1994年,柳传志就说服了中科院的领导进行了一个现在看来极为巧妙的制度安排,他们用“分红权”这个看起来极为模糊的概念避过了对国有股权私人化的这个可怕的概念陷阱。所谓的“分红权计划”中规定,联想员工将享有35％股份的分红权(他们并不是同等股份的所有者),35％分红权中又分出35％给“参与创业的老 In 1994, Liu Chuanzhi convinced the leaders of the Chinese Academy of Sciences to carry out a seemingly ingenious institutional arrangement. They used the seemingly vague concept of “the right to distribute dividends” to avoid the terrible conceptual trap of the privatization of state-owned shares. The so-called “Dividend Plan” stipulates that Lenovo employees will enjoy 35% of the shares’ dividends (they are not the owners of the same shares), and 35% of the 35% of the dividends will be distributed to the old participants.