“零成本”的员工持股计划是激励还是福利?——基于吉祥航空的案例研究  

"Zero-Cost"Employee Stock Ownership Plan:Incentive or Welfare The Case Study Based on Juneyao Airlines

作　　者：沈红波[1] 杨双岭 周沁钰 张劲松 Shen Hongbo;Yang Shuangling;Zhou Qinyu;Zhang Jinsong

机构地区：[1]复旦大学经济学院 [2]华东师范大学商学院 [3]上海财经大学会计学院

出　　处：《管理会计研究》2023年第1期67-79,共13页MANAGEMENT ACCOUNTING STUDIES

摘　　要：员工持股计划具有缓解委托—代理问题、形成内部凝聚力降低离职率等积极作用,但也有很多企业的员工持股计划出现扭曲,成为少数内部人侵占外部小股东利益、巩固控股股东地位以及市值管理的工具。特别是近年来有较多企业实施“零元”员工持股计划,更是引起理论和实务界的争议。本文构思了一个“股票来源—激励比例—业绩考核目标”分析框架,以吉祥航空为例分析这种低价员工持股计划的性质。面对客运需求锐减的挑战以及低成本航空市场份额扩大的机遇,吉祥航空积极推出“零成本”员工持股计划,希望利用分期解锁和业绩考核调动员工的积极性。本案例探究吉祥航空推行该持股计划的逻辑和动机,剖析这种“零成本”员工持股计划对员工来说是激励还是福利。Employee stock ownership plans(ESOP)can alleviate principal-agent problems,form internal cohesion and reduce turnover rates.However,many ESOP have been distorted,being a tool for a few insiders to occupy interests of external minority shareholders,for major shareholders to consolidate controlling position,and for firms to manage market value.In recent years,"zerocost"employee stock ownership plans being adopted by a large number of companies has caused controversy in theory and practice.This paper builds a framework of"stock sou rce-incentive ratio-pe rformance assessment"and takes Juneyao Airlines as an example to analyse the nature of low-cost ESOP.Facing the challenges of declining demand as well as the opportunities to expand the lowcost airline market under COVID-19,Juneyao Airlines actively launched a"zero-cost"em ployee stock ownership plan in order to use stock unlock and performance evaluation to motivate employees.This case attempts to understand the logic and motivation behind its"zero-cost"ESOP and make judgments on whether the scheme is an incentive or welfare for employees.

关 键 词：吉祥航空 零成本员工持股 航空运输业 

分 类 号：F272.92[经济管理—企业管理] F562.6[经济管理—国民经济]