摘要
吉林敖东集团员工持股计划实施的影响研究摘要
员工持股计划（ESOP）作为一种体现改革思路的新企业制度形式，通过员工
持股使员工成为企业的股东，让员工拥有企业的股份，从而提高员工的凝聚力、
归属感、责任感，无论是对员工自身，还是对企业、国家、社会都具有积极的作
用。我国员工持股制度在 20 世纪 80 年代初开始出现并运行，到 90 年代末在国
有企业改革过程中一直在探索中前行，可以说已成为这期间国有企业不断深化改
革而采取的一种必要手段。但由于在这个过程中产生的诸多问题，在其后很多年
没有继续实施相当于停滞不前。随着《国务院关于进一步促进资本市场健康发展
的若干意见》明确规定“允许上市公司按规定通过多种形式开展员工持股计划”，
中国证监会制定了《关于上市公司实施员工持股计划试点的指导意见》，在上市
公司中开展员工持股计划实施试点。截至 2017 年上半年末，已有 637 家上市公
司发布员工持股计划方案或股权激励方案及类似方案，但占上市公司的比例也仅
为 18.91％。如果考虑到在全国中小企业股份转让系统（简称“新三板”）挂牌
的 11551 家公司，这个比例就显得微不足道了

目前我国经济发展在面临新常态发展趋势下，作为社会经济组织的重要组成
部分的上市公司如何适应新常态实现生存与发展成为一个重要课题，吉林敖东自
1993 年股份制改革以来的 24 年中实施 9 次员工持股经验进行总结，公司管理层
能够始终让企业发展顺应国家宏观政策的变化，在企业改制重组的同时，能够始
终兼顾各方利益，坚持把员工持股融入到资本运营中，使员工能够以股权为纽带
真正成为与企业发展同舟共济的责任主体和利益共同体。吉林敖东在发展过程中
实施员工持股持续时间之长、效果之明显，累计有近 3 万人次参与，可以说是给
所有员工参与的机会且基本实现了全员参与认购，能够激发员工的“主人翁”意
识，培养员工在提高工作效率、降低生产成本、保障产品质量等方面的意识，从
而降低经营风险，使吉林敖东能够保持多年营业收入、利润稳定增长

本文还从目前我国上市公司实施员工持股计划的现状、存在的问题及根据本
人的工作提出不成熟的建议，目的在于说明通过实行员工持股可以在一定程度上II
解决企业生存周期较短、实现持续发展较难等问题，并不是留住员工的“金手铐”，
尤其是目前实施员工持股计划的存续期相对较短的情况下

改善企业经营状况的根本措施不只在于员工激励，更多的在于战略制定、日
常经营决策以及决策执行等方面，而员工持股能在此过程中起到“放大器”的作
用，能够有效降低企业的经营风险和财务风险，为中国众多企业的可持续发展提
供一些借鉴

关键词：
吉林敖东,员工持股计划, 实施影响,公司治理III
Abstract
Implementation Effect of Employee Stock Ownership Plan of JILIN
AODONG Group
Employee Stock Ownership Plan (ESOP), as a new form of enterprise system
that embodies reform ideas, enables employees to become employees of the firm
through employee holdings, so that employees have shares in the business, thereby
improving the staff&39;s cohesion, sense of belonging, responsibility. Whether it is for
employees themselves, or for enterprises, countries, society has a positive effect.
China&39;s employee stock ownership plan began to appear in the early 1980s and as of
the late 1990s has been exploring during the process of state -owned state-owned
enterprises reform. It has become a necessary means to push state-owned enterprises
to deepen reform. However, because of many problems arising in the process, it has
not been implemented for many years and is equivalent to stagnation. With the state
council&39;s opinion on further promoting the healthy development of capital markets, it
clearly states that allowing listed companies to carry out employee ownership plans
in a variety of ways, The China securities regulatory commission (CSRC) has set up
a pilot guide on the implementation of employee stock ownership plans for listed
companies to carry out pilot projects in the listed companies. By the end of the first
half of 2017, 637 listed companies have issued employee stock ownership program or
equity incentive programs and similar programs, but the proportion of listed
companies is only 18.91%.
This ratio is negligible if the 11551 companies listed in the National SME Share
Transfer System (the NEEQ) are considered.
At present, China&39;s economic development faces the new normal development
trend. As an important part of social economic organization, How does the listed
company adapt to the new normal to achieve survival and development become an
important topic. In the 24 years since the shareholding reform in 1993, JILIN
AODONG has implemented 9 employee stock ownership plans, the company&39;s
management can always allow enterprises to adapt to changes in nationalIV
macroeconomic policy. At the same time of enterprise restructuring and restructuring,
the management of the company can always take into account the interests of all
parties, insists on integrating employee stock ownership into capital operation, so that
employees to equity as a link to truly become the common responsibility and
community of interest in the development of enterprises. JILIN AODONG in the
development process of the implementation of employee holdings for a long time, the
effect is obvious. A total of nearly 30 thousand person-times participated in the
program. It can be said that it is the opportunity for all employees to participate in the
subscription, and basically realized all employees participate in the subscription
shares. The program can inspire employees&39; consciousness of ownership and
cultivate employees&39; awareness of improving work efficiency, reducing production
cost and ensuring product quality, thereby reduces operational risk, and enables JILIN
AODONG to maintain its operating income and stable profit growth for many years.
In this paper, according to the current situation of China&39;s listed companies to
implement employee stock ownership, existing problems and according to their work,
some immature proposals were put forward. The purpose is to illustrate the
implementation of employee holdings to a certain extent, to solve the short cycle of
business life, to achieve sustainable development and other issues more difficult. In
particular, the employee stock ownership plan is not a golden handcuffs to retain
employees in the relatively short duration of the current employee ownership plan.
The fundamental measures to improve the operation of enterprises are not the
employees&39; incentives, but more in the aspects of strategy formulation, daily operation
decision-making and decision making and so on. ESOP can have the effect of
amplifier in the process, can effectively reduce the management risk and financial
risk of the enterprise, and provide some reference for sustainable development of
Chinese enterprises.
Key words ： JILIN AODONG ； Employee Stock Ownership Plan (ESOP) ；
Implementation Impact；Corporate GovernanceV
目 录
第 1 章 绪论 ...1
1.1 研究背景 .........1
1.2 研究意义 .........3
1.3 研究主要内容 .5
1.4 研究方法 .........5
第 2 章 相关理论与文献综述及影响 ...........6
2.1 员工持股计划概念的界定 .....6
2.2 公司治理理论 .6
2.2.1 委托代理理论....7
2.2.2 古典管家理论....8
2.2.3 现代管家理论....8
2.2.4 利益相关者理论8
2.3 激励理论 .........9
2.3.1 马斯洛的需求层次理论..........10
2.3.2 激励的双因素理论........
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