1992 On May 5th, the National Economic System Reform Commission, the Planning Commission, the Ministry of Finance, the People's Bank of China and the the State Council Production Office jointly issued the Pilot Measures for Joint-stock Enterprises, and at the same time, the State Commission for Economic Restructuring issued the Opinions on Standardizing Joint-stock Companies. The regulations of these two departments have made relevant provisions on internal staff shares, which is also the earliest national regulation on internal staff shares. Proceeding from the above provisions, the government has issued a series of documents and taken measures to regulate and manage internal employee stock ownership. From the perspective of internal employee stock ownership, it can be roughly divided into three stages: the first stage is from1June 438, 992+May 65438+May 5, when the State Commission for Economic Restructuring issued the "Standard Opinions on Joint Stock Limited Companies" to1April 3, 993, when the General Office of the State Council forwarded to the State Commission for Economic Restructuring and other departments the "No"

In the second stage, from1April 3, 1993 to1July 30, 1993, the State Commission for Economic Restructuring issued the Regulations on the Management of Employee Stock Ownership in Joint Stock Limited Companies, which cleared up the problems of "socialization of internal shares and personalization of legal person shares" in practice and suspended the examination and approval of employee stock ownership in newly established joint stock limited companies.

In the third stage, from165438+ 1 in July, 1993 to165438+ 19 in June, 1994, the State Commission for Restructuring the Economy issued a document forbidding the establishment of directional issuing companies. At this stage, the proportion of internal employee shares in the total share capital cannot be higher than 2.5%.

1After the approval of the establishment of directional issuing companies was banned on June 9, 994, the internal employee shares of directional issuing companies with China characteristics no longer appeared, but a large number of historical issues such as the standardization and liquidation of the issued internal employee shares still existed.