职工持股制度是目前国有企业产权制度改革的重要形式 ,但常常和管理层收购交织在一起 ,形成一种混合收购制度。它对经营者而言首先是一种福利 ,其次才是激励 ;而对职工来说则是就业保证金性质大于激励性质 ,并增加了职工的“就业成本”;职工兼具劳动者和投资人双重身份 ,与企业经营者相比 ,在企业里承担了与他们地位及收益不对称的风险。 The employee stock ownership system is an important form of reform of the state-owned enterprise property rights system, but it is often intertwined with management buy-out to form a mixed acquisition system. It is first of all a kind of welfare for operators, followed by incentives; for employees, the nature of employment guarantees is greater than the nature of incentives, and increases the “employment costs” of employees; employees have both workers and investors. Identity, as compared with corporate managers, assumes the risk of asymmetry with their status and income in the company.