Research On The Legal Issues Of Employee Shareholding System In Listed Companies In China

Employee stock ownership system originated from the United States,it is a system to stimulate the enthusiasm of employees.It is a system whereby the company distributes part of the shares to employees in a certain form according to established rules,and the company owner shares part of the ownership and future earnings with employees participating in the employee stock ownership plan.When the listed company implements the system,there are conflicts of interests between the company and the shareholding employees,and conflicts arising from the dual identity of the shareholding employees.How to resolve this contradiction and reduce the risk of illegal behavior in the implementation of esop has become an urgent problem to be solved.From the perspective of practice and combining with theory,this paper takes listed companies as the research object and legal issues of employee stock ownership system as the research objective.It focuses on the construction of the overall legal system of the system,draws experience from the relevant legal provisions of employee stock ownership system outside China,and puts forward Suggestions for the construction of China’ s relevant legal system.After several years of development in China,the employee stock ownership system has formed three shareholding models,namely trust shareholding model,limited partnership shareholding model and corporate enterprise model.The main basis of the trust shareholding model is derived from the trust law.Through the establishment of a shareholding platform,the trust fund is managed.Limited partnership shareholding mode is a shareholding mode generated in accordance with the partnership enterprise law.Multiple limited partnerships are established by means of nesting,so as to establish and manage employee shareholding plan at minimum cost.The shareholding mode of the company system requires the company to establish a joint stock limited company and manage the company’ s articles of association according to the company law.Through the analysis of the esop system in China,it is found that there exist such problems as the high shareholding ratio of senior executives,the lack of supervision of the esop system,the imperfect exit mechanism and the obviousexternalization of the employee stock.In view of these problems,it is suggested that the esop should be supervised and managed at both central and local levels.First suggestion of employee shareholding in the company law system make the basic principles and the rules of the then formulates the measures for the management of employee shareholding system for employees within the employee stock ownership system,equity exercise and employee stocks out three stages regulation for the problems,and from regulatory agencies and improve the internal supervision of employee shareholding system two aspects of the regulatory system of regulation.It is suggested that the local government should introduce relevant regulations to guide the efficient and orderly development of the employee stock ownership system in the region.It is suggested that the stock exchange strengthen the supervision of information disclosure and restriction of trading by issuing relevant regulations.