员工持股计划在欧美国家的起源和发展已有百年以上的历史。与欧美国家不同，中国员工持股计划是随着改革开放进程不断推进而逐步发展起来的。纵观40年来的改革发展历程，中国员工持股计划呈现出先进性和复杂性并存的典型特征。继党的十八届三中全会通过《中共中央关于全面深化改革若干重大问题的决定》，强调“允许混合所有制经济实行企业员工持股，形成资本所有者和劳动者利益共同体”之后，有关支持鼓励企业主体推行员工持股计划的政策文件密集出台，员工持股计划迎来了一个新的发展机遇期。

此外，2014年6月，中国证监会《关于上市公司实施员工持股计划试点的指导意见》正式发布，我国上市公司新一轮员工持股计划在A股市场落地已近5年时间。此轮中国上市公司员工持股计划的学术研究有哪些进展、总体特点有哪些、实施效果究竟如何，这些是政府当局、企业主体以及社会各界都广泛关注的问题。在此背景下，喜闻石颖博士《中国上市公司员工持股计划的影响效应研究》专著即将付梓出版，受邀作序，欣然接受。

《中国上市公司员工持股计划的影响效应研究》专著理论剖析比较深入。中国员工持股计划的探索是一个“摸着石头过河”的过程，发展中的许多问题在很大程度上可以归结到对员工持股计划的内涵和外延理解得不够透彻，对员工持股计划的理论根基没有形成该有的认识，对员工持股计划的国内外理论前沿和实践现状了解得不够深入，对中国员工持股计划的成功经验和失败教训缺乏总结提升。作者在本部专著中对上述问题均进行了回顾、总结、回应和评述，应该说，这是员工持股计划研究领域一部综合性比较强的著作，为有关员工持股制度研究的学者和专家提供了很好的学术资料借鉴。

《中国上市公司员工持股计划的影响效应研究》专著研究方法较为新颖。作者利用三个章节的内容对新一轮中国上市公司员工持股计划进行了全面的实证分析。其中，第五章利用事件研究法，对员工持股计划的短期市场反应展开研究，并进一步对资本市场态势对员工持股计划宣告的影响、员工持股计划的各契约要素对员工持股计划宣告的影响进行实证考察；第六章聚焦于影响机制，从理论层面对员工持股计划的财务效应进行了剖析，并对员工持股计划同企业财务业绩之间的因果关系进行了深入的计量分析；第七章创新性地引入平衡计分卡理论，对员工持股计划与企业非财务业绩之间的关系展开理论探讨和实证检验。

《中国上市公司员工持股计划的影响效应研究》专著实践指导意义较强。作者对包括美国、英国、法国、日本等典型国家以及中国的员工持股历史沿革与发展现状进行梳理归纳，重点对新时期中国员工持股计划的实施现状进行了全样本统计分析。这既便于读者打开员工持股计划认知的国际视野，又使读者详细了解到中国员工持股的历史发展脉络及新时期的实施全貌，形成全局性、整体性认识。这部专著可以为政府政策当局制定员工持股政策提供支撑，为企业实施员工持股计划实践提供理论借鉴。

当前，社会各界对员工持股计划相关话题的敏感度比较强、关注度比较高。希望本书的出版能够为推动中国员工持股计划的政策制定、理论研究和实践发展做出贡献。

黄群慧

中国社会科学院经济研究所所长

Employee stock ownership plans have a history of more than 100 years of origin and development in European and American countries. Different from European and American countries, China's employee stock ownership plan has gradually developed with the continuous advancement of reform and opening up. Throughout the 40 years of reform and development, China's employee stock ownership plans have shown typical characteristics of both advanced and complex coexistence. Following the adoption by the Third Plenary Session of the 18th Central Committee of the Communist Party of China of the Decision of the Central Committee of the Communist Party of China on Several Major Issues Concerning the Comprehensive Deepening of Reform, emphasizing that "the mixed ownership economy is allowed to implement enterprise employee shareholding and form a community of interests of capital owners and workers", policy documents on supporting and encouraging enterprise entities to implement employee stock ownership plans have been intensively issued, and employee stock ownership plans have ushered in a new period of development opportunities. In addition, in June 2014, the China Securities Regulatory Commission (CSRC) officially issued the "Guiding Opinions on the Implementation of Employee Stock Ownership Plan Pilot for Listed Companies", and the new round of employee stock ownership plan for listed companies in China has been implemented in the A-share market for nearly five years. What is the progress of the academic research on the employee stock ownership plan of Chinese listed companies, what are the overall characteristics, and what are the implementation effects, these are issues of widespread concern to government authorities, enterprise entities and all sectors of society. In this context, I am pleased to hear that Dr. Shi Ying's monograph "Research on the Impact Effect of Employee Stock Ownership Plans of Chinese Listed Companies" is about to be published, and I was invited to write the foreword and gladly accepted. The theoretical analysis of the monograph "Research on the Impact Effect of Employee Stock Ownership Plans of Chinese Listed Companies" is relatively in-depth. The exploration of China's ESOP is a process of "crossing the river by feeling the stones", and many problems in development can be attributed to the lack of thorough understanding of the connotation and extension of the ESOP, the lack of understanding of the theoretical foundation of the ESOP, the in-depth understanding of the domestic and foreign theoretical frontiers and practical status of the ESOP, and the lack of summary and improvement of the successful experience and failure lessons of the ESOP. The author has reviewed, summarized, responded to and commented on the above issues in this monograph, and it should be said that this is a relatively comprehensive work in the field of employee stock ownership plan, which provides a good academic reference for scholars and experts in the research of employee stock ownership system. The research method of the monograph "Research on the Impact Effect of Employee Stock Ownership Plans of Chinese Listed Companies" is relatively novel. The author uses the content of three chapters to provide a comprehensive empirical analysis of the new round of employee stock ownership plans of Chinese listed companies. Among them, Chapter 5 uses the event research method to study the short-term market response of the ESOP, and further empirically examines the impact of the capital market situation on the announcement of the ESOP and the impact of the contractual elements of the ESOP on the announcement of the ESOP. Chapter 6 focuses on the impact mechanism, analyzes the financial effect of the ESOP from the theoretical level, and conducts an in-depth quantitative analysis of the causal relationship between the ESOP and the financial performance of the enterprise. Chapter 7 innovatively introduces the theory of balanced scorecard, and carries out theoretical discussion and empirical test on the relationship between employee stock ownership plans and non-financial performance of enterprises. The monograph "Research on the Impact Effect of Employee Stock Ownership Plans of Chinese Listed Companies" has strong practical guiding significance. The author summarizes the historical evolution and development status of employee stock ownership in typical countries including the United States, the United Kingdom, France, Japan and China, and focuses on the implementation status of China's employee stock ownership plan in the new era. This not only facilitates readers to open up the international vision of the cognition of employee stock ownership plans, but also enables readers to understand in detail the historical development of China's employee stock ownership and the implementation of the new era, forming an overall and holistic understanding. This monograph can provide support for government policy authorities to formulate employee stock ownership policies, and provide theoretical reference for enterprises to implement employee stock ownership plans. At present, all sectors of society have a strong sensitivity and high attention to topics related to employee stock ownership plans. It is hoped that the publication of this book will contribute to the policymaking, theoretical research and practical development of employee stock ownership plans in China. Huang Qunhui, Director of the Institute of Economics, Chinese Academy of Social Sciences（AI翻译）