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1、13EmployeeShareOwnershipPlansCOREYROSENCHAPTEROBJECTIVESHighlightsthelegislativemodelsofemployeeownershipinaninter-nationalcontextHighlightsthenon-legislatedmodelsofemployeeownershipHighlightstheUSexperiencewithemployeeshareownershipplansHighlightstheempiricalevidenceonthelinkbetweenemployeeownershi
2、pandcorporateperformanceEmployeeOwnershipinaGlobalContextEmployeeownershipisgrowingrapidlyinmanycountriesaroundtheworld,largelyasaresultofexplicitgovernmentpolicies,changesintheorganizationofworkand,insomecases,tighteninglabourmarkets.TheUnitedStateshasbeentheleaderinthedevelopmentofemployeeownershi
3、p,throughemployeestockownershipplans(ESOPs),employeestockpurchaseplansandstockoptionplansthatprovideoptionstoallormostofacompanysemployees.Thereareabout11,500ESOPsintheUScoveringanestimated8.5millionemployees;and7to10millionemployeesnowreceivestockoptionsthroughbroad-basedstockoptionplans.ESOPsarefo
4、undprimarilyinclosely-heldcompanies(companieswhosestocksarenottradedonastockexchange);optionsEmployeeShareOwnershipPlans359aremorecommoninpubliccompaniesandrapidlygrowingknowledge-intensivecompanies.Itisestimatedthatapproximately20percentofallpubliccompaniesintheUSnowofferoptionstoallormostemployees
5、,atleast?vetimeswhatthenumberwasatthebeginningofthe1990s.Inaddition,millionofemployeesbuystocksintheircompaniesthroughemployeestockpurchaseplans(ESOPsandstockoptionsarepaidforbythecompany).Whilethereisno?rmestimateofjusthowmanypeoplebuystocks,itcertainlyexceeds10million.Employeeownershipisnotjustgro
6、wingintheUS,however.Severalcountrieshavepassedlawstoencouragebroad-basedownership,whilecompaniesinmanyothercountriesareusingexistinglawsonstockownershiptocraftmorebroadly-grantedownershipplans.Afewhundredmultinationalcompaniesalsonowofferownershiptoemployeesacrossmultipleboundaries.Thischapterlooksa
7、ttheformsofbroad-basedownership.ThesecondsectionofthischapterlooksattheUSexperienceindetail,becausethatiswheretheideahasmost?rmlytakenroot.The?rstsectionlooksatspeci?cmodelsforemployeeownershiplegisla