Human Capital is a special element capital，It must be used to participate in corporate decision -making and governance with certain carriers。The institutional arrangement of the employee holding plan can assume the role of this carrier。Some studies believe that the employee shareholding plan can participate in the company's governance through the two paths of shareholders 'rights through employee participation and centralized exercise of shareholders' rights，But it has not described in detail about its institutional guarantee and policy support for its participation in corporate governance。

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Employee holding shares to participate in corporate governance structure，Refers to the institutional arrangement of employees participating in the internal governance of the enterprise through some system or form。We should specify from the following main aspects，Provide legal guarantee and support for employees' shares to participate in corporate governance structure。

First is to ensure the legal status of employees' shareholding meeting。August 2016，The SASAC and others jointly released the "Opinions on the Pilot of State -owned Holding Mixed -ownership Enterprises to Carry out Employee Stocks"，Allow natural person to hold shares、Employee or union shares bet365 best casino games holding shares and external companies or trust transfer shares，But there are certain problems or obstacles in various forms of shareholding。Except between 1990 and 2000，Relevant departments briefly recognize the legal status of employee holdings or union holdings，The rest of the year believe that employees will lack independent civil subject qualifications，Don’t recognize the legal status of the employee holding meeting。The legitimate status of the employee's shareholding meeting is not recognized，Can't participate in the company's decision -making，The depth and effect of participating in the governance of the company cannot talk about。On the one hand，According to "Theory of Relative Rights"，Legal theoretical design should recognize diversified civil subject qualifications。On the other hand，my country also recognizes the qualifications of civil entities for individual households and individual contractors under certain conditions。From the perspective of theory or practice，The civil subject qualification of the employee holding party is legal recognition and recognition without obstacles。

Second, the law of the uniform law of law stipulates the rules of discussion of employees' shareholding plan holders。"Guiding Opinions on the Pilot Pilot Pilot Pilot Plan for Employees of Listed Companies" (hereinafter referred to as "Guidance Opinions") stipulates，The total number of employees holding shares cannot exceed 10%of the total number of listed companies' Bet365 app download shares，The total number of individual employees shares does not exceed 1%of the total shareholding ratio。Under the premise of the law of the civil subject of the employee holding club for the law，Disclosure of shares held by employees，Small proportion。If the voting is performed alone，The role played is very small，Actions of the controlling shareholders infringe on small and medium shareholders and employee shareholders。According to the provisions of the "Company Law" in my country，Representatives of more than 10%of the shareholders of voting rights have a series of rights such as the meeting to convene an interim shareholders' meeting，So you must use this 10%system regulations。Legal specifications should be uniformly stipulated in the rules of discussion of employee holding plan holders' conferences，Rules similar to the disciplinary rules similar to the creditor meeting，Regulations for the rules of general matters and special matters，More than half of the number of employees who hold shares、Represents more than 3/3 employees' shareholding ratio through，Employee holding meetings can represent the institutional arrangement of voting rights for more than 10%of the share ratio。

Third, the institutional arrangement of "long -term holding" of employee shareholders shares。To make employees hold the effect of participating in corporate governance, it really plays a role，A very important factor is that employee shareholders bet365 live casino games need "long -term holding" for employee shareholders.。"Guidance Opinions" stipulates，Each employee shareholding plan holding the shareholding period is not less than 12 months，Non -public release method，The shareholding period is not less than 36 months，This guarantees the "long -term" of employee shareholders to a certain extent，Prevent employees from using the stock price difference to buy and sell speculation，Long -term incentive purpose to implement the employee holding plan。Except the above "long -term holding"，Shareholders' departure、Retirement and death are also a special form of "long -term holding"，will lead to the release of labor relationship with the company。Generally, the principle of "people off -share refund" is adopted in the employee shareholding plan and the company's charter。But in practice, there is often no specific regulations because of the "Company Law" and related judicial interpretations.，and disputes and disputes due to unknown agreement。It is recommended that relevant laws and regulations establish a unified national employee holding exit mechanism，Can't cut "people off -share refund"，Should be separated、Retirement and Death，Formulate a share disposal method，Realize the "long -term holding" of employees' shares，Really play the functions of employees' shareholding participating in corporate governance。

　　Provide policy support

　　Company governance is divided into internal governance structure and external governance mechanism。Internal governance structure refers to the internal power division and restriction mechanism，External governance mechanism usually refers to the manager's market、Credit Market、Competition in the product market and control market。

First，The implementation method of employee shareholding plans is divided into leveraged employee holding plans and non -leverage employee holding plans。Leveraged employee shareholding plans to provide employee shareholding and fund guarantee for employees' shareholding through bank credit and other policies，Give full play to the external governance function of the debtor market，Creditors who provide credit support and guarantee will be involved in the company's decision -making and governance with the employee holding plan.。

Next，Employees holding shares to participate in corporate governance equity incentives for good or bad，To a large extent depends on whether the manager's market and product market competition is sound。The government should continue to further promote the reform of the market economy，Improve and improve the market and product competition market。

Last，Control market is a typical form of external governance mechanism，It should support and improve the control of the market operation rules。In this market，Companies with low management and operating efficiency will be acquired。The shareholders of the acquirer are acquired and re -elected the board of directors，Replace the management of existing bet365 best casino games target companies，Achieve the governance purposes such as punishment and replacement。Look from the acquired partner，The employee holding plan can participate in the company's governance through control market。On the one hand，If the acquired company uses the employee holding plan，Employees acquired by the acquired company are considered for posts，I will not transfer the shares they hold to the acquirer，The employee shareholding plan will play a governance function in this case，Prevent the control of the acquired company's control beside it。On the other hand，Since most of the current listed companies adopt leverage employee holding plans，Most of the controlling shareholders adopt a pocket strategy when formulating the employee holding plan。When the market environment is not good，When encountering risks，The stock price may fall sharply，Big shareholders or controlling shareholders will be affected，Control may fall beside。At this time, you need to replenish and improve the operation rules of the market from the perspective of employee holdings。

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

(Author Unit: School of Management of Qilu University of Technology (Shandong Provincial Academy of Sciences)