基于沪市员工持股计划实践的现实思考

Realistic Reflection on Practice of Shanghai Stock Exchange Employee Stock Ownership Plan

自2014年证监会颁布员工持股计划指导意见以来,员工持股计划得到一定程度的规范和发展,但总体来看,员工持股计划难以在公司治理中发挥应有的股东作用,对于提高企业经济效益效果有限,也未作为公司的长期制度安排。建议从多个方面对员工持股计划进行完善,以最大程度发挥其积极作用。

The employee stock ownership plan has been developed to a certain degree since SEC issued the guideline of employee stock ownership plan in 2014. However, as a whole, the employee stock ownership plan has not played an important role in corporate governance. It has limited effect on improving the benefit of firms. The plan has been regarded as long-term institutional arrangements in firms. The author suggests that firms can improve the employee stock ownership plan from many aspects to make the most advantage of the employee stock ownership plan.