{"id":50959,"date":"2024-04-03T00:48:54","date_gmt":"2024-04-02T22:48:54","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=50959"},"modified":"2024-04-02T19:21:02","modified_gmt":"2024-04-02T17:21:02","slug":"zbynek-fiala-delejte-ve-vlastnim-radi-esop","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2024\/04\/03\/zbynek-fiala-delejte-ve-vlastnim-radi-esop\/","title":{"rendered":"Zbyn\u011bk Fiala: D\u011blejte ve vlastn\u00edm, rad\u00ed ESOP"},"content":{"rendered":"
<\/div>\n

Vl\u00e1da \u010d\u00e1ste\u010dn\u011b odstranila da\u0148ovou p\u0159ek\u00e1\u017eku pro roz\u0161\u00ed\u0159en\u00ed z\u00e1jmu o akcie vlastn\u00edho podniku. Nem\u011bli bychom v\u0161ak zapom\u00ednat, \u017ee nejde jenom o kapit\u00e1l, ale tak\u00e9 o mo\u017enosti samospr\u00e1vy a kontrolu vlastn\u00edho osudu.<\/strong><\/p>\n

V\u00a0minul\u00e9m koment\u00e1\u0159i jsem m\u011bl zm\u00ednku o americk\u00e9m modelu zam\u011bstnaneck\u00e9ho vlastnictv\u00ed ESOP, kde p\u0159edstavuje roz\u0161\u00ed\u0159enou variantu d\u016fchodov\u00e9ho spo\u0159en\u00ed. Nejde o izolovan\u00fd n\u00e1pad, zam\u011bstnaneck\u00e9 vlastnictv\u00ed najdeme i v\u00a0seznamu 40 doporu\u010den\u00ed vl\u00e1d\u011b, kter\u00e9 p\u0159ipravil NERV. Vl\u00e1da u\u017e se t\u00edm za\u010dala zab\u00fdvat d\u0159\u00edv, tak\u017ee NERV jen vyj\u00e1d\u0159il podporu.<\/p>\n

NERVem se samoz\u0159ejm\u011b obt\u00ed\u017en\u011b argumentuje, proto\u017ee doporu\u010doval i v\u00fdpov\u011bdi bez d\u016fvodu. Ve skute\u010dnosti nab\u00eddl nesourod\u00fd soubor n\u00e1vrh\u016f, v\u00a0n\u011bm\u017e p\u0159emnoh\u00e9 pt\u00e1koviny zakr\u00fdvaj\u00ed v\u00fdhled na ob\u010dasn\u00e9 perly. Podporu my\u0161lenky zam\u011bstnaneck\u00e9ho vlastnictv\u00ed po\u010d\u00edt\u00e1m k\u00a0t\u011bm perl\u00e1m.<\/p>\n

\u201eZam\u011bstnaneck\u00e9 akcie jsou senza\u010dn\u00ed benefit, kter\u00fd zvy\u0161uje efektivitu firem a\u00a0trhu pr\u00e1ce,\u201c \u0159\u00edk\u00e1 k\u00a0tomu v\u00a0Novink\u00e1ch ekonom Dominik Stroukal, kter\u00fd p\u0159\u00edpravu doporu\u010den\u00ed NERV koordinoval. Uv\u00e1d\u00ed, \u017ee to bezvadn\u011b funguje v\u00a0pobaltsk\u00fdch zem\u00edch anebo t\u0159eba v\u00a0Kanad\u011b \u010di Izraeli. P\u0159ekvapiv\u011b se v\u0161ak nezmi\u0148uje o USA, kde je po 50 letech t\u00e9to praxe do syst\u00e9mu zapojeno 14 milion\u016f zam\u011bstnanc\u016f \u010di 10 procent soukrom\u00e9 pracovn\u00ed s\u00edly.<\/p>\n

