员工持股计划参与上市公司治理的路径选择

Choice of Approaches to ESOPs' Participation in Corporate Governance of Public Companies

本文分析了员工持股计划参与上市公司治理的优劣势,提出其优势在于员工持股计划作为一个整体所具备的信息、动力和组织优势,劣势在于决策成本高和缺乏效率;而员工持股计划可以通过员工参与制和集中行使股东权两大路径参与上市公司治理,并分析了员工持股计划在上市公司控制权争夺战中的作用。在此基础上,员工持股计划完全可以在既有的公司治理框架下参与上市公司治理,没有必要赋予员工持股计划超出现有机制的额外权利。

The paper analyzed merits and drawbacks for ESOPs to participate in corporate governance,pointing out ESOPs had strong points on information,motive and organization,and had weakness for lack of efficiency and high cost on decision- making. This paper considered ESOPs could participate in corporate governance through two approaches: worker participation and exercising stock owner as a whole. This paper also analyzed the function of ESOPs in takeover of public companies. The conclusion is ESOPs could participate in corporate governance of public companies through current framework and it is unnecessary to give ESOPs extra rights.