my country's employee shareholding system is gradually formed in the reform of state -owned enterprises。September 2015，Central Committee of the Communist Party of China、The "Guiding Opinions on Deepening the Reform of State -owned Enterprise" issued by the State Council clearly states that "holding shares of employees of mixed ownership，Pilot pilot first "，It can be seen that the reform of a new round of state -owned enterprise mixed ownership still puts employees' shareholding in an important position。But what is not to be ignored is，During the reform process of state -owned enterprises focusing on the transformation of corporate and joint -stock system in the first two rounds，Employees have experienced vigorous promotion，It has also been urgently stopped for several times，Fully reflects the advancement and complexity of this system。Therefore，Promoting the practice of employees of state -owned enterprises in the new period，It needs to be based on the summary experience and lessons，Further improves related operating specifications and policy guidance。

"Freedom of advance and retreat" is the basic condition that guarantees the effectiveness of employees' shareholding system。But the employee holding mechanism bet365 best casino games involves the ownership of all parties，It has always been a more sensitive difficult link。Especially employees of state -owned enterprises holding exit issues，Improper treatment will affect the effectiveness of the system。Therefore，Scientific and reasonable institutional construction is particularly critical。The "Opinions on the Pilot Pilot of State -owned Holdings Mixed -ownership Enterprises to Carry out Employees Stock Pilot" (hereinafter referred to as "Opinions") issued by the State -owned Assets Supervision and Administration Commission、Management and exit issues are directed to guide，Based on this guiding policy document，This article proposes relevant suggestions for further improving the exit mechanism of state -owned holding mixed ownership enterprises with the owner of the mixed ownership of the state -owned holding。

First，Fine exit of exit and design differentiation。In practice, there are more situations that cause the status of state -owned enterprise employees and lose the premise of holding shares，Different cases should match different exit plans。For resignation during the service period、Fradered Law、Labor contracts are lifted without compliance with the corporate system、Declined、Handling and other employees，It has no intention or not suitable for continuing to share the results of enterprise development，Equity repurchase bet365 live casino games or internal transfer should be performed within a time limit，or deal with it in accordance with the regulations。Resignation for after the expiry of the service period、Retirement of retirement age、Non -holding employees due to the loss of labor ability due to public，On the basis of comprehensively considering the contribution of employees to the enterprise，Keep some dividend and other equity interests。For the loss of shareholders due to the death of employees who holds the employee，Its equity disposal method shall be agreed in detail in the corporate charter，To protect the legitimate rights and interests of the heir，At the same time, it can also prevent disputes between the heirs and the enterprise。

Second，Select the appropriate exit method and the subject of the equity acceptance。Different employee holding methods lead to differences in exit methods，For employees' direct shares, generally exit through corporate repurchase or internal circulation，and the indirect holding of the shareholding platform with the shareholding platform will be exited by recycling the shareholding platform。Visible，The difference in the withdrawal method of employee shares leads to the differences in the subject of equity acceptance。For this，"Opinions" mentioned in principle "qualified employees", "holding platform", "state -owned shareholders" and "non -public capital shareholders":，but did Bet365 app download not give a specific selection plan。We suggest that when choosing a management employee as the possibility of management arbitrage when receiving the subject，When choosing non -public capital shareholders as the subject of acceptance, avoid touching the policy of "preventing state -owned assets from loss"。At the same time，Encouraging partnerships established by employees、Indirect stock holding platforms such as the state -owned investment or operating platform as an indirect shareholding platform as the main body，both avoids interest disputes and policy risks，It also helps to realize professional management。Pay special attention to，Enterprises should establish and improve the internal circulation system of equity，When the equity is transferred between the employees of the shares，It needs to meet the "single employee share holding ratio is not higher than 1%of the company's total share capital"。

third，Control the exit rhythm according to the actual control of the enterprise。To avoid the situation of random exit of employees，It should be reasonably control the exit rhythm，For example, the "Opinions" Society and employees hold the shares of at least 36 months of lock -up period。In practice，Because the industry is located、Life cycle and business model are different，The above provisions on the lock -up period can be made breakthrough，This is also in line with the principle Bet365 lotto review of guiding the guidance of state -owned enterprise reform with "one enterprise and one policy"。such as，For high -tech enterprises with a long R & D cycle，Ensure that the stability of the core science and technology personnel of the R & D period is important，You can appropriately extend the lock -up period for equity circulation。The difference is，Enterprise Enterprises with a relatively prominent characteristics of employees，Setting longer lock -up period is not conducive to enterprises absorbing better talents in the outside world。Another，Reasonable control of the exit rhythm also needs to systematically consider the financing characteristics of the enterprise、Strategic Plan、M & A process and possible listing plan，The general principle is to reducing the negative impact of its negative impact and serving the development needs of the enterprise through reasonable control of the rhythm of the exit of employees.。

Fourth，Combined with the exit situation to determine the reasonable exit price。Determination of employee's holding price，There are three different ways to deal with in practice: First, purchase the original price of the contribution when subscribing to the shares of employees，This processing method is simple and easy to operate，But in fact denied the contribution of employees。Second, determine a certain proportion of net assets or book prices at a certain period of bet365 best casino games exit or within a certain period of time，For example, "Opinions" pointed out that employees' shareholding "transferred to state -owned shareholders，The transfer price shall not be higher than the net asset value per share of the previous year "。Measured the value of the shareholding with net assets, although it is in line with the current price of state -owned assets，But it is difficult to take into account the situation of the "three new" enterprises。Third, it is determined by the transfer of the two parties first，If the consensus cannot be formed, it is determined based on the price evaluated by a third -party agency。This processing method reflects the principles of "fair value" and "risk self -blessed"，But there may be risks that third -party agencies are entrusted by the commissioner。Comprehensive consideration of the advantages and disadvantages of the above three treatment methods，On the basis of following the relevant regulations of the "net asset price" as much as possible，Combined with the cause of employee exit and job performance、Enterprise type, etc.，and use multiple valuation methods to determine the reasonable exit price。

(This article is the Research Research on Empirical Effective Research on Employees of Listed Companies "(19CJJJ26) phased results)

(Author Unit: School of Economics, Shandong Women's College)