Research On Problem Of Stock Withdrawal Of ESOP

Since its entry into China in 1980 s,employee stock ownership plan has played an important role in improving China's economic system as an effective way to raise funds and improve employee benefits.However,with the growing maturity of the company system and the commercial market,the problem of neglecting the exercise of employee shareholders' rights in the employee stock ownership plan has gradually emerged.In the process of implementing employee stock ownership plan,due to the lack of overall provisions of laws and regulations,the implementation of the situation is quite uneven,and the overall function is out of balance.The employee share established by the goal of sharing interests has finally become a fuse between employees and companies.In the judicial referee,there are many discussions about the qualification of the staff shareholders,the identification of the basic rights of the staff shareholders and the withdrawal of the employees' shares.Considering the China's relevant employee stock withdrawal of judicial case,the main focus of controversy: identification of employee stock withdrawal limit constitution validity;Employee Stock Withdrawal forced corporate resolution to determine the validity and abnormal termination of labor relations caused by the employee stock withdrawal dispute.In order to make a accurate decision on the focus of these disputes,we should first return to the basic theory of ESOP.Based on the theory of human capital,the company's capital includes not only material capital,but also human capital.As the owner of human capital,employees play a major role in the company's daily business activities,especially in the weakening of material capital in the market competition.Today,the importance of human capital is not to be underestimated.The institutional logic of employee stock ownership plan is that employees can earn company shares by paying human capital,thereby enjoying shareholders' rights and participating in the company's profit distribution.One of the employees can enjoy the rights of shareholders is the investment in human capital,and when the Employee Stock Withdrawal company,the company will lose possession of human capital,so in order to reduce the loss,the company will generally be restricted from the employee stock,to ensure the overall stability and the overall interests of the company.Through analyzing the actual cases of employee stock ownership plan,we can find that the proportion of employee's total investment in human capital will directly affect the exercise and exit conditions of the corresponding employee shares.The employee stock ownership plan,which aims to retain the talents and motivate the employees,has a strict restriction on the withdrawal conditions of the employee stock,and the company's initiative is higher.On the contrary,the employee stock ownership plan,which aims to raise funds and protect the welfare,has a relatively loose restriction on the withdrawal of employees' shares.Based on this premise,we should properly refer to this standard for judging the effectiveness of articles of association of employees,and we need to make a comprehensive judgement on the formal requirements and actual situations of the articles of association,with a focus on the proportion of human capital input.For the judgement of the effectiveness of the company's mandatory withdrawal,it is necessary to analyze whether the company's resolutions or amended articles are harmful to the interests of the shareholders based on the principle of shareholders' voluntary equality.If the amended articles will damage the legitimate rights and interests of employee shareholders,the validity of them should be more careful.The company's resolutions or amendments should not be regarded as binding on the shareholders of dissenting employees.The actual case of ESOP of employees can be found,in addition,for the purpose of protecting the basic rights of workers,labor relations in abnormal termination,the employee labor relations is not out of the true meaning of it?Therefore,the repurchase of employees' shares can not be forced,and the shareholders' rights of employees can not affected by the change of labor relations.In conclusion,to solve the Employee Stock Withdrawal disputes,articles of association and shareholding agreement shall return first,and the protocol specified in the articles of Association for the matters of withdrawal from the agreement.If there is no definite agreement or agreement,it is necessary to prevent the abuse of power between directors and controlling shareholders,so as to prevent companies from violating the property rights and interests of employees' shareholders through resolutions.To prevent the ESOP withdrawal link dispute,we should clear the importance of divestment and exit for employee stock to build a more smooth channel.Secondly,to make specific provisions for employees holding conditions,equity dividends,equity management,equity exit and other details in the articles of association of the company and shareholding agreement,including the exit conditions and methods of employee stock withdrawal,reasonable price.Again,should choose to protect the basic rights of shareholder employee owned carrier neutral,the trust holding way is to choose a neutral third party management company,trust mechanism not only facilitate supervision,and professional and stronger anti risk ability,the operation mode is also more flexible,can be designed according to the specific circumstances for different companies,see more to ensure the implementation of ESOP goals in the long run.Finally,we should establish and improve the external supervision mechanism,strengthen the supervision of the employee stock ownership plan,and reduce the possibility of the dispute.