比较与借鉴:中美员工持股制度透视

Compare and Learn: Perspective on the Different Staff Stock-holding Systems of China and America

本文在对中美员工持股制度的特征、主要模式以及所产生的不同作用进行对比的基础上,指出两种制度在实施目的、组织管理与运行方式、股权资金来源和政策支持等方面的不同之处。提出了我国企业(尤其是国有企业)员工持股制度在产权置换、支付方式、投资期限、股权管理方式等方面的基本设想,并进一步分析了我国企业员工持股制度与社会保障制度结合、实施OBM管理以及政府政策支持方面的意义与可能性。结论是:以实现产权置换和非现金支付为主,鼓励长期投资,纳入社会保障体系,注重员工的参与性,政府发挥应有的作用。

Based on a comparison between the different backgrounds of taking shape, the different characteristics, the different main patterns and the different functions of the staff stock - holding systems of China and America, This paper points out the differences in goals, organization and management, operational pattern, source of equity finance and government policy support of the two systems, and thus puts forward the basic scheme for Chinese enterprises, especially state- owned ones, for equity exchanges, terms of payment, investment deadline and stock - holding management, and further analyses the possibility and significance of the union of our staff stock - holding system and social support system, the OBM management, and the government policY support. This paper then draws a conclusion that the staff stock - holding system of China should be based on equity exchange and noncash payment, encourage long- term investment, incorporate social support system, emphasize staff participation and have government policy support.