⊙记者 郭成林 ○编辑 孙放

Reporter GuoChengLin ○ ⊙ SunFang editor

　　证监会推出员工持股计划，意在引进员工薪酬作为长期持股资金，并将上市公司发展与其二级市场价格联系起来，维护股民利益。该新政的亮点，不设行政审批，程序上只需“三会”审核通过，中介机构出具核查意见，充分披露即可；而其制约也有，如员工持股期限长达36个月等，或影响吸引力。未来，新政若要落实推广，或仍需确定执行细节、加码优惠政策。

Securities regulatory commission launched employee shareholding plan，To introduce staff salary as a long-term capital holdings，The listed company and its development and secondary market price connected，Maintenance shareholder interests。The highlight of the New Deal，Do not set administrative examination and approval，Program only“Three will”Audit through the，Intermediary agency inspectors issued advice，Full disclosure can；And the restriction，Such as employee shareholding deadline for 36 months, etc，Or influence attractive。future，If a New Deal to implement promotion，Or is still needs to determine implementation details、Pyramid preferential policies。

　　陆家嘴(600663,股吧)8月7日公告，近日公司董事、监事、高级管理人员及其关联人以自有资金从二级市场购入公司股票，合计达7.63万股。

lujiazui(600663,Shares it)August 7, announcement，Recently the company directors、supervisors、Senior management personnel and its association with their own funds from people bought 2 class market shares，Add up to 76300 shares。

　　这是A股市场最新一个上市公司员工增持的案例。而未来，《上市公司员工持股计划管理暂行办法》（简称《办法》）将从更广泛意义上，改写从董监高到所有员工的增持方式，进而优化上市公司股权结构与治理机制。

This is the A share market latest A listed company employees of additional case。But the future，《The listed company employee shareholding plan the provisional measures》（Referred to《way》）From a broad sense will，From prison to rewrite the dong high way around all of the employees，And optimization of stock right structure and governance mechanism。

　　银行股即为例证：8月5日晚，巴曙松在微博透露，一家银行的负责人正向监管部门建议，在当前银行股估值低时推出员工持股计划，实现员工利益与银行利益的一致，在当前市况下，也有利于增强市场信心。

Bank shares for example is：August 5, late，BaShuSong in micro bo disclosed，A bank is the person in charge of the supervision department Suggestions，In the current bank share valuations low employee shareholding launch plan，Realize the interests of the bank employee benefit and consistent，In the current market，To enhance market confidence。

　　但另一方面，记者采访多家上市公司及中介机构，也有很多声音认为《办法》能否落实、推广，尚有六个方面值得关注。

But on the other hand，Reporters for the many listed companies and intermediary organizations，Also has a lot of sound think《way》Can implement、promotion，There are six aspects is a concern。

　　第一，《办法》明确，用于实施员工持股计划的资金源于公司应付员工工资、奖金等现金薪酬，且数额不得高于其现金薪酬总额的30%；所购股票的持股期限不得低于36个月。而目前，上市公司非董监高的普通员工，在不涉及明显内幕交易的情况下，并无增持自家股票的政策限制。如今，同样是自愿增持，却增加3年的锁定期，吸引力可能将打折扣。

The first，《way》clear，Used for conducting employee shareholding plan funds from the company deal with employee wages、Bonuses cash salary，And amount shall not be higher than the 30% of the total amount of the cash salary；Buy the stock ownership shall not be lower than the time limit of 36 months。And the，The listed company by the prison high ordinary employees，In does not involve obvious insider trading，And without increasing their share of the restrictions。now，The same is influential voluntarily，Does increase the lock of the 3 years regularly，Attraction will likely sell at a discount。

　　第二，《办法》提出，员工用于参加员工持股计划的资金总额不得高于其家庭金融资产的1/3，因此应如实向公司说明其家庭金融资产情况。记者在对众多上市公司的采访中，受访者均对此项类似员工“财产公示”的政策要求感觉尴尬，其未来执行效果或难估量。

The second，《way》Put forward，Employee stock ownership plan for employees to participate in the total amount of funds shall not be higher than the family financial assets 1/3，So should tell the company that the family financial assets。The reporter for many listed companies in the interview，Respondents are a similar to employees“Property publication”Policy asked to feel embarrassed，The future implementation effect or difficult to measure。

　　第三，《办法》规定，上市公司应将员工持股计划委托给资产管理机构进行管理。这一项政策也为上市公司所疑惑：员工持股计划在增持时只涉及存量股权，不类股权激励存在认购“折扣”，而其执行过程还需陡增一笔委托机构的管理费用，无形中抬高了交易成本。

