The Studies Of Employee Stock Ownership In Chinese State-owned Enterprise

Employee stock ownership system, also known as ESOP, was born in United States, and its history can be traced back to the end of eighteenth Century and early nineteenth Century. While China's practice of ESOP was traced back to the 1980's. Our implementation of the employee stock ownership system has experienced many twists and turns in the process of practice. The idea of the new "company law" has laid a good foundation and brought support for continuous improvement of the legislation of employee stock ownership system, even if it still fails to regulate the employee stock ownership system in detail.Since the middle of twentieth Century, the social productive forces have developed dramatically with the rapid development of the modern science and technology. The dominance of assets has gradually faded away. The legislative ideas and specific provisions of the new "company law" have embodied the important role of human resource in modern corporation system, also reflected stress on different forms of capital in social and economic life in new historical period, and highlighted new features of capital and labor combination in capital structure of company in process of economic development. The promulgation of the new "company law" can be regarded as a great turn point of the historical process of China's employee stock ownership system development.In September 13,2015, the CPC Central Committee issued the guiding opinions on deepening the reform of state-owned enterprises, designing employees' participation in the reform of state-owned enterprises by means of employee stock ownership system at top level once again. Based on it, this article introduces emergence of employee stock ownership system in China, combining the change of attitude and policy to employee stock ownership system at the national level over years. And describes how it plays an important role in solving short term fund shortage problem for state-owned enterprises and optimizing governance structure of state-owned enterprise's juridical person, and reconciling conflicts of interest in process of distribution and achieving long-term healthy development for enterprises, meanwhile expounding positive incentive effects of employee stock ownership system on employees of state-owned enterprises.Employee stock ownership system has always been a double-edged sword on the premise of that China's current legal system and national policies haven't provided detailed rules for operation yet. Because of the defects of the initial functional localization of employee stock ownership system in China and non-standard operation in long-term development process, the employee stock issue is a common problem in state-owned enterprises. The ability to properly handle this problem in process of restructuring of state-owned enterprises plays a decisive role in the success of the restructuring. This article introduces and analyses reasons of twists and turns that China's employee stock ownership system has been through in history by three levels:the state-owned assets supervision and administration, the legislative level, and the actual operation.Finally, on the basis of analyzing experiences of employee stock ownership system in state-owned enterprises, this article attempts to discuss the scheme of completing employee stock ownership system in dual direction-from top to bottom and from bottom to top, and puts forward several suggestions on establishment of the employee stock ownership system at legislative level from establishment of multilevel legislative modes and proportion of employee stock ownership to main body of the employee stock ownership. At the same time, the author puts forward feasible schemes of employee stock ownership after fully consideration of particularity of state-owned assets under the current legal framework. Finally, on the perspective of employees, through comparing the means of stock ownership by employees in restructuring state-owned enterprises, the author discusses how to use this system to reduce the cost of stock ownership from the angle of finance and tax. And on the perspective of the transfer mechanism of employee stock ownership, the author discusses the feasibility and rationality of establishment of the equity withdrawal mechanism through assets exchange market.