近日，央行行长周小川对职工持股计划给予了积极评价。他认为，这项制度对资本市场发展是一件好事，对推动金融业更好地为实体经济服务也具有积极的意义。从道理上说，应为职工持股计划提供一些政策鼓励，如税收优惠等，以促进其发展。

recently，Central bank governor zhou xiaochuan to employee stock ownership plan gave a positive evaluation。He thinks，The system of capital market development is a good thing，The financial industry to promote better for the real economy service also has positive significance。From the word said，Shall be the employee stock ownership plan provides some policy encourages，Such as preferential tax, etc，In order to promote its development。

　　周小川指出，在我国建设社会主义市场经济的过程中，在体现人民权利方面确实有这种需要，新形势下公有制实现方式和收入分配原则的需要，都为提出、设计和推进职工持股计划奠定了基础，同时也提出了需求。

Zhou xiaochuan pointed out that，In socialist market economy process，People's rights in reflect actually have the need，Under the new situation the public ownership system realizes the way and the income distribution principle needs，Is put forward、Design and promote the employee stock ownership plan laid the foundation，At the same time also puts forward the demand。

　　“对于职工持股计划，过去所出现的错误是一些初级错误，当前外部条件已经发生了较大的变化，可以再做些研究和探讨，形成比较好的设计，使之在执行和管理上较为严密，在最终出台时就能够减少失误和出问题的可能性。”周小川称，这样，不管对于这项制度本身还是对于资本市场发展，都将是一件好事。

“For the employee stock ownership plan，The past mistakes are some primary error，The current external conditions has undergone great changes，Can again to do some research and discussion，Forming a good design，In the implementation and management more closely，In the final come when he can reduce the error and the possibility of a problem。”Zhou xiaochuan said，this，No matter for the system itself or to capital market development，Will be a good thing。

　　周小川认为，职工持股计划可以包括下面两种交易方式：一是让职工用工资、奖金来购买股票，即必须通过真金白银的现金来购买，而不是像过去那样采取分配的形式。这么做总体看比较可靠，出问题的可能性小一些。具体操作上，对于是否要找委托机构的问题，有人建议通过工会或者是成立一个专门的职工持股基金，也有人认为不必集中起来实施。这方面可以作进一步研究，需要找一条切合实际、行之有效的出路。

Zhou xiaochuan think，Employee stock ownership plan can include the following two kind of way to trade：One is to let a worker with salary、Bonus to buy shares，That must be through the real gold and silver cash to buy，Not like the past that take the form of distribution。So do overall see more reliable，The possibility of a smaller。Specific operation on，For whether or not to find entrusted agency problem，It is suggested that through the trade union or is to set up a special fund of employee stock ownership，Others think don't concentrate implementation。This can be for further research，Need to find a practical、Effective way。

　　还有一种交易方式是股票期权。期权激励有很多的优点，但如果会计上处理不当，就可能给舞弊行为带来机会。对此，国际会计准则进行了修正，提出了一些新的规定，明确要按公允价值的方法来计量。我国也接受了这些新的规定，在一些境外上市公司执行期权激励时已采用了新做法。不过，当前用的比较多的主要还是针对高管人员的期权激励，有待在职工持股计划方面进一步运用。

Still have a kind of way to trade is a stock option。Option has a lot of advantages，But if the accounting misconduct，May to corrupt behavior brings opportunity。this，International accounting standards was revised，This paper puts forward some new rules，Clear according to fair value method to measure。Our country also accept the new rules，In some overseas listed company executive options motivation has adopted the new approach。but，The current used more main or for senior executives option，To be in the employee stock ownership plan to further use。

　　具体做法上，通常是当期给高管或者职工一个股权激励计划，同时规定一定的年限，在到期后可执行该股权激励，即按预先确定的价格和条件购买本公司一定数量的股份。股权激励计划在最后执行时的公允价值在多数情况下与当初确定的价格有较大的差别，如果在几年的时间内不作必要的会计处理，就容易诱发舞弊行为。为此，修订以后的会计准则要求，对于提供给职工或者高管人员的股票期权，应按公允价值计量，在资产负债表日确认相应费用。在从授予日至可行权日的期权存续期内，若后续信息表明可行权股票期权的数量与可行权日不同的，应在资产负债表中予以体现和调整。到期末可以执行时，如果持有人选择执行，则须按照实际行权的数量确定应转入的实收资本或股本，从而将股权激励转换为真正的股权。

The concrete methods，Usually the current to executives or worker a equity incentive plan，At the same time stipulate a fixed number of year，In expires executable the stock ownership incentive，That is according to predefined price and conditions to buy the company a certain amount of shares。Equity incentive plan execution at the end of the fair value in most cases and had certain price has bigger difference，If in a few years time do not make necessary accounting treatment，It is easy to induce corrupt behavior。therefore，After the revision of accounting standards require that，To offer a worker or senior executives stock options，Should be at fair value measurement，The date of the balance sheet, confirm the corresponding expenses。From the grant date to the vesting date, during the period of options，If the subsequent information indicates that the number of vested stock options with the vesting date, different，Shall, in its balance sheet to reflect and adjust。When the final can perform，If the holder choose execution，It shall be in accordance with the actual line right should be to determine the number of paid-in capital or capital，Thus will the stock ownership incentive into real equity。

　　“应该说，有了这样的会计处理，舞弊的可能性应会大大减少。”周小川提出，值得研究的问题是，这种会计处理是否还会有漏洞？这还需要通过实践来检验。如果这些改进措施足够有效的话，就不必对期权激励可能产生的副作用有过大的担心。此外，还有一些担心，如实行职工持股计划是否会导致内幕交易和价格操纵行为？其实，由于职工持股较为分散，共谋操纵价格的可能性应当相对较小。利用内部信息的问题，更主要是对高管。另外，各种锁定期和交易限制也会防止出现这些弊病。

“Should say，This accounting treatment，The possibility of fraud will be greatly reduced。”Zhou xiaochuan put forward，The problem is worth studying，The accounting treatment if there will be a loophole？This also need through the practice to test。If these improvement measures effective enough words，Just don't have the option incentive possible side effects have too much worry。In addition，Some worry about，If the employee stock ownership plan will lead to insider trading and price manipulation behavior？In fact，Because the worker is holding more dispersed，The possibility of common control prices should be relatively small。Using internal information problems，More is mainly to the executives。In addition，All kinds of lock regularly and trade restrictions may prevent these evils。

　　周小川最后强调，职工持股计划和期权激励在企业理论和管理实践中，以至于在金融市场理论和实践中都可以发挥非常正面的作用，对于完善我国社会主义市场经济体制，推进我国企业改革，发展资本市场，推动金融业更好地为实体经济服务，都具有积极的意义。从道理上说，应为职工持股计划提供一些政策鼓励，如税收优惠等，以促进其发展。当然，这也可能导致政策制定上的复杂性，使好事因受牵扯而被拖延。不管怎样，在推进这项工作的过程中，需要在制度上作新的定义和完善，使之真正成为适合国情、行之有效的好工具。

Zhou xiaochuan finally stressed，Employee stock ownership plan and option in the enterprise theory and management practice，That in the financial markets in both theory and practice can play very positive role，For improving the socialist market economy system of our country，Advances our country enterprise reform，Develop capital market，The financial industry to promote better for the real economy service，Has a positive meaning。From the word said，Shall be the employee stock ownership plan provides some policy encourages，Such as preferential tax, etc，In order to promote its development。Of course，It also can lead to the complexity of the policy，Make good due to drag in and be delayed。No matter how，In promoting the process of the work，In the system to make new definition and perfect，To become a real fit for our national situation、An effective tool。