An Analysis Of The Motivation And Effect Of ESOP Under The Background Of Mixed Reform

Deepening the reform of the economic system has always been an important issue in China.In recent years,the state vigorously promotes the reform of mixed ownership,emphasizing the introduction of diversified equity to break market barriers,so as to inject new vitality into enterprises,and ESOP has been put on the agenda as a key method of mixed reform.After 2014,all over the country have carried out the promotion of ESOP,thousands of enterprises actively respond to the call of the policy and carry out the pilot,and many enterprises have implemented more than two phases in a row.Therefore,In the context of mixed reform,we need to further explore the motivation of implementing ESOP,whether it can achieve the goal of mixed reform,and whether it can achieve the expected effect on the performance of the enterprise.This paper first expounds the related concepts of mixed ownership reform and employee stock ownership plan,and introduces the relevant property right theory,principal-agent theory,two factor theory and human capital theory.At the same time,combined with literature research,analyzed the research results of domestic and foreign mixed reform and ESOP.Secondly,this paper compares the policies of ESOP under different institutional backgrounds,and analyzes the institutional advantages under the current mixed reform background.On the other hand,this article analyzes ESOP from three aspects: the number of ESOP implemented,the equity and the nature of the industry,then summarizes the characteristics of ESOPs in the current mixed reform stage.In the part of motivation analysis of ESOP,combining the industry background of Guoxingguangdian,the history of mixed reform and the specific plan of ESOP,this paper discusses its motivation from the following five aspects: responding to the national mixed reform policy,strengthening the incentive function of mixed reform,promoting cash flow,improving the level of corporate governance and optimizing the talent team.In the part of the effect analysis of ESOP,this paper first analyzes the mechanism of ESOP under the background of the mixed reform of Guoxingguangdian,mainly from the incentive mechanism and governance mechanism.In the effect analysis,firstly,we use the event study method to analyze the cumulative excess return,in order to observe its short-term market reaction;Then based on the financial data of enterprises without ESOP in contract industry and the average level of the industry,the effect of governance mechanism is verified from two aspects of ownership structure and agency cost,and the effect of incentive mechanism is verified from three aspects of employee team,R&D ability and human capital efficiency,and further verify the mechanism of ESOP.Through the above analysis,this paper draws the following conclusions: first,the short-term market reaction of the ESOP of Guoxingguangdian is good,which can optimize the human capital structure of the enterprise,improve the R & D ability and increase the per capita income,and alleviate the principal-agent problem of the enterprise to a certain extent,and achieve the goal of mixed reform;second,the ESOP of Guoxingguangdian has a positive impact on the financial performance of the enterprise But in the long run,the effect is limited.Therefore,this paper puts forward the corresponding suggestions: first,state-owned enterprises should expand the proportion of ESOP to strengthen its implementation effect;second,we should make clear the standard of the shareholding object,determine the shares according to the post,and establish a more transparent incentive mechanism;third,we should carry out continuous incentive to ensure its long-term incentive effect;Fourth,the government should formulate more flexible policies,make dynamic adjustments according to different regions and enterprises,and give the greatest support in policy.