员工持股计划在民营企业中的应用研究
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摘要
员工持股计划(ESOP)在国外的发展与实践已经有几十年的历史了，但在中国却是近十年来才逐步被引入企业。而且在实施的过程中，大多数人把ESOP的运有关注于我们工作效率较低、亏损严重的国营企业。他们认为员工持股是产权改革的一个有效的办法，可以通过这种改革，在国营企业中提高员工的工作积极性，给企业注入新的活力和生命力，实现企业竞争力的大幅提高。但是对员工持股计划在民营企业的实施，大家给予的关注就比较少。实际上，我国的民营企业现在都普遍地面临“第二次创业”的情况，人力资本价值的合理体现和企业治理结构的完善已经成为大家关心的中心问题，那么为什么在民营企业中就不能大规模地通过实施实行员工持股计划来体现人力资本的价值和完善企业治理结构呢?民营企业在实施员工持股的过程中，需要注意那些问题?应该遵循怎样的操作流程?
本文详细地介绍了员工持股计划的起源与发展，以及与之相关的一些“双因素经济论”、“员工激励理论”、“现代企业理论”、“利润共享理论”、“企业家理论”等理论基础，并从利益相关者的角度对员工持股计划的可行性做了分析，指出了员工持股与现代企业发展的一致性。本文从员工持股在国外企业中的发展，看到了员工持股方案在中国企业中运用的广阔前景。本文系统地总结了民营企业在员工持股实施过程中需要注意的一些问题及相应的对策建议。本文通过对一民营企业实施员工持股计划的案例分析，较为生动的阐明了我国民营企业所面临的问题以及实施ESOP后所带来的变化。本文最后从员工持股的实际操作程序上对员工持股在民营企业的实施做出了较为全面的阐述。
作为中国整个社会经济的重要组成部分的民营企业，他们对国家和社会的贡献越来越大。如何才能让他们在新的竞争环境中迅速成长、壮大，是许多学者、专家研究的目标。本文从民营企业的人力资源激励的角度对员工持股在企业发展中的重要性给出了作者的判断，希望能够对民营企业的发展提供一点帮助。
The development and practice abroad of ESOP have a history of dozens of years,but it has been just introduced into enterprises progressively in the past ten years in China. And during the process of implementing, most people pay close attention to the thing that we work efficiency lowly, state-run enterprise suffer great loss application of ESOP. They think it is an effective method of property right reform that ESOP, which can improve the staff's working enthusiasm in the state-run enterprise through the kind of reform, inject new vi gor and vitality into enterprise, realize the improving by a wide margin of enterprise's competitiveness . But people pay little attention to the implementation that ESOP run in the private. In fact, the private enterprises of our country all generally face the situation of " starting an undertaking for the second time "now, manpower capital rational embodiment and enterprise perfection of administration structure of value has become the central issue that everybody cares about
.why can't reflect manpower value and perfection enterprise of capital manage through implementing staff's holding share and planning extensive among the private enterprise and then pay attention to the structure? Does the private enterprise need to pay attention to those questions during the process of implementing to the staff and holding share? What kind of operation procedure should be followed?
Origin and development planned of the staff held share the text has introduced in detail , and some theoretical foundations that correlate with it are" dual factors theory not economic " , " staff motivation theory ", " enterprise theory not modern ", " last theory profit ", " entrepreneur theory ",etc. Making analysis to feasibility of ESOP in terms of stakeholder, point out that ESOP is with the consistency of modern
enterprise' s development. From the ESOP' s development among overseas
enterprise, the text see stall' hold share scheme use wide prospect among Chinese enterprise. This text has summarized some questions and corresponding countermeasures and suggestions that the private enterpri so needs pay attention to whi 1 e the staff hold share and implement systematically. Through implementing to the staff and holding share the case analysis that plan tooneprivateentorpri.se, the comparat ively vivid one has expounded the changes brought after the problem faced of the private enterprise of our country and implementation of ESOP. This text made comparatively overall exposition to the implementation that the staff held share in the private enterprise from the actual operation sequence.
As the important component of China's whole social economy, The contribution of the private enterprise to the country and society is greater and greater. How could let them grow up , strengthen rapidly in the new competitive environment, it is the goal that a lot of scholars , experts study. This text provide the author' s judgment that it is important for the private enterprise to develop ESOP in enterprise from angle that human resources encourage of the private enterprise, hoping those can offer help a bit to the development of the private enterprise.
