IN THE COMPANY OF OWNERS(人人拥有公司股权)

Stock options have been much maligned recently, mainly because of fatcat executives who've cashed them in for millions, before the share price tanks and average shareholders suffer. But stock options can be a very good thing if handled correctly, say Rutgers University professors Blasi and Kruse and BusinessWeek editor Bernstein. They make the argument for why options-offered to all employees, not just upper-level execs-are a serious boon, "bringing about a more productive company and, ultimately, rewarding employees and outside shareholders alike." The book does seem a bit quaint at times, such as when it talks about how Silicon Valley types have got it right when it comes to options. (Many of those high-tech firms, of course, are either defunct or fighting for their lives.) The pace is somewhat plodding, as the authors recount company strategies and cite various studies, but the introduction and conclusion focus on sexier, newsier issues such as the "option-induced avarice" that led CEOs to jimmy company numbers in order to boost stock price. The authors' plea is a valid one: that "partnership capitalism" not die as a concept for the many, just because of the greedy abuses of a few.
Copyright 2002 Reed Business Information, Inc.
　　作者简介：
JOSEPH BLASI, a sociologist, and DOUGLAS KRUSE, an economist, are professors at Rutgers University's School of Management and Labor Relations in Piscataway, New Jersey. AARON BERNSTEIN is a senior writer at Business Week magazine, based in Washington, D.C.

Joseph Blasi, Douglas Kruse, and Aaron Bernstein show how American companies would perform much better if they followed the lead of many high-tech firms and granted options to their entire workforce, rather than to just a tiny corporate elite. Using SEC data in a way never done before, they document the vast wealth executives have accumulated for themselves and show how the abuse of options has taken place not just at scandal-ridden companies such as Enron and WorldCom but across the entire reach of corporate America.
In the company of Owners argues that there's a better way. Broad employee ownership through stock options offers a new model for U.S. corporations and American capitalism. The authors explain how employees and shareholders alike would benefit if most large companies adopted what they call the partnership capitalism approach - using options to encourage employees to think and act like owners.

The string of business scandals that recently engulfed America painted a picture of corporate chieftains lining their pockets by cutting corners, cooking the books, and duping gullible investors. In doing so, greedy CEOs have hijacked what could be one of the most important business innovations in decades: stock options for all employees. Joseph Blasi, Douglas Kruse, and Aaron Bernstein-all leading experts on employee ownership-show how American companies would perform much better if they followed the lead of many high-tech firms and granted options to their entire workforce, rather than to just a tiny corporate elite. Using SEC data in a way never done before, they document the vast wealth executives have accumulated for themselves. It shows how the abuse of options has taken place not just at scandal-ridden companies such as Enron and WorldCom, but across the entire reach of corporate America. In the Company of Owners argues that there's a better way. Broad-employee ownership through stock options offers a new model for US corporations and American capitalism.

The authors explain how employees and shareholders alike would benefit if most large companies adopted what they call the partnership capitalism approach-using options to encourage employees to think and act like owners. A searing critique of business as usual in America's executive suites, this book offers a comprehensive vision for how stock options can enrich companies, employees, investors, and the US economy as a whole. With its remarkable new evidence and astute synthesis, In the Company of Owners will change the way America thinks about stock options. Joseph R. Blasi, a sociologist, and Douglas L. Kruse, an economist, are professors at Rutgers University's School of Management and Labor Relations. Aaron Bernstein is a senior writer at Business Week magazine.

From Publishers Weekly

Stock options have been much maligned recently, mainly because of fatcat executives who've cashed them in for millions, before the share price tanks and average shareholders suffer. But stock options can be a very good thing if handled correctly, say Rutgers University professors Blasi and Kruse and BusinessWeek editor Bernstein. They make the argument for why options-offered to all employees, not just upper-level execs-are a serious boon, "bringing about a more productive company and, ultimately, rewarding employees and outside shareholders alike." The book does seem a bit quaint at times, such as when it talks about how Silicon Valley types have got it right when it comes to options. (Many of those high-tech firms, of course, are either defunct or fighting for their lives.) The pace is somewhat plodding, as the authors recount company strategies and cite various studies, but the introduction and conclusion focus on sexier, newsier issues such as the "option-induced avarice" that led CEOs to jimmy company numbers in order to boost stock price. The authors' plea is a valid one: that "partnership capitalism" not die as a concept for the many, just because of the greedy abuses of a few.

From Library Journal

Stock options have gotten a bad name in the recent business scandals, but Rutgers professors Blasi and Douglas Kruse and Business Week editor Aaron Bernstein argue that the abuses of a few should not blind us to a very useful remuneration tool. Rather, they espouse the belief that stock options should be offered to all employees in all stock companies, calling their proposal "partnership capitalism" or "stock option capitalism." They make a strong case that offering stock options to everyone can motivate employees, foster a more efficient organization, and flatten hierarchy while remaining forthright about potential problems and abuses. The authors have published extensively in academic presses on this topic and, with this clearly written volume, are trying to spread the word to the general public. They use little jargon and put their extensive footnotes, appendixes, and other scholarly buttressing in the back of the book. Libraries that have some of Blasi and Kruse's early works can pass; otherwise, this is strongly recommended for academic and public library investment collections.
　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　Patrick J. Brunet, Western Wisconsin Technical Coll. Lib., LaCrosse

Book Dimension
Height (mm) 235 　　　　　　　　　　　　　　　Width (mm) 156

Preface
Acknowledgments
Pt. I The History of Partnership Capitalism
1 It All Began with Shockley 　　　　　　　　　　　　　　　　　3
2 The Soul of a New Corporation: How High-tech Companies Institutionalized Partnership Capitalism 31
3 The Soul of an Old Corporation: From Thales to Executive Stock Options 　　63
Pt. II Sharing the Company with Employees
4 How High-tech Firms Share the Wealth 　　　　　　　　　　　　　　　　　　　79
5 Why Companies Hand Out New Options Every Year 　　　　　　　　　　　　　　105
6 What Shareholders Gain by Giving Up Some of Their Ownership 　　　　　　　131
7 The Evidence that Stockholders Come Out Ahead 　　　　　　　　　　　　　　153
Pt. III A New Corporate Model
8 Top-down Capitalism: What Would Have to Change in Corporate America 　　　185
9 Partnership Capitalism: How to Put It All Together 　　　　　　　　　　　　205
10 Conclusion 　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　223
App. A The High Tech 100 　　　　　　　　　　　　　　　　　　　　　　　　　　243
App. B The High Tech 100's Mixed Track Record 　　　　　　　　　　　　　　　247
App. C How Workers Took a Beating on Employee Ownership 　　　　　　　　　　249
App. D The Corporate America 100 　　　　　　　　　　　　　　　　　　　　　　251
Notes 　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　255
Bibliography 　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　297 Index 　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　335
About the Authors 　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　345