Research On The Impact Of ESOP On The Performance Of Mixed Reform State-Owned Enterprises

In 2014,China issued the Guiding Opinions,which clarified the relevant matters of enterprises planning to implement employee stock ownership plans,and in 2016,the State-owned Assets Supervision and Administration Commission also issued the Pilot Opinions,which pointed out the specific direction for state-controlled enterprises to implement employee stock ownership plans.As an important way to reform the mixed reform of state-owned enterprises,employee stock ownership plans have been included in the implementation of more and more state-owned enterprises in recent years.As part of the public ownership economy,state-owned enterprises play an important role in promoting the development of the national economy,and employee shareholding as an incentive measure can attract and retain talents.The empirical research on the impact of employee stock ownership on the performance of state-owned enterprises under the background of mixed reform needs to be further expanded,so this paper focuses on empirical analysis of the impact of employee stock ownership plan on the performance of mixed reform state-owned enterprises on the basis of relevant theories.Firstly,this paper reviews and organizes the research content of employee shareholding in recent years,summarizes the existing research results,and finds out the research space of this paper.Secondly,the mixed reform of state-owned enterprises,employee stock ownership plans,performance of state-owned enterprises and related theoretical foundations are summarized to lay the foundation for the empirical design and testing part below.Again,this paper selects the state-controlled listed enterprises that passed the shareholders’ meeting and finally successfully implemented the employee share ownership plan from July 2014 to December 2021 as the research sample,refers to the indicators that are of concern to state-owned enterprises at the stage of high-quality development,selects comprehensive indicators that are different from those of previous scholars,uses the EXCEL entropy value method to construct an evaluation index system of state-owned enterprises’ performance by industry,and uses the multiple regression method to investigate the strength and breadth of employee share ownership from We further investigate the heterogeneous effects of employee shareholding ratio and shareholding scope on the performance of mixed reform SOEs according to different industries,different levels and shareholding scope,and conclude that:(1)There is indeed a significant positive effect of employee shareholding ratio and shareholding range on the performance of mixed reform SOEs;(2)there is heterogeneity in the effect of employee shareholding ratio on the performance of mixed reform SOEs across industries;there is no heterogeneity in the effect of employee shareholding ratio and shareholding range on the performance of mixed reform SOEs across different levels of SOEs;there is heterogeneity in the effect of employee shareholding range on the performance of mixed reform SOEs across different range groups,and there is a reasonable range of employee shareholding range.Finally,based on the empirical research and analysis results,this paper puts forward policy suggestions at the government and enterprise levels on how relevant state-owned enterprises can play the role of employee stock ownership plans in the mixed reform and design this plan,so as to promote performance improvement.To a certain extent,this paper broadens the theoretical research on the performance of mixed reform state-owned enterprises by employee shareholding,and provides a reference for the practice of state-owned enterprises in designing the employee shareholding ratio and shareholding scope to improve the performance of state-owned enterprises.