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Improvement of the ESOP system

Author: ZhangZhiYi
Tutor: PanQingMu
School: Southwestern University of Finance and Economics
Course: Business Administration
Keywords: ESOP ESOP system enterprise reform
CLC: F279.21
Type: Master's thesis
Year: 2000
Downloads: 151
Quote: 2
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Abstract

The ESOP system (referred to as the ESOP or ESOPs) from the beginning of the mid-1950s, in Western countries, especially the United States and Japan have generally adopted. ESOP system has become an important enterprise system. With the development of market economy, especially in the continuous development of the securities market and perfect, reflected by the ESOP system in the enterprise trends showing a variety of functions, such as intervention corporate restructuring, raising money, divestitures, rescue operations and defense hostile takeover takeover activities far beyond the purpose of the start-up's. The ESOP system practice began in the early 1980s, the prophase of many problems in the implementation of internal employee shares, causing in practice and in theory, questioned on the implementation of the ESOP system in our country. China is currently in the socio-economic transition period, the effective implementation of the ESOP system will re-adjust the income distribution system is conducive to narrowing the gap between the rich and the poor, preventing polarization; conducive to the establishment of supplementary pension system; conducive to the building of workers and enterprises community of interests, enhance cohesion, enhance the market competitiveness of enterprises; adapt to the market economy and international competition in the market, corporate incentive and restraint mechanisms conducive to establishing a stable contingent of entrepreneurs, to prevent the brain drain; conducive to the realization of corporate democracy The perfect; management and corporate governance structure for the state-owned shares holdings of private capital into the industry provides an important way; from the overall operating efficiency of state-owned economy and vitality, and promote the sustained and stable development of China's economy. Therefore, this system has important realistic significance. I believe that, Although our implementation of the ESOP system some problems, but we can not unworthy ESOP system in contemporary China still has important practical significance. The key to solve the problems in the practice of ESOP system, is to the ESOP system operating conditions should improve and perfect our ESOP institutional design of the system, so that the the ESOP system of positive significance to have full play. This paper, the use of history through visits at home and abroad ESOP system development, comparative analysis method, based on the early practice of ESOP system, starting from China's reality, further compare and learn from the experience of the mature market economy countries, for the existing problems the ESOP practice of the system in China, and put forward recommendations to improve our ESOP system. lt; WP = 3 gt; first part of this paper, first defined the scope of this study, pointed out that the ESOP this study system is mainly based on the Companies Act norms under the company's Employee Stock Ownership as the main form of broad employee ownership implementation forms are not all the scope of this investigation. Followed by the visits of foreign ESOP practice, in summarized the national ESOP regime characterized the basis, the proposed system of foreign ESOP enlightenment of our practice. Finally, examine the history of the emergence and development of our ESOP system, pointed out that the practice of our ESOP ESOP averaging and forced, formal, short-term behavior of the external of the non-institutionalized . Faced with these problems, and put forward the ESOP practice of the system in China, although there are some problems, but we can not deny the positive role of the system in the domestic and international practice. Should be two angles from the system imposed by the external environment and the system itself is designed to reflect on and improve our ESOP system and not the simple negation, or parroting sure, is we solve this problem the right idea. The second part of the article should improve the operating conditions of the ESOP system from three aspects. The first is to strengthen the theoretical study and play the significance of theory to practice. Second, we must insist on the point of view of the development is the last word \Third, the combination of China's actual and improve the the ESOP system of legal and policy environment. The third part of the article from the the ESOP system itself, the system design perspective, made several recommendations to improve the system of China's ESOP. First, it is proposed to improve the the ESOP system of Chinese enterprises specific design goals of the employee stock ownership system must first solve the selection problem. The ESOP system's goal of diversification and analyzed, variability, and there is a primary or secondary characteristics. Then combined over the country's legislative and practical experience, the setting of our the ESOP system design of employee shares, the exercise of the rights of the employee shares and ESOP settings and permissions issues put forward concrete proposals.

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