Yu Fenghui: We Must Be Cautious In The Reform Of Employee Stock Ownership.

As the highlight of the reform of state-owned enterprises, the reform of content such as employee stock ownership has begun to break the ice.

"Economic reference daily" recently learned that some places have begun to disclose the reform of employee stock ownership attempt.

According to statistics from some agencies, since the second half of 2014, a total of 69 controlled listed companies have announced the ESOP, of which 9 have been listed on the ESOP, and 47 have been considered and approved by the general meeting of shareholders.

There are 9 plans, and another 4 listed company's ESOP is terminated.

Employee stock ownership reform is the highlight of the reform of state-owned enterprises, and is one of the main contents of the reform of mixed ownership of state-owned enterprises.

From past practice, there are many disputes and difficulties in employee stock ownership reform.

In theory, state-owned enterprises are the people of the whole country, and the people of the whole country are the ultimate shareholders.

The implementation of employee stock ownership has the suspicion of distributing state assets to insiders, and changing the state ownership to minority holders.

From the perspective of the loss of state-owned assets, the past employee stock ownership and management buyout reform have caused a large number of state assets to drain.

How to prevent the loss of state assets is the biggest difficulty of employee stock ownership reform.

From the purpose of employee stock ownership, it is necessary to study and consider whether to play an incentive mechanism or a binding mechanism.

Therefore, the reform of employee stock ownership must be cautious.

From the perspective of the reform of employee stock ownership system disclosed by the SASAC, we have carried out prudent and prudent thinking.

These are very good characteristics.

First, we should start with technology, innovative enterprises, local state-owned enterprises and two state-owned enterprises.

This is a very good idea.

First of all, pilot projects under two levels of technology and innovative state-owned enterprises are of little importance, but also conducive to mobilizing the enthusiasm of scientific and technological personnel, which is urgently needed by China's state-owned enterprises.

Priority support

It is necessary and urgent to carry out the pilot scheme of employee stock ownership in the pformed scientific research institutes, high and new technology enterprises, science and technology service enterprises and new industrial enterprises with relatively high contribution to technological factors.

Two, the percentage of employee stock ownership must be limited.

This idea is correct.

However, as early as 2014, Guangdong chose 50 enterprises as a pilot project of reform, and in terms of shareholding ratio, the total proportion of employee stock ownership can not exceed 20%, and the proportion of individual shareholding should not exceed 5%.

These two ratios are all too high.

The proportion of employee stock ownership should not exceed 10%, and the proportion of individual ownership should be below 0%.

Because the mixture of ownership and state assets must occupy the bulk.

Three, a pilot enterprise with exclusive and platform nature will not be implemented for a time, and related pactions with state-owned shareholders will not be implemented for more than 80% of its main business income.

This rule is very necessary and important.

An important idea is that the state-owned enterprises with employee stock ownership reform must be publicly listed companies, and the equity price value is pparent and highly mobile in the capital market.

No listing, restructuring

Then the implementation of employee stock ownership reform.

In this case, the pparency of state capital prices is measured, and there is generally no black box operation.

At the same time, ESOP shares must be purchased publicly in the two tier market, or the average price of the two market stock in a certain period to determine the price of employee stock ownership.

In short, the reform of employee stock ownership must be cautious, incentive and constraint two way constraints, and constraint mechanism.

It should be emphasized that the purpose of employee stock ownership reform must be incentive and restraint in two directions, and constraint mechanism.

That is to say, through employee stock ownership, the effect of linking shares can be enhanced, and the loyalty of employees can be improved.

Under the constraint mechanism, employee stock ownership should force employees to buy and hold in the two tier market, especially the management and members of the board of supervisors should force them to buy a considerable number of shares in the two market to hold for a long time until they leave.