System Of Employee Stock Ownership (esop), Theoretical Research And Empirical Analysis

Employee Stock Ownership Plans (ESOP) is one of the dominant forms of the socialization of the property ownership and the spreading of the property entities. ESOP originated in the United States in the 1920s and has been flourishing from the 1970s up to the present day. As an innovation of the corporate system,ESOP is a brand-new stock system under which the employee provides services in exchange for paid or unpaid shares in the enterprise,thereby sharing the corporate profits and capital risks of the enterprise. On the basis of a comprehensive summary of the Marx's theories on "Cooperative Factory" and social ownership and the Binary Economy and Profit Share theories,Asset Specificity theories and Stakeholder theories in the West,this paper first analyzes the ESOP in developed nations,such as the US,Japan,Britain,France and Holland,and in some transitional countries (such as Hungary,Romania,and Russia),then explores the theories regarding China's ESOP,and provides some illustrative analyses,and lastly proposes some thinking and strategies for the ESOP as part of the series of constructive reforms of China's state-owned enterprises.This paper consists of the introduction and eight chapters. Their main contents are provided below:The Introduction expounds the purpose and significance of the ESOP research,the origin of the ESOP,the methodology of the ESOP research and the theoretical innovations of this paper.Chapter 1 consists of two portions. The first portion covers Marx's analysis of the "Cooperative Factory" theory,including the historic category,entity category,nature,basis of property ownership of the Cooperative Factory,as well as the practice,forming mechanism,flaws and evaluations of the Cooperative Factory,thereby presenting a full set of theories on the Cooperative Factory and pointing out that the Cooperative Factory is not only a form of transition from capitalism to socialism,but also a link of shift to communism. The second portion illustrates Marx's social ownership theories and points out that the channel for building the future "social ownership" is through thereconstruction of individual ownership,i.e.,the individual laborer ownership.Chapter 2 illustrates Louis O. Kelso's Binary Economy theory and Martin L.Weitzman 'sProfit Share theory. First,based on the assumption of the capital's capabilities of economicgrowth and distribution,this paper illustrates the benefits of labor and capital that thelaborer deserves and the path for gaining capital,and provides a related evaluation.Second,this paper discusses the theoretical origins,paths and systematic arrangementsfor the shift of the salary economy to the sharing of the surplus of the enterprise,andprovides a simple assessment in this regard.Chapter 3 elaborates on the main body of the transactional cost theory in thecontemporary mainstream corporate theories - Asset Specificity,including Material AssetSpecificity and Manpower Asset Specificity,focuses on the analysis of the manpower assetownership created by the manpower asset specificity and its corresponding corporategovernance mechanisms,and provides a simple review.Chapter 4 dwells on the Stakeholder theory. Firstly,this chapter analyzes the origins,features and contents of the Stakeholder theory and defines the connotation of theStakeholder theory. Second,it touches upon the different cycles of the corporate life andthe relationship of the stakeholders,the principles by which the corporate managementhandles the stakeholders,and the functions of the stakeholders for corporate management;lastly,it discusses the corporate governance models for different stakeholders resultingfrom the emergence of stakeholder theories,and provides a review based on the deficientfoundation of the current stakeholder theories.Chapter 5 is mainly an analysis of the ESOP in the United States. It analyzes the historicorigins,causative reasons,categories,functions,and deficiencies of the US standard ESOPand provides an illustrative an...