本文详细地介绍了员工持股计划的起源与发展，以及与之相关的一些“双因素经济论”、“员工激励理论”、“现代企业理论”、“利润共享理论”、“企业家理论”等理论基础，并从利益相关者的角度对员工持股计划的可行性做了分析，指出了员工持股与现代企业发展的一致性。本文从员工持股在国外企业中的发展，看到了员工持股方案在中国企业中运用的广阔前景。本文系统地总结了民营企业在员工持股实施过程中需要注意的一些问题及相应的对策建议。本文通过对一民营企业实施员工持股计划的案例分析，较为生动的阐明了我国民营企业所面临的问题以及实施ESOP后所带来的变化。本文最后从员工持股的实际操作程序上对员工持股在民营企业的实施做出了较为全面的阐述。
作为中国整个社会经济的重要组成部分的民营企业，他们对国家和社会的贡献越来越大。如何才能让他们在新的竞争环境中迅速成长、壮大，是许多学者、专家研究的目标。本文从民营企业的人力资源激励的角度对员工持股在企业发展中的重要性给出了作者的判断，希望能够对民营企业的发展提供一点帮助。
The development and practice abroad of ESOP have a history of dozens of years,but it has been just introduced into enterprises progressively in the past ten years in China. And during the process of implementing, most people pay close attention to the thing that we work efficiency lowly, state-run enterprise suffer great loss application of ESOP. They think it is an effective method of property right reform that ESOP, which can improve the staff's working enthusiasm in the state-run enterprise through the kind of reform, inject new vi gor and vitality into enterprise, realize the improving by a wide margin of enterprise's competitiveness . But people pay little attention to the implementation that ESOP run in the private. In fact, the private enterprises of our country all generally face the situation of " starting an undertaking for the second time "now, manpower capital rational embodiment and enterprise perfection of administration structure of value has become the central issue that everybody cares about
.why can't reflect manpower value and perfection enterprise of capital manage through implementing staff's holding share and planning extensive among the private enterprise and then pay attention to the structure? Does the private enterprise need to pay attention to those questions during the process of implementing to the staff and holding share? What kind of operation procedure should be followed?
Origin and development planned of the staff held share the text has introduced in detail , and some theoretical foundations that correlate with it are" dual factors theory not economic " , " staff motivation theory ", " enterprise theory not modern ", " last theory profit ", " entrepreneur theory ",etc. Making analysis to feasibility of ESOP in terms of stakeholder, point out that ESOP is with the consistency of modern
enterprise' s development. From the ESOP' s development among overseas
enterprise, the text see stall' hold share scheme use wide prospect among Chinese enterprise. This text has summarized some questions and corresponding countermeasures and suggestions that the private enterpri so needs pay attention to whi 1 e the staff hold share and implement systematically. Through implementing to the staff and holding share the case analysis that plan tooneprivateentorpri.se, the comparat ively vivid one has expounded the changes brought after the problem faced of the private enterprise of our country and implementation of ESOP. This text made comparatively overall exposition to the implementation that the staff held share in the private enterprise from the actual operation sequence.
As the important component of China's whole social economy, The contribution of the private enterprise to the country and society is greater and greater. How could let them grow up , strengthen rapidly in the new competitive environment, it is the goal that a lot of scholars , experts study. This text provide the author' s judgment that it is important for the private enterprise to develop ESOP in enterprise from angle that human resources encourage of the private enterprise, hoping those can offer help a bit to the development of the private enterprise.
