員工持股計(jì)劃(ESOP)是一種員工福利計(jì)劃，給予員工所在公司的所有權(quán)利益。

大多數(shù)公司使用員工持股計(jì)劃計(jì)劃作為員工福利的一種形式。上市公司的計(jì)劃通常會限制員工可以購買的公司股票總數(shù)或百分比。一些公司，特別是私企，使用員工持股計(jì)劃來支持公司的文化。

「應(yīng)用場景」

可以看出，有ESOP的大公司要么是一線員工與顧客間的交流至關(guān)重要的零售企業(yè)，要么是依賴專業(yè)人士的建筑、工程和咨詢企業(yè)。這類企業(yè)通常注重創(chuàng)新，具有很強(qiáng)的競爭力。

As that list suggests, many of the biggest companies with ESOPs are either retailers, for which the interaction between customers and frontline employees is critical to success, or enterprises dependent on a large number of professionals, such as architectural, engineering, and consulting firms. They are typically innovative and highly competitive.

大規(guī)模推廣ESOP，幾乎不需要新的監(jiān)管法規(guī)?，F(xiàn)在已經(jīng)有了穩(wěn)健的基礎(chǔ)設(shè)施，保護(hù)參加ESOP的員工的利益。（ESOP并不等同于員工養(yǎng)老金，養(yǎng)老金不應(yīng)該大部分投資公司股票。ESOP是一種獎勵和激勵員工價(jià)值創(chuàng)造的方式。）股份在員工供職六年后分配（vest），而且ESOP必須有第三方每年確定一次股份的公允價(jià)值，以便在員工離職時(shí)擁有的股份能以合理的價(jià)格賣出，與上市公司員工同等程度地獲得資產(chǎn)增值帶來的利益。退休員工以同樣的方式獲益，而且可以將收益存入退休金賬戶享受稅收優(yōu)惠。

Little or no new regulation would be required to roll out ESOPs on a large scale. A robust infrastructure is already in place to protect the interests of individual employees enrolled in them. (An ESOP is not equivalent to an employee retirement plan, which should not be wholly or even largely invested in company stock. It is, rather, a way to reward and motivate employees for value creation.) All shares vest after six years, and ESOPs are required to have a third party establish the fair value of the shares once a year so that when employees leave, their shares will be bought by the plan at a fair price, enabling them to benefit from capital appreciation much as employees of public companies do. Retiring employees benefit in the same way and enjoy favorable tax provisions for rolling the proceeds into their retirement accounts.

以上文字選自《哈佛商業(yè)評論》中文版2021年1月刊《是時(shí)候取代上市公司了》

羅杰·馬?。≧oger L. Martin） | 文

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