中国人民银行行长周小川22日表示，职工持股计划需要有具体形式。

The people's bank of China governor zhou xiaochuan said 22，Employee stock ownership plan needs a concrete form。

　　周小川在社科院金融研究所主办的“中国金融理论与实践：十年回眸”论坛上说，职工持股计划主要是上市公司职工持股计划，不限于金融领域。反映职工在企业中的权益和参与管理的作用，需要有具体形式，而这些具体形式应该在当前的公司治理结构中有所反映。上世纪90年代以来，在政策方面有很多新的提法，其中一条是在居民收入分配过程中要有财产性收入，理论上讲，这和所有权也是密切联系的，这些都为职工持股计划奠定了基础。

Zhou xiaochuan in academy of the financial research institute“China's financial theory and practice：Ten years looking back”BBS said，Employee stock ownership plan is mainly the listed company employee stock ownership plan，Not limited to the financial sector。Reflect the worker in the enterprise of rights and participate in the administration of role，Need to have specific forms，And these concrete form should be in the current corporate governance structure reflected。Since the 1990 s，In the policy there are a lot of new formulation，Article one in residents income distribution in the process to have property income，In theory，This and ownership is closely linked，These are for the employee stock ownership plan laid the foundation。

　　他说，职工持股计划这个题目在上世纪80年代末90年代初就已提出，当时有不少研究报告和政策建议等。为什么搁置了呢？是因为受了些挫折。上世纪90年代中期，上市公司职工持股计划出现很多作弊的事，有很多经验教训。这对人们的心理影响很大。

He said，Employee stock ownership plan this topic in the 1980 s and early 90 s has been put forward，When there are many research reports and policy Suggestions, etc。Why shelved？Because of setbacks。The mid 1990 s，The listed company worker to hold a plan to appear a lot of cheating，There are a lot of experience and lessons。The influence on people's psychology。

　　周小川还表示，国债期货在1995年3月出了“3·27”案，一停就是十几年，现在。

Zhou xiaochuan also said，Treasury futures in March 1995 out“3 · 27”case，A stop is more than ten years，now。

　　周小川说，那时候出现问题有几个原因：第一是没有透明度；第二是没有中介机构参加；第三是上市公司发行价格畸高。现在的条件与以前不一样了，在政策出台时争取设计得比较严密，能够减少出问题的可能性。这对整个资本市场的发展会是一件好事。接下来涉及的就是具体的资金方式问题，其中一种是用职工的工资和奖金购买股票，从而推动职工持股计划。

Zhou xiaochuan said，The problems when there are several reasons why：The first is no transparency；The second is no intermediary organizations to participate in；The third is issued by a listed company of excessively high price。Now the conditions are not the same as before，When in the policies for design more closely，To reduce the possibility of a problem。For the development of capital market will be a good thing。The next is involved in the specific fund mode，One is to use the salary of the employees to buy shares and bonuses，Thus promote the employee stock ownership plan。

　　周小川还谈到股票期权问题。他表示，股票期权一度是西方国家鼓吹的一种激励机制，既用于对高管人员的激励，也用于对职工持股的激励。后来也发生了一些问题，如果会计上处理不当，也会出现漏洞被钻空子。但总的来说，股权激励的作用是正面的。

Zhou xiaochuan also talked about the stock option problems。He said，Stock option is for once in western countries is a kind of incentive mechanism，Not only for senior executives incentive，Also used to employee stock ownership incentive。Later, also has some problems，If the accounting misconduct，Also can appear loophole was exploit an advantage。But on the whole，The stock ownership incentive role is positive。

　　周小川说，市场上可能还有一种担心是上市公司操纵价格。他认为，职工这种分散持股，合谋操纵价格的可能性相对比较小，但也要事先在设计上加以防范。如果这些问题得到解决的话，职工持股计划可以得到好的发展，可以推进企业健康化，为资本市场更健康发展做出贡献。

Zhou xiaochuan said，The market may still have a kind of worry is the listed company control prices。He thinks，The worker the dispersion shareholding，The possibility of conspiracy to control price is relatively small，But also in the design is to prevent。If these problems can be solved words，Employee stock ownership plan can get good development，Can promote enterprise health change，For the healthy development of the capital market to contribute more。