\u201eD\u016fle\u017eit\u00e9 je, aby se \u010d\u00e1st zisku spole\u010dnosti dostala i\u00a0k\u00a0zam\u011bstnanc\u016fm,\u201c zd\u016fraz\u0148uje Stroukal. \u201eBohu\u017eel to dnes d\u011bl\u00e1me \u0161patn\u011b a\u00a0zam\u011bstnanc\u016fm nabyt\u00ed akci\u00ed rovnou zdan\u00edme, co\u017e je dost\u00e1v\u00e1 do situace, kdy t\u0159eba v\u016fbec na zaplacen\u00ed t\u00e9 dan\u011b nemaj\u00ed. Ide\u00e1ln\u00ed je tedy danit a\u017e p\u0159i prodeji, a\u010dkoliv i\u00a0tam je pot\u0159eba ur\u010dit, zda by se z\u00a0prodeje m\u011blo odv\u00e1d\u011bt soci\u00e1ln\u00ed a\u00a0zdravotn\u00ed poji\u0161t\u011bn\u00ed, nebo by to byl kapit\u00e1lov\u00fd p\u0159\u00edjem. Vl\u00e1da se to te\u010f sna\u017e\u00ed zlep\u0161it, ale dalo by se to zlep\u0161it je\u0161t\u011b v\u00edc.\u201c<\/p>\n

https:\/\/www.novinky.cz\/clanek\/ekonomika-zamestnanecke-akcie-by-zvysily-efektivitu-firem-rika-ekonom-z-nerv-40459416<\/a><\/p>\n

Zaj\u00edmav\u00e1 debata expert\u016f na toto t\u00e9ma prob\u011bhla na str\u00e1nk\u00e1ch Finmag, kde si v\u0161\u00edmaj\u00ed i toho zlep\u0161en\u00ed. Nov\u011b se placen\u00ed dan\u011b a pojistn\u00e9ho odkl\u00e1d\u00e1 a\u017e do doby, ne\u017e zam\u011bstnanec akcie prod\u00e1, odejde z\u00a0firmy, nebo ne\u017e je dr\u017e\u00ed alespo\u0148 deset let. A pr\u00e1v\u011b druh\u00e1 podm\u00ednka, tedy odchod z firmy, je podle mnoh\u00fdch v obecn\u011b fluktua\u010dn\u00edm prost\u0159ed\u00ed startup\u016f nov\u011b hlavn\u00ed p\u0159ek\u00e1\u017ekou.<\/p>\n

Zdroj:\u00a0https:\/\/www.finmag.cz\/finance\/452261-zamestnanecke-akcie-ocima-expertu-proc-stat-stale-brzdi-mlade-firmy-v-rozletu#jana-osecka<\/a><\/p>\n

St\u00e1le se v\u0161ak k\u00a0zam\u011bstnaneck\u00fdm akci\u00edm nebo opc\u00edm, za kter\u00e9 se daj\u00ed tyto akcie po \u010dase vym\u011bnit, uva\u017euje jen jako o kapit\u00e1lu. Smyslem tradi\u010dn\u00edch opc\u00ed je povzbudit z\u00e1jem mana\u017eer\u016f o r\u016fst ceny akci\u00ed spole\u010dnosti, pro kterou pracuj\u00ed. Kdy\u017e se jim to poda\u0159\u00ed, vym\u011bn\u00ed opce za akcie a akcie prodaj\u00ed. Seri\u00f3zn\u011bj\u0161\u00ed literatura si v\u0161ak v\u0161\u00edm\u00e1 i toho, \u017ee takov\u00e9 opce nejsou v\u017edycky jen motivac\u00ed pro vysok\u00e9 osobn\u00ed nasazen\u00ed (\u201ev\u0161e pro firmu\u201c), ale i pro \u00fa\u010detn\u00ed podvody a manipulace s\u00a0kurzem (\u201ev\u0161echno pro vysokou cenu akci\u00ed\u201c). V\u00a0lep\u0161\u00edm p\u0159\u00edpad\u011b soust\u0159e\u010fuj\u00ed z\u00e1jem o kr\u00e1tkodob\u00e1 opat\u0159en\u00ed bez ohledu na dlouhodob\u00e9 d\u016fsledky.<\/p>\n

