会计学院知识库

Under the background of high quality development of our country's economy, it is necessary for a modern company to establish an effective, long-term and long-term incentive system to promote high quality and stable development of the company. Since the China Securities Regulatory Commission issued the Guiding Opinions on the Pilot Implementation of Employee Stock Incentive Plans by Listed Companies in 2014, under the promotion of the relevant policies of the State, many listed companies have started the pilot implementation of Employee Stock Incentive Plans and have achieved certain results. Subsequently, the Opinions on Launching the Pilot Program of Employee Stock Ownership by State-controlled Mixed Ownership Enterprises (the "Opinions"), issued in 2016, put forward that the "Employee Stock Ownership Plan" will help adjust the risk and interest relationship between SOEs and employees, and is an important way to promote the mixed ownership reform. At present, the implementation of this system in our companies is still in a period of trial and exploration, and the domestic market economic environment is still changing, so the effect of implementing ESOP needs a lot of practice to verify. Furthermore, the research on ESOP in our country is mainly based on empirical research. Therefore, from the perspective of a single case, the impact of ESOP on the market effect, employee incentives, technological innovation level, governance structure and business conditions and other aspects is analyzed in depth through case studies at present, which provides reference for the research on ESOP in our country and the implementation of ESOP by other enterprises.

After confirming the significance of this case study, this paper selects Yunnan Baiyao, a state-owned enterprise with typical significance,

as the research object and adopts the case study method. Then, according to the principal-agent theory, human capital theory and signal transmission theory, we analyze the motivation and effect of ESOP, and get some conclusions and inspiration. First of all, this paper introduces the basic situation of Yunnan Baiyao, and summarizes its implementation characteristics from the implementation content and process of the two-phase ESOP. Then, in connection with the internal and external environment of Yunnan Baiyao, this paper makes use of the annual reports of listed companies, other materials issued by the companies and financial media reports to carry out the research on the motivation of implementation. The third is to enhance employees' sense of belonging and reduce brain drain. The fourth is to deepen the reform of state-owned enterprises and optimize the ownership structure of companies. The fifth is to improve corporate governance and promote long-term sustainable development. Subsequently, this paper analyzes and evaluates the implementation effects of the ESOP of Yunnan Baiyao from the perspectives of market effect, innovation ability, incentive effect, financial performance and corporate governance. The results show that: (1) Yunnan Baiyao Employee Stock Incentive Plans in two phases have sent a positive signal to the outside world, and have a positive impact on the market in a short term, but the timeliness is not long; (2) The company's R&D and innovation ability has been improved; (3) The personal interests of employees are integrated with the overall value of the company to maximize their enthusiasm and initiative for work; (4) Employee Stock Incentive Plans have a promoting effect on the company's performance; and (5) The implementation of Employee Stock Incentive Plans has reduced the agency cost of the company and has a better promoting effect on the company's governance. Generally speaking,