苏宁易购实施员工持股计划的绩效分析

随着经济发展，上市企业普遍存在所有权与经营权分离的现象，其中伴随着相应的代理问题，有效降低企业代理成本及风险，有利于企业的内部治理，从而提高经营绩效。员工持股计划能让员工拥有所有权，从一定程度能改变所有权结构并影响企业经营绩效。以苏宁易购实施员工持股计划为例，分析其代理成本的变化，再对其盈利能力、偿债能力、营运能力进行分析，判断该激励计划对企业经营绩效的影响。结果表明，实施员工持股计划有利于企业短期绩效的提高，但要达到更好的激励效果，还需结合具体情况调整激励计划。

Performance Analysis of Suning Tesco's Implementation of Employee Stock Ownership Plan

With the development of economy, the separation of ownership and management rights is common in listed enterprises, which is accompanied by the corresponding agency problem. The effective reduction of agency costs and risks is conducive to the internal governance of enterprises, so as to improve business performance. Employee stock ownership plan can make employees have ownership, change the ownership structure and affect the business performance to a certain extent. Taking Suning Tesco''s implementation of employee stock ownership plan as an example, the change of its agency cost and its profitability, solvency and operating ability are analyzed to judge the impact of the incentive plan on the enterprise''s operating performance.The implementation of employee stock ownership plan is conducive to the improvement of short-term performance of enterprises, but in order to achieve better incentive effect, the incentive plan needs to be adjusted according to the specific situation.