\"\"<\/a><\/p>\n

Zam\u011bstnaneck\u00e9 vlastnictv\u00ed v\u00a0podob\u011b modelu ESOP (Employee Stock Option Plan) sice tak\u00e9 obsahuje v\u00fdraz \u201eoption\u201c, ale ten se t\u00fdk\u00e1 pouze \u00favodn\u00ed lh\u016fty, kterou mus\u00ed nov\u00fd zam\u011bstnanec v\u00a0podniku absolvovat, aby m\u011bl taky n\u00e1rok na zam\u011bstnaneck\u00e9 akcie. V\u00a0Americe jde o dal\u0161\u00ed formu penzijn\u00edho spo\u0159en\u00ed podle zvl\u00e1\u0161tn\u00edho z\u00e1kona, na kterou p\u0159isp\u00edv\u00e1 zam\u011bstnavatel i st\u00e1t a kter\u00e1 je podpo\u0159ena da\u0148ovou \u00falevou.<\/p>\n

Ekonom David Ellermann, kter\u00fd spolupracuje s\u00a0Evropskou federac\u00ed zam\u011bstnaneck\u00e9ho vlastnictv\u00ed a slovinsk\u00fdm Institutem pro ekonomickou demokracii, je p\u0159esv\u011bd\u010den, \u017ee podobn\u00fd p\u0159\u00edstup je \u017eivotaschopn\u00fd i v\u00a0evropsk\u00fdch podm\u00ednk\u00e1ch. V\u00a0ide\u00e1ln\u00edm p\u0159\u00edpad\u011b by mohlo j\u00edt o stoprocentn\u00ed zam\u011bstnaneck\u00e9 vlastnictv\u00ed, kde by je prov\u00e1zela i zam\u011bstnaneck\u00e1 samospr\u00e1va, nejl\u00e9pe v\u00a0re\u017eimu dru\u017estva. Samospr\u00e1va samoz\u0159ejm\u011b nezahrnuje mana\u017eersk\u00e9 \u0159\u00edzen\u00ed, ale je tam siln\u00e1 role dozor\u010d\u00ed rady a valn\u00e9 hromady nebo r\u016fzn\u00fdch v\u00fdbor\u016f. Syst\u00e9m by tak nab\u00edzel vedle kapit\u00e1lu do penze a pr\u016fb\u011b\u017en\u00fdch dividend obhajobu pracovn\u00edch m\u00edst a orientaci na dlouhodob\u00e9 c\u00edle.<\/p>\n

https:\/\/www.ellerman.org\/european-esop\/<\/a><\/p>\n

D\u011blat ve vlastn\u00edm m\u016f\u017ee m\u00edt strategickou hodnotu zvl\u00e1\u0161t\u011b v\u00a0dob\u00e1ch pandemi\u00ed, kriz\u00ed a podobn\u00fdch pohrom, jak\u00e9 pro\u017e\u00edv\u00e1me i dnes. Ellermann proto vyvinul model, kter\u00fd by mohl fungovat i bez zvl\u00e1\u0161tn\u00edho z\u00e1kona. Jakmile by se v\u0161ak za\u010dal rozb\u00edhat, vznikala by po takov\u00e9m z\u00e1konu popt\u00e1vka.<\/p>\n

Kl\u00ed\u010dov\u00e9 je, \u017ee akcie ESOP (nebo odvozen\u00e9 evropsk\u00e9 varianty \u201egenerativn\u00ed ESOP\u201c) nejsou na trhu. Nedaj\u00ed se koupit od jejich zam\u011bstnaneck\u00fdch vlastn\u00edk\u016f. Jejich spr\u00e1va je sv\u011b\u0159ena zvl\u00e1\u0161tn\u00edmu fondu, do kter\u00e9ho zam\u011bstnanci p\u0159isp\u00edvaj\u00ed, a ten je schopen akcie odkoupit od toho, kdo odch\u00e1z\u00ed do d\u016fchodu nebo do jin\u00e9ho zam\u011bstn\u00e1n\u00ed. Odkupuj\u00ed se za odhadn\u00ed cenu. Z\u00a0fondu je pak kupuj\u00ed nov\u00ed zam\u011bstnanci, kte\u0159\u00ed je postupn\u011b spl\u00e1cej\u00ed. Ze splacen\u00e9ho pod\u00edlu se vypl\u00e1c\u00ed dividenda.<\/p>\n

