【作者】 王霞；

【导师】 吕先锫；

【作者基本信息】 西南财经大学 ， 会计硕士（专业学位）， 2019， 硕士

【摘要】 员工持股计划本是一种激励机制,通过以公司内部员工持股的方式,将员工的利益与公司的利益结合起来,从而调动员工的积极性,缓解公司员工与公司股东之间的利益矛盾,使员工更加主动的去提高公司的经营业绩。1993年我国开始对国有企业进行混合所有制改革,作为改革国有企业所有制的方式之一的员工持股计划也由此在我国得到广泛应用,但是实际上当时的国有企业采用员工持股计划的目的主要在于筹集资金以扩大企业生产。然而此后,员工持股计划在我国实施过程中出现了短期员工持股套利、国有资产严重流失等诸多问题,这直接导致了员工持股计划在我国的发展受限,经历了两次紧急叫停。如今,市场竞争越发激烈,我国国企改革不断深化,人力资本在经济发展中的地位也越来越突出,2013年党的十八届三中全会再次提出国有企业可以采用员工持股的方式来发展混合所有制经济,而这一阶段国有企业混合所有制改革(以下简称“国企混改”)实施员工持股计划的目的主要在于使国有企业股权趋于多元化,通过治理结构的完善来提高企业的经营绩效。在新一轮国企混改的背景下,员工持股计划既是一种激励方式又是一种治理途径,其是否能够发挥其作用来解决国有企业的治理问题、发挥其激励作用有待进一步研究。基于以上背景,本文以广州广电运通金融电子股份有限公司(以下简称为“广电运通”)实施的第一期员工持股计划为研究对象,先通过回顾国企混改相关文献、梳理相关理论,提出员工持股影响绩效的机制以及本文的绩效评价方法,再从广电运通实施第一期员工持股计划的具体案例出发,介绍其实施背景、实施内容,然后通过绩效评价的方式重点研究其实施效果,最后得出结论,同时本文也提出了相关建议,为其他国有企业实施员工持股计划提供借鉴。根据以上研究思路,本文得出的结论为:员工持股计划的实施整体上会产生良好的治理绩效与激励绩效,国有企业可以将其作为混改与完善激励机制的方式。本文的主要贡献在于首先体现为选题结合了社会热点问题,在国企深化改革,我国大力发展混合所有制经济的背景下,研究员工持股计划的绩效有重要意义;其次在于目前国内外学者对员工持股计划的绩效评价研究主要在于财务指标和市场反应两个方面,而本文从国有企业实施员工持股计划的目的出发,研究其在治理绩效和激励绩效两个方面表现,具体选取了股权结构、业务结构、市场绩效、财务绩效、管理效率、员工情况以及创新能力这七个方面的指标进行绩效评价,所包含的范围更加广泛,也更贴合本案例的特点。本文的不足之处在于案例研究本身的局限性以及数据来源的局限性导致研究结论受限、权威性不足。更多还原

【Abstract】 The employee stock ownership plan is an incentive mechanism that combines the interests of employees with the interests of the company,thereby mobilizing the enthusiasm of employees and alleviating the conflict of interests between the employees of the company and the shareholders of the company.The employee stock ownership plan makes employees more proactive to improve the company’s operating performance.In 1993,China began to carry out mixed ownership reform of state-owned enterprises.As one of the ways to reform the ownership of stateowned enterprises,the employee stock ownership plan has been widely used in China,but in fact the purpose of the employee stock ownership plan was to raise funds to expand production at that time.However,since then,the employee stock ownership plan has experienced many problems such as short-term employee stock arbitrage and serious loss of state-owned assets in the implementation process.This has directly led to the limited development of the employee stock ownership plan in China,and experienced two emergency stops.Nowadays,the market competition is becoming more and more fierce.The reform of China’s state-owned enterprises is deepening,and the position of human capital in economic development is becoming more and more prominent.In 2013,the Third Plenary Session of the 18 th CPC Central Committee once again proposed that state-owned enterprises can adopt employee stock ownership to develop mixed ownership economy,and mixed ownership reform of the state-owned enterprise is mainly aimed at diversifying the equity of state-owned enterprises and improving the management of enterprises through the improvement of governance structure.In the context of a new round of mixed reform of state-owned enterprises,the employee stock ownership plan is both an incentive method and a governance approach.Whether it can play its role to solve the governance problems of state-owned enterprises and exert its incentive role needs further study.Based on the above background,this paper takes the employee stock ownership plan implemented by GRGBanking Co.,Ltd.(hereinafter referred to as “GRGBanking”)as the research object.Firstly,this paper reviews the relevant documents of mixed ownership reform of the state-owned enterprises and reviewing relevant theories.Secondly,this paper introduces the implementation background and implementation content of the first employee stock ownership plan of GRGBanking,and then focuses on the analysis of performance evaluation.And finally concluded that the implementation of the employee stock ownership plan will produce good governance performance and incentive performance as a whole,and this paper also puts forward relevant suggestions for other state-owned enterprises to implement the employee stock ownership plan.The main contribution of this paper lies in two aspects.Firstly,the topic is combined with the topic of social hotspots.Under the background of deepening reform of state-owned enterprises and China’s vigorous development of mixed ownership economy,it is important to study the performance of employee stock ownership plans.Secondly,The present performance evaluation research of shareholding plan mainly focuses on two aspects: financial indicators and market reaction.This paper studies the performance of employee stock ownership plan and incentive performance from the purpose of implementing employee stock ownership plan.This paper focuses on performance evaluation of the seven aspects,such as equity structure,business structure,market performance,financial performance,employee structure,management efficiency and innovation ability,which included a wider range and more suitable for the characteristics of this case.The shortcoming of this paper is that this paper is a case study,and the case study itself has certain limitations,and the research conclusion authority Insufficient sexuality;together with the relevant data are all from the public disclosure of listed companies,so the research data is not complete,the level of data analysis is limited,and the research conclusions are limited.更多还原