Listed Company Employee Stock Ownership Policy "Landing"

< p > at a href= "http://www.91se91.com/news/index_s.asp" > Shanghai index < /a > hovering near the 2000 point, the A share market will gain a big profit.

Recently, the China Securities Regulatory Commission issued the "pilot guidance on employee stock ownership plan of listed companies", making clear provisions on the ESOP funding, stock sources and duration of holding.

Some analysts say that ESOP helps to increase employee benefits, improve corporate governance and promote market value management, but it needs to optimize its tax policy and source of funding.

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< p > < strong > the highlights of the new edition are frequent > /strong > < /p >.

< p > in fact, employees < a href= "http://www.91se91.com" > shareholding plan < /a > is not a new concept. As early as August 2012, the SFC issued the Interim Measures for the management of employee stock ownership plans of listed companies (Draft), but it has not been officially landed since then.

"From the comparison between the two versions, there has been a significant improvement in the sources of employee stock ownership and stock, as well as the way of holding shares, which is more in line with international practice and more operable."

GUI Hao Ming, director of market research at Shenyin World Research Institute, said.

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< p > sources of funds and stocks, the previous draft only allowed cash compensation from employees in the company for 12 months, such as wages and bonuses, and purchased from the two market.

In the latest guidance, the former increased the "other ways permitted by laws and administrative regulations", which increased the "buy back of the company's shares" by listed companies, "subscribe for non-public offering shares", "voluntary contributions from shareholders", "other forms permitted by laws and administrative regulations" and so on.

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< p > some analysts said that in the latest guidance, stock ownership of ESOP does not include preferred stock, convertible bonds and so on, which are expected to be included in employee stock ownership in the future.

On the way of stock ownership, the draft request for stock participation in ESOP is 36 months, while in the guidance opinion, except for the time limit of non-public issuance, the general locking period is only 12 months, which is more humanized.

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< p > "compared with the previous equity incentive that has been implemented for many years, ESOP is for all employees and follows the principle of voluntary participation, which will also help to enhance its attractiveness."

Gui Haoming said.

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< p > < strong > facing more challenges < /strong > < /p >

< p > in fact, the party's decision in the third Plenary Session of the 18th CPC Central Committee and the new "nine countries" have clearly promoted the ESOP. The latter, after the passage of "promoting the development of mixed ownership economy", explicitly decided to allow the listed companies to carry out the employee stock ownership plan in various ways according to the regulations. Then, what is the role of ESOP? < /p >

Li Daxiao, director of the Institute of securities research, Li Daxiao, believes that promoting the employee stock ownership plan in the listed companies is conducive to the establishment and improvement of the sharing mechanism of the interests of workers and owners, the improvement of the cohesion of the staff and the competitiveness of the company, and the improvement of the level of corporate governance and the supervision of the internal decision-making.

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< p > from a practical point of view, the company can strengthen the management of market value through ESOP.

Prior to Guanghui energy [0.87% Fund Research Report] had planned to set up an employee stock ownership plan, the company's share price rose by more than 20% after the launch of the scheme.

Recently Vanke A[1.85% fund research report, Ying an partners frequently holdings of company shares, also shows that ESOP can enhance the ability to control the company, improve the company's governance structure.

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< p > but at the operational level, the employee stock ownership plan of listed companies is still facing more challenges.

In terms of policy convergence, the guiding opinions are clear. The listed state-owned enterprises and central enterprises need to wait for the relevant requirements of the SASAC and other ministries and commissions, while financial state enterprises need the Ministry of finance's regulation.

In addition, the stock exchange, the registration of Clearing Corp and other related measures need to be issued.

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< p > from international experience, we can enjoy tax preference for ESOP in mature markets.

"Due to the lack of specific provisions such as the tax preference of ESOP, or the attractiveness of its attractiveness, it is expected that this policy can be implemented in the future."

Li Daxiao said.

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< p > Gui Haoming believes that in the < a href= "http://www.91se91.com" > employee < /a > shareholding fund sources, overseas markets can also be passed through bank credit, pension and other channels, but domestic regulations require that financial institutions can not loan to buy stocks, if only the legitimate remuneration of employees will constitute a larger constraint on their shareholding funds, its positive effects will also be narrowed correspondingly.

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