Application And Perfection Of Employee Stock Ownership Plan Trust System In Listed Companies In China

China's listed company employee stock ownership plan can make the enterprise workers and business owners to share in the fruits of development of the company,so as to enhance the company cohesion,enhance market competitiveness,improve corporate governance structure,optimize the allocation of social funds to adjust the capital market.China's listed companies ESOP is still in the initial stage of development,so in the employee stock ownership plan management mode choice there is a dispute,how to choose the listed company employee stock ownership management mode,system guarantee of the system of employee stock ownership in our listed companies can not play its role.Based on the analysis of China's existing ESOP and its shortcomings,combined with China's listed companies ESOP reality,based on China's ESOP mechanism and ownership of the trust system,put forward to the trust as a management model to the operation of China's ESOP,combined with the existing ESOP the general plan of problems exposed in the case,in order to build up China's listed companies ESOP trust system.This paper is divided into the following four parts:The first part of this paper introduces the problems of ESOP and the legislative background and practical significance of the implementation of ESOP trust system in china.First of all,introduce the main problems of ESOP in our country;secondly,introduces the legislative background of the implementation of ESOP trust system in China,analysis of the "Interim Measures" and "guidance" on;finally,the paper puts forward the practical significance of implementing ESOP trust system in China,which leads to the mode of implementing the trust system as China's listed companies this special organization form of ESOP,can play the advantages of the trust management mode,fully mobilize the enthusiasm of the staff,to the initial role of esop.The second part of the text introduces the concept and value of ESOP in China including:tax avoidance or tax cuts;to avoid or reduce the narrow part of the reservation supervisor resigned;grant object scope;shorten the ESOP and the major events of the trust interval;participate in solving the legal obstacles of main shareholders ask;trust financing channels and solve the risk problem of leverage the change of shareholders;simplified procedures;aspects of employee stock ownership plan flexibility and other advantages,making the system trust tool has its unique value in solving the main obstacles encountered and problems of esop.The third part of the text introduces the main problems existing in the practice of employee stock ownership plan trust system in China's listed companies and its causes.The main problems existing in the implementation of ESOP is:one,no tax concessions:the current equity incentive and no special preferential tax scheme,in addition to the incentive target shares have lock up period limit,so the tax costs,equity incentive is not more attractive than wage income no,set a reasonable equity incentive tax policy reduces the attractiveness of equity incentive.Two,equity trust plays no obvious effect on the incentive mechanism in the optimization of corporate governance efficiency,in the system design and the practice operation of our company internal ESOP has weakened the shareholding employees to participate in corporate governance,strengthen the purpose of profit,and even profit erosion wages phenomenon,in order to obtain more shareholder dividends,occupy the compression space to improve staff wages of non ownership.Three,trust status is not clear:continuity and stability of policy will affect the specific effects of the implementation of a system,in the early days of China's employee stock ownership plan,not only the lack of necessary legal support,but has not issued the corresponding laws and regulations to clarify the legal status of employee stock ownership trust,become a key restrict health the development of ESOP in China problem.Four,the lack of its own funds,financing and stock funds:the lack of sources of small-scale quantities and sources and can not achieve the ESOP can accommodate the size of funds,and lack of funds is largely affected by the state to the source of ESOP funding constraints.Five,the lack of protection of the rights and interests of employees:if an employee is held by a small number of shares is the enterprise can not really institutionalinvestorsareexercisingtheshareholders'right obligations,so it is difficult to become a real shareholder,especially in the lack of effective supervision and incomplete information under the pattern of employee holding shares,and even become the enterprise control rights control the rights and interests of conveying tool.Six,the legal system of trust is imperfect:including operation mechanism,exit mechanism,regulatory mechanism and other aspects of the legal issues.First of all,is the operating mechanism of employee shareholding,including mechanism design problem to define the rules and normative documents of the participants not distinct different department regulations and normative documents is not unified in ownership and management mechanism;secondly,is the legal problems of exit mechanism,the lack of unified norms and holding period disposal equity method is short lead to the ultimate protection of the interests of employees.Finally,the legal issues in the regulatory mechanism,resulting in the lack of supervision of employee stock ownership trust can not be healthy development.The fourth part of this article mainly talks about some suggestions to improve the legal system of employee stock ownership trust.The system design of the listed company employee stock ownership trust,requirements on the legal relation of the trust system to improve China's listed company ESOP management mode,give full play to advantages in the basic system of trust itself on the trust system as a specific application system of our listed companies ESOP,hope to provide help to scientific development of China's listed companies esop.The management of employee stock ownership plan with trust mechanism is only the first step of the trust system,and the specific system design needs to be further designed and improved.For example,constructs the basic legal principle of employee stock ownership trust;improve the trust legal system;strictly prohibited again trust,negative trust;exploration to provide relief scheme rules of employee stock ownership trust by the trust mechanism.The fifth part is conclusion,which summarizes the arguments in article.