新时期中国员工持股制度研究

Study on Employee Stock Ownership Plan in the New Era of China

在大力推进混合所有制改革的新时期,员工持股制度再次走到改革的前沿。本文试图回答以下问题:从理论层面,如何认识中国的员工持股制度,该制度实践的理论基础何在?从实践层面。之前中国曾经实行的员工持股遇到怎样的问题?从操作层面,未来国有企业改革中员工持股制度具有怎样的适用性.应该遵循什么原则?围绕这些问题,本文研究结论如下:一是员工持股制度,有"双因素"理论、合作经济与民主自治理论、现代劳动产权理论等作支撑。更与蒋一苇先生提出的"经济民主论"和"职工主体论"的经济管理思想相通.本文提出其本质是一种兼具"激励与治理双效应"的制度安排,这为混合所有制背景下推进员工持股奠定了理论基础。二是与世界主要发达国家相比,中国的员工持股实践仍处于"摸着石头过河"的阶段,缺乏顶层设计和统一政策思路。出现了数次反复.在理念和执行两个层面都存在问题,员工持股制度的应有潜力还没有得到充分的发掘与释放。三是新时期推进中国员工持股,应结合国情,加快相关制度体系建设工作,按照国有企业的功能定位、人力资本性质等因素区别对待,分类指导,有序推进。其中,采用混合所有制的一般商业性国有企业比其他类型的国有企业更适宜推行员工持股制度;同一类型企业中.员工的人力资本对企业竞争力影响越显著的国有企业,越适宜推行员工持股制度。成功实行员工持股制度,应坚持激励相容、增量分享和长期导向三项基本原则。

In the new era of vigorously promoting the mixed ownership reform, the employee stock ownership plan（ESOP） once again comes to the forefront of the reform. The research questions addressed in the present study are： from the theoretical perspective, how to understand the ESOP system in China, and what is the theoretical foundation for the ESOP practices in China？ From the practical perspective, what are the problems encountered by the ESOP system？ From the operational perspective,what is the applicability of the ESOP practices in the future reform of the state-owned enterprises, and what are the principles should those ESOP practices follow？ For answering these questions, we draw the following conclusions： First of all, the ESOP is a kind of incentive system, having its certain theoretical basis which associates with the economic management theories developed by Chinese economist Mr. Jiang Yi-wei. Secondly, comparing with the major developed countries in the world, China＇s ESOP practices are still on the stage of ＂crossing the river by feeling the stones＂, and in lack of the top design and the uniform policies. The potential of the ESOP system has not yet fully explored. Last but not least, in the new era of promoting the ESOP system, we should speed up the related system establishment. In accordance with the size, the nature of the property, and the functions of the SOEs, the ESOP practices should be classified accordingly, guided differently and promoted orderly. The implementation of the ESOP should adhere to three principles of appropriate incentive, the incremental benefits sharing and the long-term benefits orientation.