I 摘要 党的十九大报告中提出要强化国有经济布局优化，这为新时期国有企业改 革指明了新的方向。在我国国民经济法中，混合所有制的发展和改革顺应我国 国有企业改革的方向，对于提升企业竞争力，促进国民经济发展十分有利。综 合我国国企混合所有制改革可以得知，员工持股问题是一项重要的问题，需要 对其进行深入研究。本文在实际研究中，从国企混合所有制改革入手，以绿地 控股集团有限公司(以下简称为“绿地控股”)为例，针对企业员工持股计划应用对 于企业发展产生的影响进行分析。 本文采取案例研究的方法，以绿地控股的员工持股计划来对混改背景下的 员工持股制度开展研究。首先针对员工持股相关文献资料进行整理分析；其 次，对我国当前混合所有制改革情况进行了介绍，分析了其存在的问题，并介 绍了我国员工持股的发展过程及现状；基于我国国有企业混改背景下的员工持 股情况，分析并梳理企业员工持股的影响因素及存在问题。基于此，本文试图 从政策背景以及企业特征两方面展开对绿地控股实施员工持股制度的可行性， 针对企业员工持股方案及效果分析，探究对企业发展所产生的影响。其中，财 务绩效分析，运用了事件研究法，对几项关键数据包括盈利、偿债、营运和发 展等能力进行了单指标分析。 经过一系列探索与研究后，得出相关的结论与启示：1.员工持股计划对于 国企自身发展具有一定积极意义，能够为国企带来更好的业绩表现以及市场反 应；2.员工持股能够促进国有企业进一步优化内部治理架构，同时使国有资本 在员工持股影响下，实施主动性战略优化。企业在未来发展中可以重视人才持 股，包括经营、管理以及科研人才等，推动企业竞争力的提升。 关键词：国有企业；混合所有制；员工持股 ABSTRACT II ABSTRACT Thereportofthe19thNationalCongressoftheCommunistPartyofChina proposedtostrengthentheoptimizationofthelayoutofthestate-ownedeconomy, whichpointedoutanewdirectionforthereformofstate-ownedenterprisesinthe newperiod.Inmycountry'sNationalEconomicLaw,thedevelopmentandreformof mixedownershipconformstothedirectionofmycountry'sstate-ownedenterprise reform,whichisverybeneficialtoenhancethecompetitivenessofenterprisesand promotethedevelopmentofthenationaleconomy.Itcanbeknownfromthe comprehensivereformofthemixedownershipofstate-ownedenterprisesinmy countrythattheissueofemployeeshareholdingisanimportantissuethatrequiresin- depthresearch.Intheactualresearch,thispaperstartswiththereformofmixed ownershipofstate-ownedenterprises,takingGreenlandHoldingsGroupCo，Ltd. (referredtoas"GreenlandHoldings")asanexample,andanalyzestheimpactofthe applicationofcorporateemployeestockownershipplansoncorporatedevelopment. ThisarticleadoptsthemethodofcasestudyandusesGreenlandHoldings'employee stockownershipplantostudytheemployeestockownershipsystemunderthe backgroundofmixedreform.Firstly,itorganizesandanalyzestherelateddocuments ofemployeeshareholding;secondly,itintroducesthecurrentsituationofmixed ownershipreforminmycountry,analyzesitsexistingproblems,andintroducesthe developmentprocessandcurrentsituationofemployeeshareholdinginmycountry; basedonthemixedownershipofstate-ownedenterprisesinmycountryAnalyzeand sortouttheinfluencingfactorsandexistingproblemsofemployees’shareholding underthebackgroundofthereform.Basedonthis,thisarticleattemptstoexplorethe feasibilityofimplementingtheemployeestockownershipsystemforGreenland Holdingsfromthepolicybackgroundandcorporatecharacteristics,andtoexplorethe impactonthedevelopmentofthecompanybasedonthecompany'semployeestock ownershipplanandeffectanalysis.Amongthem,thefinancialperformanceanalysis usestheeventresearchmethodtoanalyzeseveralkeydataincludingprofitability, debtrepayment,operationanddevelopmentcapabilities. Afteraseriesofexplorationandresearch,relevantconclusionsand enlightenmentsaredrawn:1.Theemployeestockownershipplanhasacertain ABSTRACT III positivesignificanceforthedevelopmentofstate-ownedenterprises,andcanbring betterperformanceandmarketresponsetostate-ownedenterprises;2.Employee stockownershipItcanpromotethefurtheroptimizationoftheinternalgovernance structureofstate-ownedenterprises,whileenablingstate-ownedcapitaltoimplement proactivestrategicoptimizationundertheinfluenceofemployeestockownership.In thefuturedevelopmentofenterprises,theycanattachimportancetotalentholdings, includingmanagement,managementandscientificresearchtalents,topromotethe improvementofcorporatecompetitiveness. Keywords:Stateownedenterprises;mixedownership;Employeestockownership 目录 IV 目录 摘要......................................................................................................I ABSTRACT....................................................................................................II 第一章绪论................................................................................................1 第一节研究背景与选题意义................................................................................1 一、研究背景........................................................................................................................1 二、研究意义........................................................................................................................2 第二节研究方法与研究的技术路线....................................................................3 一、研究方法........................................................................................................................3 二、技术路线........................................................................................................................4 三、研究内容........................................................................................................................5 第三节国内外研究现状........................................................................................5 一、员工持股与公司治理....................................................................................................5 二、员工持股作用机制........................................................................................................6 三、员工持股的绩效............................................................................................................7 第四节本文的创新之处和不足之处....................................................................9 第二章员工持股计划的相关理论.........................................................10 第一节员工持股计划的定义及其特征..............................................................10 一、员工持股计划的定义..................................................................................................10 二、员工持股计划的特征..................................................................................................10 第二节理论基础..................................................................................................10 一、委托代理理论..............................................................................................................10 二、人力资本理论..............................................................................................................11 三、激励理论......................................................................................................................12 第三章我国企业员工持股计划的发展和现状.....................................14 第一节我国企业员工持股计划的发展与实践..................................................14 第二节我国国有企业员工持股实施现状..........................................................17 一、国企实行员工持股计划政策综述..............................................................................17 二、国有企业推行员工持股计划的情况..........................................................................18 第三节国企混改员工持股方案存在的问题......................................................20 一、制度设计存在的问题..................................................................................................20 目录 V 二、制度执行上存在的问题..............................................................................................21 三、其他问题......................................................................................................................22 第四章绿地控股混合所有制改革员工持股案例分析.........................24 第一节相关背景概述................................................