美国员工持股计划及其对我国国企改革的启示

U.S.Employee Stock Ownership Plan and Its Implications for China's SOE Reform

混合所有制经济实行员工持股,有助于提升国有企业的竞争力,为国有企业的长远发展增添活力。但其在国企中的推行和有效运作需要具体的制度安排做保障。我国的员工持股实践与美国等发达国家相比还处于起步阶段,有关制度安排还不够完善,这会影响员工持股制度应有潜力的充分发挥。美国员工持股计划自1974年获得官方认可,发展已有四十余年之久,是世界范围内比较成功的员工所有制形式。深入了解美国员工持股计划的理论渊源、运行机制、特征、发展概况和它对企业业绩的影响以及它的局限性,可以为我国国有企业推行员工持股提供参考。在国有企业中推行员工持股,应当围绕"形成资本所有者和劳动者利益共同体"和"建立激励约束长效机制"这样的目标设定具体的制度安排。

Mixed ownership economy implements employee stock ownership,which helps improve the competitiveness of state-owned enterprises and adds vitality to the long-term development of the state-owned enterprises.However,specific institutional arrangement is required to guarantee its implementation and effective operation in state-owned enterprises.Compared with the United States and other developed countries,China's practice of employee stock ownership is still in its infancy and relevant institutional arrangement is not perfect,which will affect full realization of potential of the employee stock ownership system.Since it was officially recognized in 1974,U.S.employee stock ownership plan has developed for over 40 years and it is a successful form of employee ownership in the world.By thoroughly understanding the theoretical origin,operational mechanism,characteristics,development situation,impact on corporate performance and limitation of the U.S.employee stock ownership plan,it can provide reference for China's state-owned enterprises to promote employee stock ownership.To promote employee stock ownership in state-owned enterprises,we shall focus on the goals of forming an interests community of capital owners and workers' and 'establishing a long-term mechanism of incentives and restraints' to set up specific institutional arrangement.