中(zhong)(zhong)國證監(jian)會上(shang)周五發布(bu)了《關(guan)于上(shang)市公(gong)司(si)實施員(yuan)(yuan)工(gong)持股(gu)計劃試點的(de)指(zhi)導意(yi)(yi)見(jian)》，意(yi)(yi)味著在上(shang)市公(gong)司(si)中(zhong)(zhong)開(kai)展員(yuan)(yuan)工(gong)持股(gu)計劃試點即將正式啟動。就此，滬深上(shang)市公(gong)司(si)可以根(gen)據員(yuan)(yuan)工(gong)意(yi)(yi)愿(yuan)實施員(yuan)(yuan)工(gong)持股(gu)計劃，通過合法方式使員(yuan)(yuan)工(gong)獲得本(ben)公(gong)司(si)股(gu)票并(bing)長期持有，股(gu)份權益按約定分配給員(yuan)(yuan)工(gong)。筆(bi)者以為(wei)，員(yuan)(yuan)工(gong)持股(gu)計劃試點更大(da)的(de)意(yi)(yi)義在于，從制度構造(zao)上(shang)為(wei)扭(niu)轉滬深股(gu)市多年來回報(bao)率過低(di)現象帶了新希望(wang)。

員(yuan)(yuan)工(gong)(gong)持(chi)(chi)股(gu)(gu)，是(shi)指企業(ye)員(yuan)(yuan)工(gong)(gong)持(chi)(chi)有本企業(ye)股(gu)(gu)份(fen)，以此分享企業(ye)利益，參與企業(ye)經營管理(li)，并有條件退(tui)出的(de)(de)(de)一種股(gu)(gu)權激勵制(zhi)度(du)。這套(tao)制(zhi)度(du)起源(yuan)(yuan)(yuan)于上(shang)(shang)世(shi)紀20年代的(de)(de)(de)美國，興盛于上(shang)(shang)世(shi)紀70年代。證監會(hui)在滬深證券市(shi)(shi)場(chang)持(chi)(chi)續陷入(ru)低迷的(de)(de)(de)當下推出這份(fen)出員(yuan)(yuan)工(gong)(gong)持(chi)(chi)股(gu)(gu)計(ji)劃(hua)的(de)(de)(de)指導意見，理(li)所當然被(bei)視作某種積(ji)極信(xin)號，畢竟在股(gu)(gu)價處于較(jiao)低價格時，上(shang)(shang)市(shi)(shi)公(gong)(gong)司(si)實(shi)施(shi)員(yuan)(yuan)工(gong)(gong)持(chi)(chi)有計(ji)劃(hua)可以用較(jiao)少(shao)的(de)(de)(de)資金購(gou)買(mai)本公(gong)(gong)司(si)股(gu)(gu)份(fen)，而眾多上(shang)(shang)市(shi)(shi)公(gong)(gong)司(si)若實(shi)施(shi)員(yuan)(yuan)工(gong)(gong)持(chi)(chi)股(gu)(gu)計(ji)劃(hua)，則會(hui)為股(gu)(gu)市(shi)(shi)帶來源(yuan)(yuan)(yuan)源(yuan)(yuan)(yuan)不斷(duan)的(de)(de)(de)資金。依據中國證監會(hui)規定，滬深上(shang)(shang)市(shi)(shi)公(gong)(gong)司(si)實(shi)施(shi)員(yuan)(yuan)工(gong)(gong)持(chi)(chi)股(gu)(gu)計(ji)劃(hua)的(de)(de)(de)股(gu)(gu)票來源(yuan)(yuan)(yuan)包括上(shang)(shang)市(shi)(shi)公(gong)(gong)司(si)回購(gou)本公(gong)(gong)司(si)股(gu)(gu)票、二(er)級市(shi)(shi)場(chang)購(gou)買(mai)、認購(gou)非公(gong)(gong)開(kai)發(fa)行(xing)股(gu)(gu)票、股(gu)(gu)東(dong)自愿贈與、法律、行(xing)政法規允許(xu)的(de)(de)(de)其(qi)他(ta)方式等(deng)等(deng)。無疑，這項計(ji)劃(hua)既能實(shi)現穩(wen)定市(shi)(shi)場(chang)的(de)(de)(de)目的(de)(de)(de)，也能激發(fa)上(shang)(shang)市(shi)(shi)公(gong)(gong)司(si)實(shi)施(shi)員(yuan)(yuan)工(gong)(gong)持(chi)(chi)股(gu)(gu)計(ji)劃(hua)的(de)(de)(de)動力(li)。

要(yao)想讓滬深股(gu)市走出低迷，除了經濟因素(su)之外，更重要(yao)的一點(dian)，就是要(yao)給投資者高回(hui)報(bao)。而(er)回(hui)報(bao)來(lai)自哪(na)？來(lai)自于(yu)上市公司通過價(jia)值管理理念所提(ti)(ti)高的質量和效益(yi)。而(er)員工(gong)持股(gu)計劃，恰為提(ti)(ti)高對(dui)投資者的回(hui)報(bao)提(ti)(ti)供了一個極有力的支點(dian)。

