| Employee Stock Ownership Plan is a long-term enterprise equity incentive mechanism. The ESOP first appeared in the western countries, and has produced a good social and economic benefits during the implementation process. After the reform and opening up, China had introduced the ESOP and regarded it as an important way to reform state-owned enterprise stock system.However, there has various problems emerged in practice,China government had been force to halted the system. After the Third Plenary Session of the 18 th Central Committee of the Communist Party of China,government has restarted to explore the ESOP. Past practical experience has shown that developing ESOP need the protection of legal system. Nowadays we should prefect our state-owned enterprise’s subject legal system, supervision legal system and security legal system. The defection of subject legal system is the government hasn’t clarify the participants of ESOP system,and set too many condition to hamper employee obtaining the stock, and the rate of the employee stock is imbalanced. Referring to the foreign beneficial experience, China should ascertain the participants, and perfect the way of acquisition of employee stock, and set up a reasonable structure of employee stock ownership. The defection of supervision legal system is the government hasn’t clarify the supervisor of system, and the supervise method is single, and lack supervises the employee stock registration, operation, and withdrawal. Referring to the foreign beneficial experience, establish a multi-dimensional regulatory model is the keypoint, we should including the enterprises, government and public in the supervisor of ESOP system. In order to improve the supervision method and content, China should formulate relevant regulatory laws, divide the executive’s authority, and clarify the enterprises supervision duty. The defection of security legal system performances in tax incentives, credit support, and it needs to be improved from these two aspects. |
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