引文
1．(美)科斯、哈特等著《契约经济学》，经济科学出版社，1999
2．[日]片庭浩久：《管理层收购》，张碧清译，中信出版社，2001
3．(美)斯蒂芬．P．罗宾斯著《组织行为学》第五版，机械工业出版社，2000．11
4．(美)菲利普．艾文斯、托马斯．沃斯特著《裂变：新经济浪潮冲击下的企业战略》，上海远东出版社，2001．1
5．(美)亨利．明茨伯格等著《战略历程—纵览战略管理学派》，机械工业出版社，2002．1
6．(美)思拉格．埃格特森著《新制度经济学》，商务印书馆，1996．10
7．(美)彼得．德鲁克著《管理的前沿》，上海译文出版社，1999．5
8．(美)斯韦托扎尔．平乔维奇著《产权经济学》，经济科学出版社，2000
9．(美)伯尔勒、米恩斯著《现代公司与私有财产》，台北台湾银行出版社，1991．8
10．(美)弗朗西斯．福山著《信任—社会美德与创造经济繁荣》，海南出版社，2001．12
11．沈晗耀，魏德俊著《经营者持股操作指南》，华东师范大学出版社，2000
12．陈清泰、吴敬琏主编《塑造企业所有权文化》，中国财政经济出版社，2001．9
13．吴叔平、虞俊建著《股权激励—企业长期激励制度研究与实践》，上海远东出版社，2000．7
14．董明著《政治格局中的私营企业主阶层》，中国经济出版社，2002．1
15．扬海波著《当代中国私营经济的雇佣关系》，云南人民出版社，1996．12
16．刘伟著《中国私营资本》，中国经济出版社，2000．1
17．文岗著《私营公司如何做大》，兵器工业出版社，2000．4
18．张志强著《期权理论与公司理财》，华夏出版社，2001．1
19．陆立军著《科技型中小企业：环境与对策》，中国经济出版社，2002．1
20．王建华著主编《民营科技企业的发展》，经济科学出版社，1996．10
21．吴楚汉、王晓萍主编《我国私营企业可持续发展初探》，中共中央党校出版社，2001．9
22．张兰霞著《新管理理论丛林》，辽宁人民出版社，2001．6
23．甘德安著《知识经济创新论》，华中理工大学出版社，1998．8
24．荣正咨询公司著《知本的价值》，广州出版社，2002
25．石建勋著《中国企业家的股权革命：理论、案例与操作方案》，机械工业出版社，2003
26．王腾毅著《员工持股在中国民营企业中的发展思考》，西南交通大学硕士研究生论文，2003．10
27．马腾著《海南华银探秘》，《21世纪经济报道》，2002．12．30第61版
28．吴铭著《东欧十年启示：公平与效率一个也不能少》，《21世纪经济报道》，2002．12．30第29版
29．崔之元著《美国二十九个州公司法变革的理论背景及对我国的启发》，《经济研究》，1996．4
30．贺小刚著《管理者收购：国外现状、研究及其在中国的发展》，《改革》，2002．4
31．江春著《财产权平等：私营企业发展的制度平台》，《长江日报》1999-3-22，
p12
32．李雷生著《浙江家族企业的生存与发展研究》，《财经论坛》，2000．3
33．石束著《我国私营家族企业成长的困境及对策》，《兰州商学院学报》，2001．2
34．杨晨、唐振著《关于家族企业若干问题的探讨》，《现代经济探讨》，2000．1
35．李宝元著《企业经营者人力资本股权化：制度意义与实现途径》，《管理现代化》，2001．5
36. Monks、Robert and Nell Minow, "Corporate governance", Blackwell, 1995
37. Joseph C. Krallinger, "Mergers & Acquisitions Managing the Transaction", McGraw-Hill. 1997
38. Harrigan Patrick A,"Reading in Mergers and Acquisitions",Blackwell,1994
39. Anthony P. Guratola ,"Family Business Values and Estate Planing",Strategic Finance, 2000
40. S. Birley, "Succession in the Family Firm: The Inheritors View", Journal of Small Business Management, 1986
41. Renee Reid and Morrow Trevor, "Human Management Paractices in SEC: A Comparatice Analysis of Non-family Corporation", Journal of the Irish Academy of Management
42. Xu Xiaonian, "Owenership Structure and Corporate Govermance in China Stock Companies", China Economic Review, 10.1999
43. James M.Hunt and Wendy C.Handle, "The Practices of Firm Leader", Journal of Developmental Enterpreneurship, Fall/Winter, 1999
44. Richard L.Daft, Essentials of Organization Theory and Design, Copyreght,1998 by South-Western College Publishing
45. Jack Tittenbrun, Private Versus Public Enterprises, London: Janus Publishing Company,1996
