中国员工持股制度研究

发布时间：2018-01-15 11:06

本文关键词：中国员工持股制度研究　出处：《首都经济贸易大学》2011年博士论文　论文类型：学位论文

【摘要】：员工持股起源于20世纪20年代的美国,兴盛于20世纪70年代至今。员工持股制度,是指企业员工持有本企业股份,以此分享企业利益,参与企业经营管理,并有条件退出的一种股权激励制度。本文系统梳理了中西方员工持股的理论,总结了中外员工持股制度的历史发展情况,在此基础上,结合中国建设中国特色社会主义市场经济的实际,以及国企改革和建立和谐社会的需要,探讨了如何建立有中国特色的员工持股制度。本文主要内容包括五个方面：第一,对中西方员工持股的代表性理论观点进行了总结与简要的评析。在西方理论中,比较典型的是马克思“合作工厂”理论、二元经济理论、利润分享理论、民主公司理论、第三条道路理论以及人力资本理论等；国内学者的代表性理论是职工主体论、劳动力产权论、企业制度创新论、“劳者有其股”理论以及控制“内部人控制”理论等。第二,分析了美国、日本、西班牙、英国、法国与俄罗斯等国员工持股制度的实践经验,提出了国外员工持股制度对中国的启示与借鉴：要弄清员工持股制度的本质,通过员工持股建立经济民主和工人参与制度；设立专门机构对员工股进行管理；严格限制员工股的转让；建立健全员工持股的法律法规体系；制定有利于员工持股制度的优惠政策等。第三,回顾中国员工持股制度的历史,一是总结了中国员工持股制度的发展形式,即股份合作制企业中的员工持股和股份制企业中的内部员工持股；二是归纳了中国员工持股制度的典型实践模式,即普通员工持股计划模式、工人股份所有制企业模式和利润分享计划模式；三是分析了中国企业实施员工持股制度的典型案例,即深圳金地集团(职工持股会)、南京发动机配件厂(工人所有制企业)以及长沙湘技海盾公司(信托持股),以资借鉴。第四,通过对中国员工持股与企业绩效的实证研究发现：员工持股对企业长期绩效的影响是正向的。作为调整企业产权结构的一种形式,员工持股有利于国企建立现代企业制度、明晰产权,提升公司治理水平。同时,实证结果表明,管理层持股对企业绩效的影响要大于—般员工持股。第五,为了探索建立有中国特色的员工持股制度,着重分析了马克思“重建个人所有制”思想、中国特色社会主义利益分享理论与员工持股制度之间的理论联系；并基于中国实际,提出了建设中国特色员工持股制度的指导思想、原则、目标和实施路径,以及若干的配套措施：坚持按劳分配与按要素分配相结合；妥善处理员工持股分红问题；规范企业员工股权的管理；规范员工持股会的法律地位和职能；大力实施期权期股,加大对企业经营者的激励和约束；创造良好的外部环境,如加快中国金融市场建设,制定相关的税收优惠政策,加快与员工持股制度相关的立法工作等。
[Abstract]:ESOP originated in the United States in 1920s and flourished since 1970s. The ESOP system refers to the employee holding shares in the enterprise in order to share the benefits of the enterprise. This paper systematically combs the theory of ESOP in China and Western countries, summarizes the historical development of ESOP in China and abroad, and on this basis. Combined with the reality of China's construction of socialist market economy with Chinese characteristics, as well as the needs of the reform of state-owned enterprises and the establishment of a harmonious society. This paper discusses how to establish the ESOP system with Chinese characteristics. The main contents of this paper include five aspects: First, the representative theory of ESOP between China and the West is summarized and analyzed briefly. In the western theory, the typical theory is Marx's "cooperative factory" theory and the dual economic theory. Profit sharing theory, democratic company theory, the third way theory and human capital theory; The representative theories of domestic scholars are workers' subject theory, labor force property right theory, enterprise system innovation theory, "labor person has its share" theory and control "insider control" theory and so on. Secondly, it analyzes the practical experience of the ESOP system in the United States, Japan, Spain, Britain, France and Russia. The enlightenment and reference of the foreign ESOP system to China are put forward: to make clear the essence of the ESOP system and to establish the economic democracy and worker participation system through the ESOP system; The establishment of specialized agencies to manage the staff unit; Strict restrictions on the transfer of staff shares; Establishing and perfecting the system of laws and regulations of employee stock ownership; Make favorable policies in favor of employee stock ownership system. Thirdly, reviewing the history of Chinese ESOP system, the first part summarizes the development of ESOP system in China, that is, the ESOP in the joint-stock cooperative enterprises and the internal ESOP in the shareholding enterprises. The second is to sum up the typical practice mode of Chinese employee stock ownership system, that is, the common employee stock ownership plan model, the worker share ownership enterprise model and the profit sharing plan mode; The third is to analyze the typical case of implementing ESOP in Chinese enterprises, namely Shenzhen Jindi Group (ESOP). Nanjing engine parts Factory (worker owned enterprise) and Changsha Xiangjihai Shield Co., Ltd. In 4th, through the empirical study of employee stock ownership and enterprise performance in China, it is found that the impact of employee stock ownership on long-term performance of enterprises is positive, as a form of adjusting the structure of enterprise property rights. ESOP is conducive to establishing modern enterprise system, clarifying property right and improving corporate governance level. At the same time, the empirical results show that the impact of managerial shareholding on enterprise performance is greater than that of ESOP. In 5th, in order to explore the establishment of the system of employee ownership with Chinese characteristics, the author emphatically analyzed Marx's thought of "rebuilding individual ownership". The theoretical connection between the benefit sharing theory of socialism with Chinese characteristics and the system of employee stock ownership; Based on the reality of China, this paper puts forward the guiding ideology, principles, objectives and implementation paths of the construction of ESOP with Chinese characteristics, as well as some supporting measures: persisting in combining distribution according to work with distribution according to elements; Properly deal with the issue of dividends of employee stock ownership; Standardizing the management of employee equity; Standardizing the legal status and function of ESOP; Carry out the stock of option period energetically, increase the incentive and restriction to the enterprise operator; To create a good external environment, such as speeding up the construction of China's financial market, formulating relevant preferential tax policies, speeding up the legislation related to the employee stock ownership system, and so on.
【学位授予单位】：首都经济贸易大学
【学位级别】：博士
【学位授予年份】：2011
【分类号】：F272.92

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