混改背景下铜陵有色员工持股计划实施效果研究

【作者】 王宏；

【导师】 孙伟艳； 刘鹏达；

【作者基本信息】 黑龙江八一农垦大学 ， 会计硕士（专业学位）， 2022， 硕士

【摘要】 在党的十八届三中全会以后,国家出台一系列政策及规定积极推进新一轮国企混合所有制改革,2020年4月,国资委正式发布最新一批“双百企业”名单,进行混改的企业达448家,标志着国企混改从大面积试点阶段转入全面深化落实阶段。国有企业是我国国民经济的命脉和产业支柱。长期以来,我国一直在不断深化国企改革、积极推进国企混改,以期使国企降本增效,焕发活力,而员工持股计划作为“混改”的重要路径之一被引入了国企改革。员工持股计划,虽然具有提高员工凝聚力和工作积极性、改善公司治理情况等积极作用,但因其在国企混改中尚处于落实推进阶段,实施效果究竟如何,仍需要大量案例加以检验。而铜陵有色作为安徽省地方国企中首家通过实施员工持股计划进行混改的企业,研究其员工持股计划的实施效果具有重要的实践意义。论文基于混改和员工持股计划的概念以及依据委托代理理论、人力资本理论,双因素理论,运用文献研究法、案例分析法和对比分析法,对铜陵有色员工持股计划的实施效果进行研究。首先阐述和分析了铜陵有色员工持股计划的概况及实施动因。然后用财务指标分析法分析了公司实施员工持股计划前后的财务绩效变化,用数据包络分析法分析了员工持股计划对公司综合财务绩效产生的影响。其次从资本市场反应、公司治理和激励效果三个角度对铜陵有色实施员工持股的非财务效果进行了分析。最后,得出研究结论:铜陵有色员工持股计划的实施降低了公司的负债水平,实现了对员工的激励,推进了公司的混合所有制改革。虽然对公司财务指标中营运能力的改善效果不明显,但是对盈利、偿债和成长能力具有明显的改善作用,同时给公司带来了正向的短期市场反应。论文研究对铜陵有色后续推行多期员工持股计划,提高自身财务能力有重要的实践意义,且对其他国企实施员工持股计划有一定的参考价值。更多还原

【Abstract】 After the third Plenary Session of the 18 th CPC Central Committee,the state issued a series of policies and regulations to actively promote the new round of mixed-ownership reform.In April2020,the State-owned Assets Supervision and Administration Commission(SASAC)officially released a list of the latest batch of "Two Hundred Enterprises",with 448 enterprises carrying out the mixed reform,marking that the mixed reform has shifted from the pilot stage to the stage of comprehensively deepening implementation.State-owned enterprises are the lifeblood of the national economy and pillar industry.Long-term since,our country has been continuously deepening the reform of state-owned enterprises,promoting state-owned enterprises to change,in order to make the state-owned enterprises authors synergies,viable,and the employee stock ownership plan as one of the important path of change "mix" was introduced into the reform of state-owned enterprises.Although ESOP plays a positive role in improving employee cohesion and work enthusiasm and corporate governance,it is still in the stage of implementation and promotion in the mixed reform of state-owned enterprises,and a large number of cases are still needed to test its implementation effect.Tongling Nonferrous Metals is the first local state-owned enterprise in Anhui Province to carry out mixed reform through the implementation of ESOP,so it is of great practical significance to study the implementation effect of its ESOP.Based on the concept of mixed-ownership reform and ESOP and the principal-agent theory,human capital theory,two-factor theory,literature research method,case analysis method and comparative analysis method,this paper studies the implementation effect of Tongling non-ferrous ESOP.Firstly,this paper expounds and analyzes the general situation and implementation motivation of Tongling Non-ferrous ESOP.Then was analyzed by using the financial index analysis company’s financial performance before and after the implementation of ESOP,its ESOP was analyzed with data envelopment analysis the impact of comprehensive financial performance to the company.Secondly from the capital market,corporate governance and incentive effect Tongling nonferrous implementation of ESOP in the view of three non-financial effect are analyzed.Finally,the research conclusion is drawn: the implementation of Tongling Non-ferrous ESOP reduces the company’s debt level,motivates employees,and promotes the company’s mixed ownership reform.Although the effect on the improvement of the company’s financial indicators of operating capacity is not obvious,but the profitability,solvency and growth capacity have obvious improvement effect,at the same time brought the company a positive short-term market reaction.Research papers of Tongling nonferrous subsequent implementation phase of the ESOP,improve their financial ability have important practical significance,and for other state-owned enterprises implement ESOP has certain reference value.更多还原