现代公司治理的首要问题是所有权安排问题,即如何合理配置剩余索取权和控制权,这涉及到企业的激励和约束机制如何构建以及是否有效。雇员持股计划便是一种行之有效的激励办法。本文介绍雇员持股计划的基本内容、发挥作用的环境、对公司治理的作用等。 The most important issue for modern corporate governance is the issue of ownership arrangements, that is, how to rationally allocate residual claims and control rights. This involves how the enterprise’s incentive and restraint mechanisms are constructed and whether they are effective. The employee stock ownership plan is an effective incentive. This article describes the basic content of an employee stock ownership plan, the environment in which it functions, and its role in corporate governance.