根據《關于上(shang)(shang)市(shi)公(gong)(gong)司(si)(si)(si)實施(shi)員(yuan)(yuan)(yuan)(yuan)工(gong)(gong)持(chi)股(gu)(gu)(gu)(gu)計(ji)(ji)劃試(shi)點的(de)(de)指導意見》，員(yuan)(yuan)(yuan)(yuan)工(gong)(gong)持(chi)股(gu)(gu)(gu)(gu)計(ji)(ji)劃所持(chi)有的(de)(de)股(gu)(gu)(gu)(gu)票總(zong)數(shu)累(lei)計(ji)(ji)不(bu)得(de)(de)超(chao)過(guo)公(gong)(gong)司(si)(si)(si)股(gu)(gu)(gu)(gu)本總(zong)額(e)的(de)(de)10%，單個員(yuan)(yuan)(yuan)(yuan)工(gong)(gong)所獲(huo)股(gu)(gu)(gu)(gu)份(fen)權益對應的(de)(de)股(gu)(gu)(gu)(gu)票總(zong)數(shu)累(lei)計(ji)(ji)不(bu)得(de)(de)超(chao)過(guo)公(gong)(gong)司(si)(si)(si)股(gu)(gu)(gu)(gu)本總(zong)額(e)的(de)(de)1%。按照這一比(bi)例計(ji)(ji)算，如果多數(shu)上(shang)(shang)市(shi)公(gong)(gong)司(si)(si)(si)實施(shi)員(yuan)(yuan)(yuan)(yuan)工(gong)(gong)持(chi)股(gu)(gu)(gu)(gu)計(ji)(ji)劃，對證券市(shi)場的(de)(de)影(ying)響將是非常巨大(da)(da)的(de)(de)。當然，從(cong)員(yuan)(yuan)(yuan)(yuan)工(gong)(gong)持(chi)股(gu)(gu)(gu)(gu)計(ji)(ji)劃開始提(ti)高(gao)股(gu)(gu)(gu)(gu)市(shi)回(hui)報率(lv)，并非是為(wei)員(yuan)(yuan)(yuan)(yuan)工(gong)(gong)持(chi)股(gu)(gu)(gu)(gu)計(ji)(ji)劃的(de)(de)股(gu)(gu)(gu)(gu)份(fen)發放特別分(fen)紅(hong)，而是在公(gong)(gong)司(si)(si)(si)實施(shi)員(yuan)(yuan)(yuan)(yuan)工(gong)(gong)持(chi)股(gu)(gu)(gu)(gu)計(ji)(ji)劃之(zhi)后，上(shang)(shang)市(shi)公(gong)(gong)司(si)(si)(si)能加(jia)大(da)(da)分(fen)紅(hong)力度，畢竟有10%的(de)(de)職(zhi)工(gong)(gong)持(chi)股(gu)(gu)(gu)(gu)具有股(gu)(gu)(gu)(gu)權激勵(li)意義。何(he)況，多數(shu)上(shang)(shang)市(shi)公(gong)(gong)司(si)(si)(si)的(de)(de)大(da)(da)股(gu)(gu)(gu)(gu)東控股(gu)(gu)(gu)(gu)比(bi)例都(dou)很高(gao)，加(jia)上(shang)(shang)員(yuan)(yuan)(yuan)(yuan)工(gong)(gong)持(chi)股(gu)(gu)(gu)(gu)計(ji)(ji)劃的(de)(de)股(gu)(gu)(gu)(gu)份(fen)，分(fen)紅(hong)的(de)(de)大(da)(da)部(bu)分(fen)還是回(hui)歸到(dao)上(shang)(shang)市(shi)公(gong)(gong)司(si)(si)(si)。一旦公(gong)(gong)司(si)(si)(si)的(de)(de)分(fen)紅(hong)比(bi)例提(ti)高(gao)，投資(zi)價值得(de)(de)到(dao)投資(zi)者認可，公(gong)(gong)司(si)(si)(si)的(de)(de)口碑和市(shi)場形象將為(wei)上(shang)(shang)市(shi)公(gong)(gong)司(si)(si)(si)帶來可觀(guan)的(de)(de)效益。