The third，《way》provisions，The listed company shall employee shareholding plan will entrust asset management agency management。This is a policy for a listed company by doubts：Employee shareholding plan around in only involves stock equity，Don't kind of equity incentives exist subscribe“discount”，And its implementation process still need to sharply a institution entrusted management fees，Virtually drive up the transaction cost。

　　第四，《办法》指出，资产管理机构不得管理本公司及本公司控股的上市公司的员工持股计划，也不得管理其控股股东、实际控制人及与其受同一控制的公司的员工持股计划。有此政策初衷，对上市公司选择机构的限制条件或仍需扩展：除“控股”之外，对于重仓持有公司股权的机构（如合计持股比例达5%以上、进入前十大股东等指标），容易形成利益关联，或也不适合承接该公司的员工持股计划。

The fourth，《way》Points out that，Asset management institution shall not management the company and the company of listed companies in employee shareholding of the plan，The controlling shareholders shall not management、Actual controller and its control of the company by the same employee shareholding plan。There is the policy original intention，On the listed companies choose agencies restrictions or still needs to expand：In addition to“holding”outside，For heavy warehouse holding equity institution（Such as aggregate shareholding ratio of more than 5%、In the top ten big shareholders as indexes），Easy to form interests linked，Or is not good for the company undertake employee shareholding of the plan。

　　第五，《办法》要求，资产管理机构应当在股东大会审议通过员工持股计划后3个月内，根据员工持股计划的安排，完成公司股票的购买。对此政策，考虑到长达三年的持股周期，为降低员工投资风险，上市公司表示仍需更多政策细节的确定：如分红所得是否再投入购股？是否允许做一些主动操作如套利？是否允许参与本公司的定向增发？

The fifth，《way》requirements，Asset management institution shall, in a shareholders' meeting and adopted by the employee stock ownership plan within three months after the，According to the arrangement of the employee shareholding plan，To complete the purchase of the shares in the company。This policy，Considering the holding period for three years，In order to reduce the staff investment risk，The listed company said still needs to determine the details more policy：Such as dividends income whether to put into stock？Whether to allow do some active operations such as arbitrage？Whether to allow participate in the company of the directional shares？

　　第六，众多上市公司与中介机构均认为，上市公司员工持股计划可能存在重复征税的情况：员工领取薪酬时已扣缴了个人所得税，再用这部分现金去委托机构买卖股票，其中又有课税。

The sixth，Many listed companies and intermediary agencies have thought，The listed company employee shareholding plan may exist of double taxation：Employees get salaries, has withheld the individual income tax，With this part to cash to buy and sell shares authorized agencies，Among them and taxation。

　　回溯历史，美国上世纪70年代以来，相继通过了一系列法案，为实行员工持股计划的企业及有关各方面提供税收优惠，使员工持股制度渐渐成为占统治地位的一种现代企业组织形式。目前美国推行的员工持股计划与退休计划结合，是一种福利计划。

Back in the history，The United States since the 1970 s，Through a series of one bill，For the implementation of the plan of the enterprise and employee shareholding about various aspects offering tax breaks，Make employee shareholding system gradually become the dominant a modern enterprise organization form。At present the implementation of the planning and employee shareholding with retirement plans，Is a kind of welfare plan。

　　员工持股计划六大关注点 Employee shareholding plan six major concerns

　　◎ 员工持股计划增加3年的锁定期，吸引力可能将打折扣。

Employee shareholding plan to increase money three years of regular lock，Attraction will likely sell at a discount。

　　◎ 类似员工“财产公示”的政策要求感觉尴尬，员工持股计划未来执行效果或难估量。

Similar employees money“Property publication”Policy asked to feel embarrassed，Employee shareholding plan future implementation effect or difficult to measure。

　　◎ 员工持股计划执行需增一笔委托机构的管理费用，无形中抬高了交易成本。

Employee shareholding money to a plan to carry out the entrusted agency management fees，Virtually drive up the transaction cost。

　　◎ 对于重仓持有某上市公司股权的机构，容易形成利益关联，或不适合承接该公司的员工持股计划。

For heavy money having one warehouse stock right institution，Easy to form interests linked，Or is not suitable for undertake the company's employee shareholding plan。

　　◎ 考虑到长达三年的持股周期，为降低员工投资风险，需更多政策细节的确定：如分红所得是否再投入购股？是否允许参与本公司的定向增发？

Considering the money for three years of shareholding cycle，In order to reduce the staff investment risk，More details of the policy should be determined：Such as dividends income whether to put into stock？Whether to allow participate in the company of the directional shares？

　　◎ 员工持股计划可能存在重复征税的情况：员工领取薪酬时已扣缴个人所得税，再用这部分现金去委托机构买卖股票，其中又有课税。

Employee shareholding money may have double taxation plan：Employees get salaries, has the withholding individual income tax，With this part to cash to buy and sell shares authorized agencies，Among them and taxation。