The Trust Construction of EPSs of China's Listed Companies
In August of 2012, CSRC drafted the Interim Measures on Employee Shareholding Programs(ESPs) and began to solicit public comments. The introduction of professional asset management agencies in the management of ESPs is the key point of this reform, which aims to protect the interests of employee shareholders and improve corporate governance of listed companies.The reform needs further research on how to construct the scientific asset management mode and how to effectively employ the function of asset management agencies. Combined China's current regulation of the Interim Measures with main mode of overseas mature markets, this paper suggests that the management mechanism of China's ESPs should be constructed on the trust law. It is also suggested that the advantage of trust law would provide system selection and support for the development of the ESPs in China.