| Third Plenary Session of the eighteen examined and adopted the "CPC Central Committee decision on deepening reform of the overall number of major issues", the "decision" made clear that "the implementation of enterprise allow mixed ownership economy ESOP, the formation of capital owners and the interests of workers community. "Employee Stock Ownership Plans, also known as ESOP, originated in the 1950s in the United States, its founder, is an American economist, lawyer Louis Kelso, Two-factor theory of economic profit sharing his theory and later Martin Weitzman form the basis of the proposed ESOP. Then ESOP rise in the United States in the 1970s and launched in other countries. Currently, about one-third of countries have implemented ESOP plan; have Japan, the United Kingdom, Spain, Russia and other countries had successful employee shareholding system reform, in the course of their economic development. This provides a lot of experience and lessons for the reform of state-owned enterprises ESOP, and we should learn from the West in the enterprise implementation experience while ESOP combined with China’s national conditions and their own way out of an employee stock ownership reform.ESOP in our country’s development is not easy, but through a lot of twists and turns. From the 1980s ESOP into China, China’s first pilot phase began exploring ESOP reform, and began to promote a comprehensive large-scale pilot. In 1998, many companies have implemented ESOP, but due to a stock market and the secondary stock market price difference, many employees began to sell shares making profits, which is a serious impact on the secondary market, so the Commission emergency halt the reform ESOP. After 1999 the Fourth Plenary Session of the Fifteenth, our restart ESOP reform, which reform is the MBO based, but massive management buyouts in the lack of clear institutional constraints and under the supervision of the case, resulting in a large number of loss of state assets, government departments have banned the MBO reform. So ESOP has been into a 11-year silence. In November 2013, after the third plenary session of the 18th, employee shareholding system is restarted. The paper is in this background came into being.In this paper, a total of six chapters, the first chapter introduces the research significance and background of innovation and lack of relevant literature review, research methods and structural arrangements and in the process of writing this article exist. The second chapter is a general analysis of ESOP, introduces the concept of ESOP, implementation, basic features, classification and models, role. We believe that the company is employee-owned company employees in the organization, part of the shares of the companies invested subscription, as a specialized agency entrusted body corporate managed operations, centralized management, enterprise employees to hold shares of the way, participating companies "governance" a set of incentives and employee benefits system. ESOP in essence, is management, knowledge and technical elements of capitalization. The third chapter analyzes the theoretical basis of ESOP produce, including Marxist theory of property rights, two-factor theory of Marx’s economic theories as well as cooperation in the factory to Louis Kelso, Martin Weitzman’s theory represented profit-sharing Western theory. The fourth chapter analyzes the six stages of state-owned enterprises in their development process ESOP, the lack of policies and laws lag before the emergence of the practice, state-owned assets, employee stock ownership and short-term benefits and other issues, as well as the reason for the problem. The fifth chapter introduces the ESOP practice of the United States, Japan, Spain, the countries, and then conducted a practice ESOP comparative analysis, in order to identify the place is worth our reference. The sixth chapter is the development process for the employee stock ownership problems and put forward a series of policy recommendations for further reform. |
PDF Full Text Request