其(qi)實，A股(gu)(gu)市(shi)場長期以來(lai)投資回(hui)(hui)報(bao)率過低，與上(shang)(shang)(shang)(shang)市(shi)公(gong)(gong)司(si)(si)大股(gu)(gu)東控股(gu)(gu)比例過高很有(you)(you)關系，而(er)且對(dui)國企(qi)(qi)來(lai)說，由于體制的(de)原(yuan)因(yin)，始(shi)終(zhong)把規模和(he)(he)數量(liang)作(zuo)為企(qi)(qi)業(ye)追(zhui)求的(de)目標，所以從規模和(he)(he)數量(liang)上(shang)(shang)(shang)(shang)看國有(you)(you)上(shang)(shang)(shang)(shang)市(shi)公(gong)(gong)司(si)(si)的(de)業(ye)績很光鮮，世界500強、全球最賺錢企(qi)(qi)業(ye)等光環有(you)(you)不少都戴在了這些中(zhong)國大企(qi)(qi)業(ye)身上(shang)(shang)(shang)(shang)，但大股(gu)(gu)東控股(gu)(gu)比例過高的(de)公(gong)(gong)司(si)(si)結構，也(ye)使(shi)得公(gong)(gong)司(si)(si)始(shi)終(zhong)缺乏提高分(fen)(fen)紅和(he)(he)回(hui)(hui)報(bao)的(de)意(yi)識(shi)。如果這些國有(you)(you)上(shang)(shang)(shang)(shang)市(shi)公(gong)(gong)司(si)(si)回(hui)(hui)購(gou)一(yi)部(bu)(bu)分(fen)(fen)股(gu)(gu)份，或者定向增發(fa)一(yi)部(bu)(bu)分(fen)(fen)作(zuo)為員工持股(gu)(gu)，一(yi)方(fang)面(mian)能增加(jia)上(shang)(shang)(shang)(shang)市(shi)公(gong)(gong)司(si)(si)員工的(de)歸屬感和(he)(he)積極性，另(ling)外一(yi)方(fang)面(mian)也(ye)會提高這些上(shang)(shang)(shang)(shang)市(shi)公(gong)(gong)司(si)(si)的(de)分(fen)(fen)紅和(he)(he)回(hui)(hui)報(bao)的(de)意(yi)識(shi)。

也許有不(bu)少人會擔(dan)憂(you)員(yuan)(yuan)工(gong)(gong)持(chi)(chi)股(gu)計(ji)(ji)劃(hua)(hua)容易(yi)(yi)導致上(shang)(shang)市公(gong)司出現內幕交(jiao)易(yi)(yi)。以筆者(zhe)之見，如果(guo)在員(yuan)(yuan)工(gong)(gong)持(chi)(chi)股(gu)計(ji)(ji)劃(hua)(hua)實施(shi)中有延(yan)長或(huo)者(zhe)限制(zhi)員(yuan)(yuan)工(gong)(gong)持(chi)(chi)股(gu)計(ji)(ji)劃(hua)(hua)股(gu)票的持(chi)(chi)股(gu)時(shi)間(jian)的規定，應能大大降低(di)上(shang)(shang)市公(gong)司的內幕交(jiao)易(yi)(yi)行為(wei)。換句話(hua)說，避免(mian)上(shang)(shang)市公(gong)司因(yin)為(wei)員(yuan)(yuan)工(gong)(gong)持(chi)(chi)股(gu)計(ji)(ji)劃(hua)(hua)出現內幕交(jiao)易(yi)(yi)有很(hen)多(duo)辦法，而讓更(geng)多(duo)公(gong)司在股(gu)市低(di)迷(mi)期積極推進員(yuan)(yuan)工(gong)(gong)持(chi)(chi)股(gu)計(ji)(ji)劃(hua)(hua)，對(dui)證券市場的積極作用卻是難(nan)以估(gu)量的。

為了使員(yuan)工(gong)(gong)持(chi)股(gu)(gu)計(ji)劃的(de)(de)(de)試點能更有(you)成效(xiao)，還可(ke)借鑒美國證券市(shi)(shi)場推行(xing)員(yuan)工(gong)(gong)持(chi)股(gu)(gu)計(ji)劃的(de)(de)(de)幾個原(yuan)則。比如(ru)廣(guang)泛參(can)與原(yuan)則，企業(ye)應讓盡(jin)可(ke)能多的(de)(de)(de)職(zhi)工(gong)(gong)參(can)與員(yuan)工(gong)(gong)持(chi)股(gu)(gu)計(ji)劃，至少要占企業(ye)職(zhi)工(gong)(gong)人(ren)數的(de)(de)(de)70%以上；比如(ru)反壟斷原(yuan)則，即(ji)(ji)資本不(bu)能集中于少數人(ren)；比如(ru)私有(you)權原(yuan)則，即(ji)(ji)分配(pei)原(yuan)則強調個體性。至于很(hen)多人(ren)擔心的(de)(de)(de)上市(shi)(shi)公司員(yuan)工(gong)(gong)持(chi)股(gu)(gu)計(ji)劃會(hui)不(bu)會(hui)形成新的(de)(de)(de)不(bu)公平，尤其會(hui)不(bu)會(hui)重(zhong)演原(yuan)來的(de)(de)(de)內部(bu)(bu)職(zhi)工(gong)(gong)股(gu)(gu)的(de)(de)(de)腐敗故事，筆者以為，只要堅守(shou)持(chi)股(gu)(gu)人(ren)員(yuan)的(de)(de)(de)公開信息透(tou)明化制度，就完全可(ke)以堵住權貴(gui)伸手的(de)(de)(de)空(kong)間(jian)，避免(mian)員(yuan)工(gong)(gong)持(chi)股(gu)(gu)計(ji)劃重(zhong)蹈(dao)當(dang)年(nian)內部(bu)(bu)職(zhi)工(gong)(gong)股(gu)(gu)的(de)(de)(de)覆轍。