摘要
中国现已停止实施职工持股计划 (ESOPs) ,但在西方国家 ,却普遍认为 ESOPs具有不少优点 ,特别是对职工的激励作用 ,因而日益受到人们的重视。随着中国证券市场的发展 ,中国是否也应该实施 ESOPs?文章认为 ,我国不必重新启用 ESOPs,因它具有三个不可克服的内在的缺陷性。实施长期 ESOPs的企业 ,会使其市场价值增加 ,但这部份增加的价值是职工股持有人无法获得的资本利得和无法转移的持有风险的价值。国有股其性质相当于此类ESOPs,导致国有资产的流失。实施短期的 ESOPs会诱发内幕信息的产生 ,违背了资本市场的“公平、公开、公正”的原则。事实上 ,ESOPs对职工无激励作用而言。因此 ,应永久性停止使用
WT5”BZ]Employee Stock Ownership Plans (ESOPs) are not carried out in China now.But they have been increasingly valued in Western countries,because it is widely regarded that there is much merit in ESOPs,especially in being incentives to employees.With the development of Chinese securities market,should ESOPs be carried out in China again? This paper points out that China should not resume ESOPs, for there are three defects that cannot be eliminated in ESOPs. The market value of the firm with long term ESOPs will increase, but this increased value is the value of capital gains that Employee Stockowners cannot own and they cannot transfer it.Naturally speaking, the state owned shares are similar to the long term ESOPs, and cause the loss of state owned assets. The short term ESOPs can result in the production of inside information, and break the principles of “fairness, openness and justice” on the capital market.Thirdly, ESOPs have no incentives to employees at all. Therefore, the ESOPs should not be put in practice for all time. [WT5”HZ]
出处
《天津大学学报（社会科学版）》
2000年第3期178-182,共5页
Journal of Tianjin University：Social Sciences
关键词
职工持股计划
企业
国有资产流失
缺陷性
股票
employee stock ownership plans (ESOPs)
market value of the firm
capital market
incentit
