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Esop Study

Posted on:2012-03-10Degree:DoctorType:Dissertation
Country:ChinaCandidate:Z Y LuoFull Text:PDF
GTID:1119330338951335Subject:Labor economics
Abstract/Summary:PDF Full Text Request
Employee Stock Ownership Plan (ESOP), which originated in the United States in the 1920s, has been flourishing from the 1970s up to the present day. As an innovation of the enterprise system, Employee stock ownership is a brand-new stock ownership incentive system that most of employees own the share of the enterprise who work in through some patterns, and share the surplus profits of the enterprise, participate the operation and management of the enterprise in a certain way, and can withdraw from it under some conditions.This dissertation studies the ESOP theories and practices in the Western countries and China. Considering the construction of China's socialist market economy with Chinese characteristics, the state-owned enterprises reform and the establishment of harmonious society this dissertation explores how to establish Chinese special feature's employee stock ownership system. There are five parts in this dissertation.First, the representative Western and Chinese theories about ESOP are discussed and evaluated briefly. The representative Western theories are:"Two-factor Theory", "The Share Economy Theory", "The Democracy Corporation Theory", "The Third Way Theory", and "Human Capital Theory"; the representative theories of domestic scholars are:"The Economic Democracy Theory", "The Labor Theory of Property Rights", "the Corporate System Innovation Theory","The Control of Internal Control Theory", and so on.Second, by analyzing the practice of ESOP in the United States, Japan, Spain and Russia, we propose the reference of western ESOP for China:To understand the real of ESOP and establish economic democracy and worker participation system through employee stock ownership; set specialized institutions to manage employee shares; limit the transfer of employee shares strictly; establish a legal system for employee-owned; draw up preferential policies for employee ownership system.Third, by reviewing the history we summed up the development path of China's employee stock ownership:the employee stock ownership in cooperative and joint-stock enterprises; the internal employee stock ownership in joint-stock enterprises. At the same time we summarized the practice model of employee stock ownership in China:"The Common Employee Stock Ownership Mode"; "The Workers Share Ownership Enterprise Model"; and "The Profit Sharing Plan Model". We analyzed the typical case of employee stock ownership in China:Shenzhen Golden Group, Nanjing Motor Fittings, and Changsha Xiangji Corporation. Fourth, through the empirical research about the relationship between China's employee stock ownership and corporation performance we found that:the relationship between enterprise long-term performance and employee stock ownership is positive, as a form of adjusting the structure of enterprise property rights, employee stock ownership can help state-owned enterprises to establish modern enterprise system and improve corporate governance. Meanwhile, the empirical results show that the effect of managerial ownership is better than the general employee stock ownership.Fifth, in order to explore the establishment of Chinese special feature's employee stock ownership system, we analyzed the theoretical relationship between employee stock ownership and "The Reconstruction of Personal Ownership System Theory "and "The Benefit Sharing Theory ". Based on the actual situation of China, we found the path to establish chinese special feature's employee stock ownership system.
Keywords/Search Tags:employee stock ownership, employee stock ownership Plan, employee stock ownership theories, employee stock ownership models, share cooperative system, employee stock ownership committee
PDF Full Text Request
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