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员工持股计划起源于美国，进入20世纪60、70年代，美国由于科技发展、
经济滞胀等因素引发的社会分配不均问题严重，路易斯·凯尔索在员工所有制
的基础上提出了“员工持股计划”，该计划在保证原有股东利益的前提下，实现
了员工参与分配公司财富，减少管理者和劳动者的冲突。这种激励方式得到了
广泛推广，已经成为西方国家普遍采用的一种长期激励方式
2014年，我国证监会以上市公司为试点，开始规范并推进员工持股计划
为此，特别发布《关于上市公司实施员工持股计划试点的指导意见》，作为上市
公司开展员工持股计划的指导性文件。随着持股计划在上市公司中实施范围的
不断扩大，如何合规、合理地实施持股计划，真正实现员工持股计划对公司业
绩、风险、价值的积极作用成为实务界研究的一项重点
目前，我国关于员工持股计划的研究多集中在国有上市公司，本文重点选
择民营、高科技上市公司（联和光电公司）作为研究对象，在分析其员工持股
计划的动因和可能存在的问题以及推行员工持股计划对公司经营成本、财务风
险以及股东价值的可能影响的基础上，设计了联和光电公司员工持股计划方案
联和光电公司是一家专门从事数据驱动的智能整合营销服务的公司，公司
在原有LED应用产品开发和生产的基础上，已发展成为集数字营销服务、数字
户外媒体网络、数字显示设备等核心业务板块的高新技术企业。公司通过员工
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持股计划，试图建立起长期的稳定的激励机制，完善公司治理结构，提升人力
资源贡献，并向资本市场传递良好的经营信号。通过对现有员工持股计划方案
的比较，包括股票来源（回购本公司股票、二级市场购买、认购非公开发行股
票、股东自愿赠与等）、管理模式（成立员工持股管理委员会、设立投资性有限
责任公司、通过信托方式持股）以及员工认购资金来源等方面，并结合联和光
电公司实际情况，建议本次员工持股计划具体方案如下：
首先，面向公司部分高级管理人员、中层管理人员、核心技术人员（合计
不超过100人）发售本次员工持股计划；其次，以员工合法薪酬、自筹资金为
购买股权的资金来源；再次，将员工持股资金委托给合格的资产管理机构，设
立专项资管计划，以认购公司非公开发行股票的方式持有上市公司股份。同时
由本次员工持股计划组建持有人会议，作为内部管理权力机构。持股人会议内
设管理委员会，负责执行日常事务，同时负责与资产管理机构的对接等工作
本论文试图通过对民营、高科技公司实施员工持股计划的研究，为我国民
营企业实施员工持股激励提供一些经验证据支持，通过设计合理的员工持股实
施方案，保证员工持股计划激励机制的充分发挥，最大限度的调动员工积极性，
在保证员工的切实利益的基础上，形成长期激励机制与约束机制
关键词：
员工持股计划，股权激励，公司治理
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Abstract
Research on ESOP of Lianhe Optoelectronic Company
With the transformation and development of economy and technology, human
capital contributes increasingly more to the creation of social value. Therefore,
modern enterprises pay increasingly more attention on employee motivation. As a
new incentive method, the employee stock ownership plan (ESOP) is highly
recommended by modern enterprises, for it ties up the interests of employees,
corporations and shareholders. This kind of benefit-sharing model can effectively
reduce the agency cost between managers and shareholders while establishing
long-term incentive mechanism and improving employees' compensation level.
The employee ownership plan is originated in the United States. From 1960s to
1970s, due to the unequal distribution in US society caused by technology
development and economy stagnation, Louis Kelso put forward the Employee Stock
Ownership Plan (ESOP) on the basis of employee ownership. The ESOP brought
about the redistribution of wealth and reduced the conflicts between managers and
laborers without depriving the owners’ original property. This stimulation has been
widely promoted and developed into a long-term incentive method which is widely
adopted in western countries.
In 2014, China securities regulatory commission issued the Guidance of
Implementation of Employee Stock Ownership Plan in Listed Companies, which
officially started the implementation of the employee stock ownership plan in listed
companies in China. Along with the widely implementation of ESOP in Chinese
listed companies, how to make an appropriate and standard plan and enable it to make
a positive effect on enterprise performance, enterprise value and risk avoidance has
become a key point in practice.
At present, most of the studies on ESOP are concentrated on the state-owned
listed companies. In this paper, private and high-tech listed company (Lianhe
Optoelectronic Company) is chosen to be the research object. An ESOP for Lianhe
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Optoelectronic Company is made on the basis of the cause and problems of
implementing ESOP as well as the influence of ESOP on operating cost, financial risk
and shareholder value.
Lianhe Optoelectronic Company is specialized in data-driven area and
intellectual combination marketing service. Based on the original development and
production on LED application, Lianhe Optoelectronic Company has become a
high-tech company with core business such as digital marketing services, digital
outdoor media network and digital display device. Through making an ESOP, the
company attempts to establish a stable long-term incentive mechanism in order to
improve the corporate governance structure, human resource contribution and
transmit a good operating signal to the capital market. By comparing the existing
ESOPs including stock sources (repurchasing the company stock, purchasing from
secondary market, subscribing non-public stocks, shareholders voluntary donation,
etc.), management modes (setting up employee-owned stock management committee,
setting up assets management companies., holding stocks through trust institution)
and employee subscribed capital resource, etc., combining with the current situation
of Lianhe Optoelectronic Company, the ESOP for Lianhe Optoelectronic Company is
suggested as follow:
By using the legal compensation, self-raised funds of the senior managers, the
middle managers and the core technical staffs (no more than 100 persons in total), the
company entrusts an assets management company to implementing the ESOP; The
assets management company sets up the asset investment plan and purchases shares
of Lianhe Optoelectronic Company by subscribing its non-public offering shares. At
the same time, an internal management community is established by the shareholders
who take part in the ESOP. The management community is established by the elected
shareholders representatives, which takes charge the supervision of daily management
and connection with the assets management institution.
This paper attempts to do research on the ESOP of private hi-tech company to
give positive evidence on ESOP motivation. By designing the appropriate ESOP, it
could ensure the motivation function and arouse the enthusiasm of employees for the
sake of ensuring the fundamental benefit and making the long-term incentive and
