“零成本”员工持股计划:共同富裕还是谋谁之利?  

"Zero-cost"Employee Stock Ownership Plan:Common Prosperity or Seeking Whose Interests?

作　　者：雍红艳 袁浩洋 Yong Hongyan;Yuan Haoyang(School of Finance,Capital University of Economics and Business;School of Finance,Renmin University of China)

机构地区：[1]首都经济贸易大学金融学院 [2]中国人民大学财政金融学院

出　　处：《管理世界》2025年第4期218-235,共18页Journal of Management World

基　　金：国家自然科学基金青年项目“‘零成本’员工持股计划:实施动机与经济后果”(项目号:72302160)的资助。

摘　　要：近年来,中国资本市场频现零成本员工持股计划。“零成本”使员工不出资或仅象征性出资就可认购激励计划对应股份,显然打破了“盈亏自负,风险共担,与其他投资者权益平等”基本原则,增加了持股计划实施动机复杂性。本文探究了零成本员工持股计划的经济后果及其背后动机,研究发现:投资者并不认同零成本员工持股计划,其发布后会带来相对较差的市场反应,且福利属性使绩效未能因激励得到改善,也并不能推动企业内部共同富裕;若激励股份更多由高管认购、解锁行权约束不严格,则零成本员工持股计划的市场反应更糟。在实控人缺位或大股东为谋求私利而与管理层共谋下,零成本员工持股计划沦为内部人开展利益输送、谋取私利的工具,严重损害了中小股东利益。本文有助于全面理解员工持股计划的公司治理角色,并形成探究零成本员工持股计划这一新颖且重要问题的逻辑框架,推动已有文献发展,为探讨人才激励等现实问题提供政策建议。In recent years,zero-cost Employee Stock Ownership Plan(ESOP)has been frequently conducted in the Chinese capital market."Zero-cost"enables employees to subscribe the shares of the ESOP for free or at a high discount,which obviously breaks the basic principle of"responsible for their own profits and losses,risk sharing,and equity equality with other investors"and complicates the motivation for implementing the ESOP.This paper studies the economic consequences and the motivation of the zero-cost ESOPs.We find that investors do not approve of zero-cost ESOPs.The announcement of such plans leads to relatively poor market performance.Furthermore,the financial performance of companies implementing zero-cost ESOPs has not improved because of their welfare-oriented nature,and common prosperity within those firms also fails to materialize.If more shares are subscribed by the management and the exercise conditions are not strict,the market performance of zero-cost ESOPs will be worse.In the absence of actual controller or when controllers collude with the management,zero-cost ESOPs become tools for insiders to pursue their private interests,significantly harming minority shareholders'interests.This paper contributes to the understanding of the corporate governance role of ESOP,and constructs the logical framework for exploring zero-cost ESOP,contributing to the literature and providing policy recommendations to the practical issues such as talent motivation.

关 键 词：零成本员工持股计划 道德风险 利益输送 共同富裕 投资者权益 

分 类 号：F272.3[经济管理—企业管理]