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Economic Analysis Of Staff Holding Company System

2008/6/30 15:05:00 41767

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The defects of traditional state-owned enterprises in the system are more concentrated in the ownership of enterprise property, which is a single form, that is, state ownership. Therefore, the undertakings of all enterprises' responsibilities are also the state.

Here, although the ownership and management rights of property have been separated in a certain scope, however, because the operators and employees of enterprises are not related to the property rights of enterprises and do not bear corresponding responsibilities, no matter how talented a business operator sits on the position of state-owned enterprises, the operation of enterprises is irrelevant to their business.

Here, all the resources of the enterprise have not been reasonably and fully allocated, but on the contrary, they have been greatly wasted.

This is what property economics advocates. The significance of property rights lies in the fact that when using certain resources, it can bring greater efficiency and increase the true meaning of social wealth.

First, the purpose of state investment is to operate larger capital and maximize its efficiency.

In the process of shareholding reform, after the state assets administration reassessed the ownership of state-owned enterprises, the vast majority of them were owned by the state. Some of their assets were owned by the state. They were state shares or state owned corporate shares in the form of equity ownership.

In the majority of state-owned enterprises' shareholding structure, there are no legal person shares owned by all employees.

From the source of investment, all the investment of state owned enterprises is state. After shareholding system, the ownership form is also single, and there are no forms of equity that are conducive to efficiency improvement.

Therefore, a certain proportion of the internal employee stock ownership solves this problem, and does not weaken the exercise of the rights of the state shareholders in a large holding position. On the contrary, because of the small shareholders of the employee group, the large shareholder of the country has relatively control power on the minority shareholders, and the controlling shareholder in the country has the capital sum of the social capital whose operation is greater than its own capital.

As a result, the rights of the major shareholders of the state have been fully exercised, maximizing the operation efficiency of the capital invested by the state.

This is determined by the legal characteristics of the "one vote, one vote" system made by the company.

This scientific and reasonable equity structure is an important prerequisite for the full realization of the institutional advantages of modern enterprises.

Second, diversified ownership structure makes the behavior of all parties tend to be balanced.

Equilibrium refers to the form of interaction that each party tends to persist for achieving the maximum goal at the same time.

In the operation of a company, shareholders and companies, as the subjects with personality characteristics, can achieve their maximum goals only when their maximum objectives are consistent, so as to maintain a long-term and enlightened balance of interactions.

Employees of state-owned enterprises in China have never enjoyed property rights to enterprises. They have always been passive behavior and inaction. They have always come to work and work as a criterion.

Here, there is no common goal of all parties in the enterprise, and there is no precondition for interaction.

The most important resource of the society -- human resources has been rejected and wasted most.

Therefore, the efficiency and low efficiency of state-owned enterprises, and the lack of competitiveness are the logical results of this state.

As one of the shareholders of the company, the employees' group participates in the board of directors and board of supervisors of the company and participates in the management of the company. It clearly defines the status of the employee as the master in law, and also clearly defines the legal responsibility of the staff for the company's development and enterprising and working.

Here, the shareholders of the state, the legal person and the shareholders form a common interest community. In the interaction of mutual supervision and mutual support, their common goal is to maximize profits.

Third. The system of internal employee stock ownership accords with the modern enterprise system.

The prominent characteristics of modern enterprise system in economics are socialization of production, socialization of capital, socialization of risks and socialization of operation. The prominent characteristics of the law are clear property rights, clear responsibilities and strict implementation of responsibilities.

Although Limited by Share Ltd is the ultimate mode of modern enterprise system, because the stock market in China is not developed enough and the listing quota is limited, the system reform of state-owned enterprises often chooses the mode of limited liability company in a short time.

As a result, the SOE limited liability company can understand the characteristics of modern enterprise system in economics and jurisprudence as soon as possible, and it is a rational choice to shorten the process of SOE reform and reduce the cost of SOE reform.

Without the participation of the shareholders of the employee group, as stated above, the ownership structure after the reform is still single, not reasonable and abundant. Therefore, it is unconditional to reflect the characteristics of socialization, risk socialization and socialization of operation of capital, and there is no legal premise to fulfill the obligation strictly.

Therefore, a scientific and reasonable proportion of the shareholding structure of the internal employee stock ownership is a sufficient condition for the perfection of the modern enterprise system in China.

Fourth, diversified ownership structure has dynamic adjustment of its own requirements.

Economist Philip Klein pointed out: "modern economy, like most man-made systems, must be observed dynamically.

All market oriented economic systems must be observed and evaluated from the changing perspectives of technology, resources, social goals and expectations.

"A single form of capital structure, there is no continuous adjustment and improvement of their own requirements, there is no room for adjustment, therefore, the market changes and new requirements can not be quickly returned to the capital structure of enterprises, resulting in the capital structure, organizational structure and management structure of enterprises facing the market is dull.

The ownership structure of the multiple ownership structure makes the capital structure, organizational structure and management structure of the company in a dynamic state of being reasonable and perfect.

The proportion of state shares, legal person shares and employee shares in the unlisted companies is based on the requirements of the market and the changes in the company's operating conditions.

This is determined by the socialization of capital and the flow of securities in the market economy.

Fifth, employee stock ownership helps employees to strictly perform their duties.

As one of the sponsors' shareholders, the staff group, like other shareholders of the promoters, has limited liability for the company's debts in terms of its investment amount.

This is the obligation of the law to entrusts the internal shareholders.

But as an external shareholder, the holder of the stock does not take this obligation.

If a traditional single ownership enterprise runs a deficit, it has no immediate interests with any employee, including the general manager, nor has the premise of assuming corresponding legal responsibilities.

The employee shares the company's shares in different proportions, so that the company can bear the corresponding proportion of responsibilities. In this way, the property losses can be reasonably allocated, so that all staff members, like other shareholders, can reduce costs, reduce losses and increase profits in the company's operation.

Therefore, employee stock ownership helps workers enter the competitive market and understands the principle of proportionate co-existence of rights and obligations.