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Firstly , we interpret human capital theory which is the theoretical basis of esop .

首先，从人力资本内涵来阐述员工持股制度的理论基础。

Such affects the organization forms of the enterprises , and more and more enterprises have adopted the esop which make the employee play a certain role the management of the enterprises .

反映在企业的组织形式上，就是许多企业纷纷采用企业职工持股的形式，以便至少在形式上使企业的劳动者参与到企业的运作中来。

On the basis of the above , we sum up three effects brought by esop , which attribute to the improvement of the internal governance mechanism in private enterprises , then provide two cases for empirical analysis .

在此基础上，总结出员工持股使企业治理机制优化的三大效应：监督约束效应、激励效应、筹资效应，并佐以相关案例进行实证分析。

From the angle of ownership theory of enterprises , I point out that enterprise is special contract of manpower capital and object capital and analysis the determinative factors of quantity and and efficiency of employee holding company , which establish the foundation of study of esop .

从企业所有权理论出发，指出企业是实物资本和人力资本的特殊契约，并从理论上分析了员工持股数量的界定及员工持股的效率，为员工持股制度的研究奠定了理论基础。

In 1994 an esop bought 55 % of its equity , not least because the unions saw that as the only way to stop the then chief executive from making big ( and , with hindsight , essential ) job cuts .

在1994年另一个esop买下了后者55%的股份，这主要是因为工会相信要想阻止当时的总裁大幅裁员，除此之外别无他法（不过事后来看，裁员的确是必要的）。