at the stage of exploring and trying in our country,as one of the ways of developing mixed ownership reform in state-owned enterprises.In 2014,China issued guidance documents on the implementation of ESOP for listed companies.Many state-owned enterprises responded to the call to join the pilot team one after another,but encountered many problems in the implementation process,such as some enterprises did not achieve the incentive effect after the implementation of ESOP,and some even caused damage to the interests of employees and minority shareholders.In August 2016,China issued a guideline document on the implementation of employee stock ownership for state-owned holding mixed ownership enterprises,which provides guarantee for the implementation of employee stock ownership plan in state-owned enterprises,and is of great significance for studying the implementation effect of employee stock ownership in state-owned enterprises and promoting a new round of state-owned enterprise reform.This thesis takes the employee stock ownership plan implemented by China Eastern Air Logistics Co.,LTD.(hereinafter referred to as "China Eastern Air Logistics")in 2017 as the research object.First of all,this thesis reviews the research of domestic and foreign scholars on the implementation motivation and implementation effect of ESOP.Then,it introduces the concept of employee stock ownership plan,theoretical basis and other aspects of the research content.Then,it expounds the basic content and implementation motivation of the employee stock ownership plan of China Eastern Logistics.In the analysis of implementation motivation,it mainly discusses the needs of improving the company’s financial indicators,optimizing the governance performance,improving the staff’s work efficiency,conveying positive signals to the market and strengthening the enterprise’s R&D and innovation ability.Secondly,it analyzes the implementation effect of the employee stock ownership plan of China Eastern Logistics,mainly studying the impact of the employee stock ownership plan on China Eastern Logistics from two aspects of financial performance and non-financial performance.In terms of financial performance,it mainly adopts comparative analysis method to study the changes of financial indicators and economic added value before and after the implementation of the employee stock ownership plan of China Eastern Logistics.In addition,the mean value of China’s overseas transportation and industry that have not implemented the ESOP in the same industry at the same period is added as the horizontal comparison object to study whether the ESOP can have a positive impact on the company’s financial performance.In terms of non-financial performance,the impact of the plan on corporate performance is analyzed mainly from the perspectives of corporate governance effect,employee incentive effect,market performance,research and development innovation.Through research and analysis,this thesis believes that the employee stock ownership plan of China Eastern Logistics has a positive impact on the company’s financial performance,corporate governance effect,employee incentive effect,market performance and other aspects,which can improve the company’s profitability,debt repayment and growth ability,play the effect of attracting investors and reducing principal-agent costs,and improve the enthusiasm of employees.However,this plan has little impact on the R&D and innovation effect of enterprises,and the incentive effect lasts for a short time,which fails to give full play to the ideal effect.Therefore,if China Eastern Airlines Logistics wants to improve its performance in all aspects in the long term,it needs to summarize and analyze the key elements of the employee stock ownership plan,the company’s development strategy and external market conditions and make relevant adjustments.It also needs to find the right time for implementation,so as to better play the advantages of the system. |
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