“现在有关部门正在征求关于职工持股计划的意见，主要是上市公司的持股计划”，“作为社会主义市场经济，我们确实有这个需要。”这是央行行长周小川昨天在出席“中国社科院金融所十年庆”时的表态。

“Relevant departments are now ask about the opinions of the employee stock ownership plan，Mainly is the listed company stock ownership plan”，“As the socialist market economy，We do have this need。”This is the central bank governor zhou xiaochuan yesterday in attendance“By the Chinese academy of social sciences financial the celebration of ten years”Comment when。

　　周小川指出，员工持股反映了职工在企业中权益和参与管理作用，是重要的现代公司治理结构的问题。

Zhou xiaochuan pointed out that，Employees to buy shares reflects the worker in the enterprise rights and participate in the administration of action，It is important to the problem of modern company management structure。

　　“党的十四届三中全会以来，一直强调中国公有制要有多种实现形式。公有制实现形式应该也不断有所创新、有所发展，来适合当前的形势。”周小川说，“这方面党和国家都出台很多政策新的提法，一是提出过收入分配里有财产性收入，二是提出过生产要素按照贡献获得分配，这些理念都给员工持股的题目奠定了一个基础。”

“Since the third plenary session of the party's fourteen，Has been stressed that China will have a variety of forms for realizing public ownership。The realization form of public ownership should be also unceasingly to innovation、Some development，To suit the situation。”Zhou xiaochuan said，“The party and the country on a lot of policy new formulation，One is raised the income distribution has property income，The second is raised according to production elements to win distribution，These ideas to the topic of employee shareholding laid a foundation。”

　　周小川指出，员工持股的提法早在上世纪80年代末就曾出现，后来因为执行过程中出现舞弊，遭遇了挫折，然而现在重提这一想法面临的情形已经发生了以下变化：第一，当时程序透明度不高，出现过很多高管名字也夹杂在职工名字中的情况。但未来如果用互联网公布以后，这样的舞弊就比较困难。第二，当时缺乏中介机构的介入。第三方中介机构应该提供长期的服务，才能杜绝内部照顾的情况。第三，当时股票发行价过高产生的巨大诱惑，引发了人们钻空子的行为。但从现在来看，尽管发行价格非常高的局面还完全没有解决，但总体情况已经改观。

Zhou xiaochuan pointed out that，Employee shareholding formulation in the early 1980 s had appeared，But for arising during the execution of the fraud，suffered，But now revert this idea face circumstances have occurred the following changes：The first，When program transparency is not high，Appeared many top executives name also inclusion in the name of the situation。But the future if use the Internet after released，This fraud was more difficult。The second，When lack of intermediaries intervention。The third party intermediary organizations should provide long-term service，To put an end to the situation of internal care。The third，When the stock price too high produce great temptation，Initiate people exploit an advantage behavior。But from now to see，Although the issuing price is very high situation still no solution，But the overall situation has changed。

　　对于上市公司员工持股的具体资本方式，周小川指出，一是可以用职工的工资和奖金来购买股票，推行职工制计划，对于其中涉及到是否需要委托机构或其他金融中介来体现，仍需具体研究。其次是通过股票期权，但这种办法如果会计上处理不当也会提供舞弊机会。“一般来说，当期给高管或者职工股权激励，需要有一定的年限才能执行，也就是说当年企业是不出钱的。”周小川说。

The listed company employees to buy shares of the specific way of capital，Zhou xiaochuan pointed out that，One is can use the worker's salary and bonus to buy shares，Implementation of the worker system plan，For which involves whether to need to entrust institutions or other financial intermediary to reflect，Still need to concrete research。The second is through the stock options，But this way if accounting on misconduct will also provide opportunity to fraud。“Generally speaking，The current to executives or worker of equity incentive，Need to have a certain fixed number of year to execute，That is the enterprise is not pay。”Zhou xiaochuan said。

　　但周小川也指出，现在如果能够做到股权激励费用在当年计入费用，是否会缓解我们对股票期权激励副作用的担忧？另外，市场可能也担心员工持股计划可能会引起价格操纵，其实员工持股是非常分散的，想集中起来操纵价格的可能性非常小，当然也需要对此加以防范。摄影记者/王晓东

But zhou xiaochuan also pointed out，Now if can do in the stock ownership incentive fee included in the cost，Whether it will ease our stock option worries about side effects？In addition，Markets may also worry that the employee stock ownership plan may cause price control，In fact employee shareholding is very scattered，Want to centralized control prices possibility is very small，Of course this also need to guard against。Photographers/Mr