Study On The Enterprise ESOP In China

On the basis of existing research on employee ownership here and abroad and the theories of contemporary enterprise property right and human capital, in the framework of technique of modern finance, and with the methods of standardized research, empirical studies and comparative studies, this dissertation studies the problems of ownership incentive, evaluation of economic performance, capital source, the way of holding shares, the flow of shares holding ,for explaining and instructing the ESOP in China. The main contents are as following:1. The employee ownership is brought into the field of enterprise organizational system transition in this dissertation and the distribution and the functions of residual claim right are researched. According to the model which is set up in this article, employees will work harder than before when they hold share, and the more they hold, the harder they would work.2. The novel contribution of this dissertation is using the prevalent case study to explore long-term wealthy effect based on the changing prices in China. The result is that the shareholders gain abnormal return. Regarding EPS and ROE as financial performance, regarding profit per employee and prime operating revenue per employee as management performance, another empirical research is made and the conclusion is similar with the wealthy effect study.3. Based on the typical cases and local legislation in China, the source of capital which is needed to buy the share is discussed. The cash subscription as the main way cannot meet the funding needs of the practice. The proper way is to evaluate the human capital of the employees. The measurement of value human capital and other problems are analyzed as well.4. The ever-changing of the employee stock ownership approach reflects the tendency of seeking system innovation. After the analyzing the pros and cons of the various existing holding ways, the dissertation puts forward the settlement of the direct holding by the staff and the unified management by the Employee Stock Ownership Congress or by commissioned Trust corporations.5. Starting from its nature, the dissertation analyzes the due mobility of the employee stock, which the outflow of the employee stock cannot be completely constrained or be restrained just according to a time criterion. The outflow should be restricted allowed according to the relevant regulations, with the way of proportional and successive staged transfer.