论文标题:国有企业员工持股制度改革的法律研究
A Study on the Law Concerning the System Reform of Employee Stock Ownership in State-owned Enterprise
论文作者 殷茵
论文导师 高宏贵,论文学位 硕士,论文专业 经济法学
论文单位 华中师范大学,点击次数 75,论文页数 41页File Size2130k
2003-05-01论文网 http://www.lw23.com/lunwen_163288427/ 员工持股;国有企业;人力资本;信托
Employee Stock Ownership(ESOP);the State-owned Enterprise,Human Capital,Trust
国有企业改革一直都是我国改革和发展的中心。然而经过二十多年的改革历程，它却一步步走向困境，从重中之重变为难中之难，成为困扰我国经济和社会发展的最大难题。国有企业的“国有”色彩过于浓厚，企业员工一直是改革的牺牲品而不是受益者，这恐怕是其中一个关键的原因。 回顾国有企业的改革历程，凡是在当时取得一定成功的领域(如放权让利、承包制等)无不与人的积极性充分发挥有关。这启示我们，改革的核心和重点之一就是要调动员工的积极性，因为他们对改革的态度归根到底是由其经济利益以及与之相适应的社会地位决定的。改革只有从总体上给员工带来好处，使他们获得一定的物质利益并改善其在社会经济结构中的地位，才能获得普遍认同，才能转化为强大的经济内推力。因此在完善国有企业股份制改造方案过程中，借鉴国外成功经验，在国有企业中创建员工持股制度(ESOP)，不失为一条可行的方法。这种跨越所有制差异的企业组织制度，就是通过员工认股或持股经营，将员工利益、前途与企业利益、前途紧密结合起来，员工以劳动者和出资者的双重身份参与国有企业的经营管理以及剩余利润分配，从而重塑员工应有的改革利益主体地位。我国员工持股制度是与国有企业股份制改造相伴而生的，目前已进入普遍实验阶段，然而从整体上看，它并未取得预期效果。本文试图对员工持股制度改革的有关法律问题进行探讨。 国有企业员工持股制度是建立在人力资本与物质资本共同创造企业剩余价值的立论基础上的，它同时也是利益相关者平等参与企业经营决策和剩余权分配的共同治理模式之必然要求。 现在人们大力提倡的员工持股制度是在过去“内部员工股”制度基础上发展起来的，过乱、运作不规范等问题得到了较大的改善，但是由于理论观念和法律规范的滞后，实践中仍存在诸多问题：员工持股制度参与方(尤其出资员工、员工持股会和国有企业三者间)的法律关系不顺，法津地位不明；一 许多国有企业改制后缺乏有效的员工参与机制，使员工持股沦为一个空心化 的制度外壳；现行法律法规中相当多的规定更是对国有企业员工持股改革的Z 障碍，还有许多相关方面现行法律未作规定。这些问题的存在是同国有企业 改革的法观念、员工持股理论、企业相关制度及外部环境等因素有关的。 出资员二＿和间接行使ESOP股权的员工持股会之间是一种特殊的信托关 系，从落实ESOP对国有企业改革的作用考虑，赋予员工持股会以国有企业 股东地位无疑是一种理性且可行的选择。员工持股会的运作方式，有信托投 资公司、信托投资基金、共同受托人、企业内部机构等几种具体选择方案。 至于ESOP的投票表决规则、员工持股会的内部表决规则，以及悬置帐户中 的员工股是否有表诀权、ESOP是否设置和设置多大比例的优先股这些问题， 我们应当承认国有企业和 ESOP的自治地位，允许他们根据自身情况自主确 定。为了更加凸显我国国有企业员工持股制度的“两次投票权”特色，保障 未参加 ESOP的弱势员工合法权益，还要做好员工持股制度和职工代表大会 制度的协调工作。员工的特定内部劳动者身份及国有企业改制后的“人合制”， 要求将员工股流动、转让限制在合理范围内。另外，还要着重解决员工持股 制度改革遭遇到的法律瓶颈。放宽现行法律的限制，允许员工以人力资本出 资，但对其评估必须依法进行，并预设有限担保责任解决其责任承担问题； 允许国有企业在特定情形下回购员工股份，建立公司股票库存制度；承认国 有资产恰当优惠、配送的合法性，同时充分运用税收金融杠杆以最大程度的 推动员工持股制度改革。 另外还有两点是需要说明的。其一，广义上的员工包括普通员工和高层 0 经营者（经理阶层和企业家阶层人本文仅探讨普通员工的持股问题。其二， 本文所指的员工持股的企业是员工不完全参与的企业，不包括员工完全参与＋ （所有）的企业。
The state-owned enterprise reform is the focus of China reform, but it is going into a deep end, mainly attributing to the fact that state-owned character is too dense and employee is always the victim but not the beneficiary in the reform.Looking back on the reform, we found successful fields always related to full exertion of employee enthusiasm. In the last analysis, employee" s attitude is decided by their benefits and corresponding conditions coming with reform; it is a feasible way to establish employee stock ownership(ESOP), to perfect the shareholding design for Incorporation of state-owned enterprise, By employee holding stocks, the benefit and future of employee and enterprise are banded together tightly. Employee take part in enterprise management and surplus value distribution with labourer and capital investor identity. The development of ESOP and Incorporation of the state-owned enterprise in China is concurrent, and now it has comes into experiment stage at large. But on the whole, it has not achieved the desired results. The article tries to discuss some important legal problems on the ESOP reform.ESOP is based on the theory that human capital and matter capital create surplus value together. And it is also the demand of common governance pattern that stakeholders equally participate in management, decision-making and surplus rights distribution.ESOP is the development of past "internal employee stock", and its operation gets more standard. However, because of the lagging related legislation, there are many practical problems: the legal relations between employee and union holding employee stocks (the union) is unclear; many enterprises are short of effective employee participation system which ESOP is made a hollow system rust; and some present legal provisions are obstacles to ESOP reform. These problems areclosely related with factors of reform idea, ESOP theory, enterprise system concerned and exterior condition.The relation between employee and the union, which indirectly exercise ESOP right, is a kind of particular trust legal relation. In order to put ESOP reform into effect, it is a reasonable and feasible choice to endow the union with stockholder status of the state-owned enterprise which can be represented by the forms of trust invest corporation, trust invest fund, common trustee or interior enterprise setup. It should be up to enterprise and ESOP to decide the vote rule, and to decide whether employee stocks in suspend account can vote and whether employee stocks can be priority stocks. We should harmonize the relation between ESOP and employee representation conference system, in order to throw out the character of "twice-voting" in ESOP. It is the demand of interior labourer identity of employee and human integration of enterprise with ESOP to limit transfer of employee stocks to reasonable area. Meanwhile we should allow employee invest with human capital and take on limited assure liability, allow the enterprise buy employee stocks in particular situation and establish stock reserve system, and admit the validity of state-owned asset properly favorable deliver and fully exert revenue and finance levers.In addition, there are two points to explain. First, "employee" in the article only refers to common employee. Secondly, the ESOP enterprise studied in the article is the one employee possessed.
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