Study On Exit Mechanism Of Employee Stock Owner Ship Plan In Unlisted Companies

Employee stock ownership plans originated in the United States,and the logic of their operation is that employees can acquire shares of the company for their own labor and participate in the distribution of company benefits.Employee stock ownership plans serve the dual function of clarifying corporate property rights and distributing profits fairly.Employee stock ownership plans are welcomed by companies and encouraged by the government because of their unique institutional advantages,and companies that implement employee stock ownership plans are usually able to enjoy tax,financial and other policy benefits.Due to the specificity of the investment subject of employee shares,in order to ensure the stability of equity and orderly operation,enterprises usually impose certain restrictions on the withdrawal of employee shares.Employees who hold shares can only withdraw after a certain number of years of ownership based on special reasons such as transfer,separation or death.Since there is no uniform national legislation for employee stock ownership plans in China,there is a lack of experience for non-listed companies to implement employee stock ownership plans compared to listed companies,and therefore disputes are more likely to arise in the process of implementing employee stock ownership plans.At present,there is a growing demand for employee stock ownership plans in China’s non-listed companies,and it is necessary to pay attention to the problems arising from them and continuously improve the exit mechanism.The First chapter is about the origin of the controversy about the withdrawal mechanism of the employee stock ownership plan of unlisted companies.Firstly,compared the operation mode of the employee stock ownership plan in practice,and proposed that the withdrawal situation,withdrawal method,withdrawal price and relief supervision are the key points of the withdrawal mechanism of the employee stock ownership plan,and the functional orientation of the withdrawal mechanism was carried out.clear.Secondly,through the analysis of the particularity of employee stock,employee stock withdrawal and employee stock withdrawal in the Chinese context,it further analyzes the reasons for the dispute over employee stock ownership plan withdrawal.The Second chapter is the elaboration of the actual dilemma of the exit mechanism of the employee stock ownership plan of the non-listed company.First,from the two aspects of the validity of the articles of association restricting the withdrawal of employee shares and the necessity of restricting the transfer of employee shares,it discusses the problem that the setting of the withdrawal situation is not comprehensive enough;Theoretical exploration of the judgment result discusses the problem that the setting of the withdrawal method is not standardized in two aspects;third,discusses the setting of the withdrawal price from the basis of the current withdrawal price setting and the combination of the withdrawal price and the shareholding model.The problem of not being flexible enough;fourthly,it discusses the problem that the supervision of withdrawal relief is not perfect from two aspects:the determination of the withdrawal effect of the abnormal termination of labor relations,and the limitations of the current relief and supervision methods.The Third chapter is the perfect idea for the exit mechanism of the employee stock ownership plan of the non-listed company.Under the existing legal framework,the improvement of the employee stock withdrawal mechanism should start from four aspects: clarifying the withdrawal situation,reconsidering the withdrawal method,choosing the withdrawal price,and improving the relief supervision.In clarifying the exit situation,we should adhere to the principle of internal transfer and exception to external transfer,and use tax incentives to suppress the short-term effect of employee stock holdings;in the reconsideration of exit methods,we should distinguish between situations and design after the loss of employee identity.Equity disposal plan;in the re-selection of the withdrawal price,the equity price should be reasonably determined by methods such as the pre-agreed price in the company’s articles of association to reduce disputes;in the improvement of relief supervision,the supervisory authority and supervision scope of the employee stock ownership plan should be clarified and promote self-regulation of the industry to improve the regulatory system.The Fourth chapter is to put forward the trust path to solve the dilemma of employees’ withdrawal of shares in our country.Firstly,it analyzes the advantages of the trust system itself and its compatibility with employee stock ownership,and then proposes that the employee stock ownership trust system should be further improved.The model guides employees to withdraw from the stock ownership plan in an orderly manner.