2．[日]片庭浩久：《管理层收购》，张碧清译，中信出版社，2001
3．(美)斯蒂芬．P．罗宾斯著《组织行为学》第五版，机械工业出版社，2000．11
4．(美)菲利普．艾文斯、托马斯．沃斯特著《裂变：新经济浪潮冲击下的企业战略》，上海远东出版社，2001．1
5．(美)亨利．明茨伯格等著《战略历程—纵览战略管理学派》，机械工业出版社，2002．1
6．(美)思拉格．埃格特森著《新制度经济学》，商务印书馆，1996．10
7．(美)彼得．德鲁克著《管理的前沿》，上海译文出版社，1999．5
8．(美)斯韦托扎尔．平乔维奇著《产权经济学》，经济科学出版社，2000
9．(美)伯尔勒、米恩斯著《现代公司与私有财产》，台北台湾银行出版社，1991．8
10．(美)弗朗西斯．福山著《信任—社会美德与创造经济繁荣》，海南出版社，2001．12
11．沈晗耀，魏德俊著《经营者持股操作指南》，华东师范大学出版社，2000
12．陈清泰、吴敬琏主编《塑造企业所有权文化》，中国财政经济出版社，2001．9
13．吴叔平、虞俊建著《股权激励—企业长期激励制度研究与实践》，上海远东出版社，2000．7
14．董明著《政治格局中的私营企业主阶层》，中国经济出版社，2002．1
15．扬海波著《当代中国私营经济的雇佣关系》，云南人民出版社，1996．12
16．刘伟著《中国私营资本》，中国经济出版社，2000．1
17．文岗著《私营公司如何做大》，兵器工业出版社，2000．4
18．张志强著《期权理论与公司理财》，华夏出版社，2001．1
19．陆立军著《科技型中小企业：环境与对策》，中国经济出版社，2002．1
20．王建华著主编《民营科技企业的发展》，经济科学出版社，1996．10
21．吴楚汉、王晓萍主编《我国私营企业可持续发展初探》，中共中央党校出版社，2001．9
22．张兰霞著《新管理理论丛林》，辽宁人民出版社，2001．6
23．甘德安著《知识经济创新论》，华中理工大学出版社，1998．8
24．荣正咨询公司著《知本的价值》，广州出版社，2002
25．石建勋著《中国企业家的股权革命：理论、案例与操作方案》，机械工业出版社，2003
26．王腾毅著《员工持股在中国民营企业中的发展思考》，西南交通大学硕士研究生论文，2003．10
27．马腾著《海南华银探秘》，《21世纪经济报道》，2002．12．30第61版
28．吴铭著《东欧十年启示：公平与效率一个也不能少》，《21世纪经济报道》，2002．12．30第29版
29．崔之元著《美国二十九个州公司法变革的理论背景及对我国的启发》，《经济研究》，1996．4
30．贺小刚著《管理者收购：国外现状、研究及其在中国的发展》，《改革》，2002．4
31．江春著《财产权平等：私营企业发展的制度平台》，《长江日报》1999-3-22，
p12
32．李雷生著《浙江家族企业的生存与发展研究》，《财经论坛》，2000．3
33．石束著《我国私营家族企业成长的困境及对策》，《兰州商学院学报》，2001．2
34．杨晨、唐振著《关于家族企业若干问题的探讨》，《现代经济探讨》，2000．1
35．李宝元著《企业经营者人力资本股权化：制度意义与实现途径》，《管理现代化》，2001．5
36. Monks、Robert and Nell Minow, "Corporate governance", Blackwell, 1995
37. Joseph C. Krallinger, "Mergers & Acquisitions Managing the Transaction", McGraw-Hill. 1997
38. Harrigan Patrick A,"Reading in Mergers and Acquisitions",Blackwell,1994
39. Anthony P. Guratola ,"Family Business Values and Estate Planing",Strategic Finance, 2000
40. S. Birley, "Succession in the Family Firm: The Inheritors View", Journal of Small Business Management, 1986
41. Renee Reid and Morrow Trevor, "Human Management Paractices in SEC: A Comparatice Analysis of Non-family Corporation", Journal of the Irish Academy of Management
42. Xu Xiaonian, "Owenership Structure and Corporate Govermance in China Stock Companies", China Economic Review, 10.1999
43. James M.Hunt and Wendy C.Handle, "The Practices of Firm Leader", Journal of Developmental Enterpreneurship, Fall/Winter, 1999
44. Richard L.Daft, Essentials of Organization Theory and Design, Copyreght,1998 by South-Western College Publishing
45. Jack Tittenbrun, Private Versus Public Enterprises, London: Janus Publishing Company,1996