自2014年《指导意见》出台后，上市公司推出员工持股计划热情高涨。但实施效果不尽如人意，部分员工持股计划浮亏严重，不仅没有起到激励作用，反而使员工遭受损失。

本文采用案例研究方式，以苏州锦富技术股份有限公司为例，对其2016年与2017年实施的员工持股计划进行研究。本文详细梳理了锦富技术实施员工持股计划的背景与过程、方案设计、实施动机与实施效果，并结合公司股价变动、经营状况和大股东行为分析员工持股计划亏损严重的原因。

本文发现，员工持股计划的亏损原因包括股票市场低迷、行业不景气、经营业绩下滑、管理层频繁变动、大股东减持和卖“壳”前大洗澡等。结论说明员工持股计划的激励作用需要稳定的内外部环境，包括良好的公司治理与稳定的管理层。本文的研究将对公司实施员工持股计划具有借鉴和启发意义。

Since the introduction of the Guiding Opinions in 2014, listed companies have been enthusiastic about launching Employee Stock Ownership Plans（ESOP）. However, the implementation effect is not satisfactory, and some ESOPs have serious floating losses, which not only does not play an incentive role, but causes employees to suffer losses.

Using case study method, this article takes Suzhou Jinfu Technology Co., Ltd. as an example to study the reason for serious losses of ESOPs. This article combs in detail the background and process, plan design, implementation motivation and effect of Jinfu Technology ’s ESOPs, and analyzes the reasons for the serious losses of ESOPs based on the stock price changes, operating conditions and major shareholder behavior.