2014年以来，大量上市公司实施了员工持股计划，学者们研究员工持 股计划的焦点集中在有关制度、法规法律、持股计划对公司业绩产生的影 响以及持股多样化模式等方面，直接研究某一个公司员工持股计划的案例 研究较少，并且主要的研究对象是大型国有公司，对于国内民营科技上市 公司的员工持股计划关注较少。随着我国经济的转型升级，民营科技公司 的贡献不可小觑，民营科技公司在促进我国经济高质量发展的进程中占据 引领地位，民营科技公司对技术人才的需求急速增长，人才是实现公司可 持续发展的保障。员工持股计划已经被许多公司作为对员工长期激励的一 种手段，因此被越来越多的民营科技公司所重视。虽然我国的员工持股计 划已推出多年，但在新兴的民营科技公司中推行仍然会出现一些问题。所 以，针对民营科技公司的员工持股计划研究就显得非常重要。 本文通过具体案例研究民营科技上市公司员工持股计划实施的经济后 果。本文介绍了Z电气公司实施员工持股计划的基本情况，包括实施的过 程以及实施的动因。在案例的分析部分，着重分析了Z电气公司员工持股 计划实施后产生的经济后果，其中经济后果是基于公司内部和公司外部两 个视角分析，影响方面则是从资本市场的反应、公司治理和公司经营绩效 三个方面进行分析，最后针对Z电气公司员工持股计划制度存在的问题提 出改进建议。 II 本文研究发现：从Z电气公司员工持股计划产生的经济后果分析，第 一、市场反应方面，持股计划草案的公告，市场给予了积极回应。第二、 公司治理方面，实施员工持股计划对完善公司治理具有积极作用，第三、 公司经营绩效方面，员工持股计划对公司整体的经营绩效提升具有激励作 用。综合本文整体研究可知，员工持股计划作为一种激励约束机制，在降 低代理成本、提升激励对象工作的创造性和积极性、防止管理层过于注重 短期利益而忽视公司长远发展目标等方面，发挥着非常显著的作用。 关键词：员工持股计划民营科技公司经济后果Z电气公司 III Studyontheeconomicconsequencesfortheimplementationof ESOPinZelectriccompany ABSTRACT Since2014,alargenumberoflistedcompaniestoimplementtheESOP, scholarshavefocusedontheresearchofESOPaboutsystem,lawsand regulations,ESOPimpactonfirmperformanceandshareholdingdiversified patterns,researchacompanyESOPcaseisless,andthemainobjectofstudyis alargestate-ownedcompany,fordomesticprivate-ownedlistedcompaniesof ESOPlessattention.WiththetransformationandupgradingofChina'seconomy, thecontributionofprivatescienceandtechnologycompaniescannotbe underestimated.Privatescienceandtechnologycompaniesoccupyaleading positionintheprocessofpromotingthehigh-qualitydevelopmentofChina's economy.Thedemandofprivatescienceandtechnologycompaniesfor technicaltalentsincreasesrapidly,andtalentistheguaranteeforthe sustainabledevelopmentofthecompany.ESOPhasbeenusedbymany companiesasameansoflong-termincentiveforemployees,somoreandmore privatetechnologycompaniespayattentiontoit.AlthoughChina'sESOPhas beenlaunchedformanyyears,therearestillsomeproblemsinthe IV implementationofitinemergingprivatetechnologycompanies.Therefore,itis veryimportanttostudytheESOPofprivatetechnologycompanies. Thispaperstudiestheeconomicconsequencesoftheimplementationof theESOPinprivatescienceandtechnologylistedcompaniesthroughspecific cases.ThispaperintroducesthebasicsituationoftheimplementationofESOP inZelectriccompany,includingtheimplementationprocessandthemotivation ofimplementation.Incaseanalysispart,emphaticallyanalyzestheZelectric companyESOPaftertheimplementationoftheeconomicconsequences,the economicconsequencesisbasedonthecompany'sinternalandexternaltwo Angleanalysis,impactisfromthereactionofthecapitalmarket,corporate governanceandcorporateperformancemanagementthreeaspectstocarryon theanalysis,Finally,putforwardsomesuggestionsforimprovementofZ electriccompany'sESOP. Thefindingsofthisstudyareasfollows:fromtheanalysisoftheeconomic consequencesofZelectriccompanyESOP,firstly,themarketresponded positivelytotheannouncementofthedraftstockownershipplan.Second,in termsofcorporategovernance,theimplementationofESOPplaysapositive roleinimprovingcorporategovernance.Third,intermsofcorporate performance,ESOPplaysanincentiveroleinimprovingtheoverallcorporate performance.Basedontheoverallstudyofthispaper,itcanbeseenthat,asan incentiveandrestraintmechanism,ESOPplaysaverysignificantrolein reducingagencycosts,enhancingthecreativityandenthusiasmofincentive V objects,andpreventingthemanagementfrompayingtoomuchattentionto short-terminterestswhileneglectingthelong-termdevelopmentgoalsofthe company. KEYWORDS：ESOP;Privatescienceandtechnologycompanies;Economic consequences;Zelectricalcompany; VI 目录 摘要.........................................................................................................................................I ABSTRACT.................................................................................................................................III 第一章导论.............................................................................................................................1 1.1研究背景与研究意义..........................................................................................................1 1.1.1研究背景..........................................................................................................................1 1.1.2研究意义..........................................................................................................................1 1.2文献综述..............................................................................................................................2 1.2.1国外相关研究..................................................................................................................2 1.2.2国内相关研究..................................................................................................................4 1.2.3文献评述..........................................................................................................................6 1.3研究目的与研究方法..........................................................................................................6 1.3.1研究目的..........................................................................................................................6 1.3.2研究方法..........................................................................................................................7 1.4研究内容与研究框架..........................................................................................................7 1.4.1研究内容..........................................................................................................................7 1.4.2研究框架..........................................................................................................................8 1.5本文的主要创新点..............................................................................................................9 第二章相关概述与理论分析..............................................................................................10 2.1相关概念............................................................................................................................10 2.1.1民营科技公司................................................................................................................10 2.1.2员工持股计划................................................................................................................10 2.1.3经济后果........................................................................................................................11 2.2员工持股计划的制度背景................................................................................................11 2.2.1员工持股计划的制度发展............................................................................................11 2.2.2员工持股计划的制度特征............................................................................................12 2.3民营科技公司员工持股计划的实施特点........................................................................13 VII 2.3.1资金来源........................................................................................................................13 2.3.2股票来源........................................................................................................................1