中国上市公司员工持股制度问题研究

李海燕; 孙路丹阳

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자료유형: 학술저널

저자정보: 李海燕孙路丹阳

저널정보: 전북대학교 동북아법연구소 동북아법연구 동북아법연구 제14권 제1호

발행연도: 2020.1

수록면: 123 - 159 (37page)

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员工持股制度是起源于美国的一种员工激励制度，是公司根据既定规则，将部分股份通过一定形式派发给公司员工，是所有者将公司所有权及未来收益权与员工分享的一种制度。上市公司员工持股制度在实践中,除公司和员工之间存在利益矛盾，还存在由于持股员工自身的双重身份而产生的矛盾。如何化解这种矛盾，防范上市公司因实行员工持股制度而带来的法律风险，成为当前亟待解决的问题。本文从实践的角度出发，与理论相结合，以上市公司员工持股制度为研究对象，着眼于上市公司员工持股制度的整体法律体系建设，从域外员工持股制度相关的法律规定中汲取经验，为中国相关法律制度建设提出建议。员工持股制度在中国发展数十载，至今形成三种持股模式，分别为：信托持股模式、有限合伙企业持股模式和公司制企业模式。信托持股模式主要依据《信托法》的规定建立信托持股平台，以信托基金的方式对员工持股计划进行管理；有限合伙企业持股模式是一种依据《合伙企业法》而产生的一种持股方式，通过嵌套的方式建立多个有限合伙企业的方式，实现以最小成本建立并管理员工持股计划；公司制企业持股模式要求企业根据《公司法》规定通过成立股份有限公司，利用公司章程对员工持股计划进行管理。通过对中国员工持股制度的分析，发现存在着高管持股比例过高、员工持股制度缺乏监管、退出机制不完善以及员工股外部化现象明显等问题。针对这些问题提出了应从中央和地方两个层次共同对员工持股制度进行监督管理。从中央层面制定《员工持股制度管理办法》并对员工持股制度在员工股的取得、股权行使和员工股的退出三个阶段所出现的问题进行规制，并从明确监管主体和完善内部监督两个方面对员工持股制度的监管体系进行规制。建议地方政府出台相关规章，对员工持股制度在本地区的发展起到引导作用。

Employee stock ownership system (esop) is an employee incentive system originated from the United States. It is a system whereby the company distributes part of the shares to employees in a certain form according to established rules, and the owner shares the ownership and future earnings with employees. In practice, there is not only a conflict of interest between the company and the employees, but also a conflict caused by the dual identity of the employees. How to resolve this contradiction and prevent the legal risks caused by the implementation of the employee shareholding system has become an urgent problem to be solved. From the perspective of practice and combining with theory, this paper takes the employee shareholding system of listed companies as the research object, focuses on the overall system construction of the employee shareholding system of listed companies, learns experience from relevant laws and regulations of employee shareholding system outside the region, and puts forward Suggestions for the construction of relevant legal system in China. The employee stock ownership system has been developed for decades in China, and so far three shareholding modes have been formed, namely: trust shareholding mode, limited partnership shareholding mode and corporate enterprise mode. The mode of trust shareholding mainly establishes a trust shareholding platform according to the provisions of the trust law and manages the employee shareholding plan in the form of trust fund. Limited partnership shareholding mode is a kind of shareholding mode according to the partnership law. It is a way to establish multiple limited partnerships in a nested way, so as to establish and manage employee shareholding plan with minimum cost. The shareholding mode of the company system requires the enterprise to manage the employee shareholding plan by establishing a joint stock limited company and using the articles of association according to the provisions of the company law. Through the analysis of the employee stock ownership system in China, it is found that there are such problems as the high proportion of senior executives, the lack of supervision of the employee stock ownership system, the imperfect exit mechanism and the obvious externalization of employee stock. In view of these problems, it is suggested that the employee stock ownership system should be supervised and managed at both central and local levels. From the central level, the "management measures of employee stock ownership system" is formulated, and the problems in the acquisition of employee stock, equity exercise and withdrawal of employee stock ownership system are regulated, and the regulatory system of employee stock ownership system is regulated from the two aspects of clarifying the regulatory subject and improving the internal supervision. It is suggested that the local government issue relevant regulations to guide the development of esop in the region. The paper consists of introduction, text and conclusion, forming a relatively complete article system. In the first chapter of the main body, the general concept of the ESOP of listed companies is expounded, and from the concept, characteristics and significance of employee stock ownership, we have a comprehensive understanding of the ESOP of listed companies. The second chapter focuses on the domestic employee shareholding system, first, to review the development process of employee shareholding system in our country, and through the analysis of employee shareholding system in our country listed company of three models, and our country listed company employees within the ESOP, exercise, and exit the three stages of law system, it is concluded that China's listed company employee shareholding system in the legislative and regulatory shortcomings. Next to the employee shareholding system outside of comparative analysis, from the perspective of comparative law research on the outside of employee shareholding system mode and the legal system is analyzed, in expanding the scope of the shareholding employees subject and ensure employee stock shareholders' rights and interests of the shareholders, complete and comprehensive of employee shareholding system legislation protecting and comprehensive guide, make the employee shareholding system perfecting of our country. But because the countries outside with economic system and legal system in our country some difference in different degree, therefore to the outside of employee shareholding system take the essence to the dregs, from standard system, establish the regulators and perfect the laws and regulations and so on omni-directional constructing China's legal system of employee shareholding stake, promote the development of employee shareholding system of listed companies in our country.

#Employee stock ownership #A listed company #Shareholder rights #Employee motivation

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참고문헌 신청

袁田 / 2013 / 我国上市公司员工持股计划的信托建构 / 证券市场导报 (10)

王雅茜 / 2019 / 上市公司股份回购研究 / 法治与社会

叶林 / 2019 / 股份有限公司回购股份的规则评析 / 法律适用 (1)

张勇键 / 2019 / 股份回购制度的完善与司法应对 / 法律适用 (1)

朱砚秋 / 2018 / 股权激励：是高管独享还是全员持股——基于<关于上市公司实施员工持股计划试点的指导意见>的思考 / 财会通讯 (18)

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