Ellermann \u0159e\u0161il i probl\u00e9m, \u017ee u star\u0161\u00edch zam\u011bstnanc\u016f se za\u010dnou po \u010dase akcie hromadit, zat\u00edmco nov\u00ed jsou v\u016f\u010di nim ve st\u00e1le v\u011bt\u0161\u00ed nev\u00fdhod\u011b. Navrhl proto syst\u00e9m pr\u016fb\u011b\u017en\u00e9ho odkupu \u010d\u00e1sti akci\u00ed od nejstar\u0161\u00edch zam\u011bstnanc\u016f (rollover<\/em>), aby vid\u011bli n\u011bjak\u00e9 pen\u00edze nav\u00edc i d\u0159\u00edve ne\u017e p\u0159i odchodu do d\u016fchodu. Princip uzav\u0159en\u00e9ho ob\u011bhu akci\u00ed je v\u0161ak velice d\u016fle\u017eit\u00fd, proto\u017ee br\u00e1n\u00ed nep\u0159\u00e1telsk\u00e9mu p\u0159evzet\u00ed velk\u00fdm kapit\u00e1lem. Z\u00a0toho je z\u0159ejm\u00e9, \u017ee investice se mus\u00ed financovat dluhem nebo jin\u00fdmi n\u00e1stroji bez hlasovac\u00edch pr\u00e1v.<\/p>\n

Ekonomick\u00e9 v\u00fdhody zam\u011bstnaneck\u00e9ho vlastnictv\u00ed, pro kter\u00e9 jsou nejvhodn\u011bj\u0161\u00ed mal\u00e9 a st\u0159edn\u00ed firmy, nespo\u010d\u00edvaj\u00ed jen v\u00a0dlouhodob\u00e9m uva\u017eov\u00e1n\u00ed a atmosf\u00e9\u0159e spolupr\u00e1ce. Ellerman vypo\u010d\u00edt\u00e1v\u00e1 sedm probl\u00e9m\u016f, kter\u00e9 tento syst\u00e9m \u0159e\u0161\u00ed. Psal to roku 2020. U\u017e jsem je na na\u0161ich str\u00e1nk\u00e1ch uvedl, ale zopakuji to, aby bylo v\u0161e na jednom m\u00edst\u011b:<\/p>\n

    \n
  1. Probl\u00e9m n\u00e1slednictv\u00ed<\/strong>. T\u00e1ta zakladatel firmy zest\u00e1rne, jde na odpo\u010dinek, um\u0159e, a d\u011bti na podnik\u00e1n\u00ed moc nejsou. N\u011bkomu to prodaj\u00ed, ten to vydrancuje a vytuneluje, podnik zanikne \u2013 a s\u00a0n\u00edm i pracovn\u00ed m\u00edsta a da\u0148ov\u00e9 p\u0159\u00edjmy. Ale i kdyby to nedopadlo tak hrozn\u011b, vzd\u00e1len\u00fd vlastn\u00edk m\u00e1 jin\u00e9 z\u00e1jmy ne\u017e m\u00edstn\u00ed komunita. P\u0159echod na ESOP tomu m\u016f\u017ee zabr\u00e1nit a lze jej prov\u00e9st v\u00a0rozlo\u017een\u00ed do del\u0161\u00edho \u010dasu.<\/li>\n
  2. M\u00edstn\u00ed zakotven\u00ed<\/strong>. Ciz\u00ed investor m\u016f\u017ee b\u00fdt dobr\u00e1k, ale mus\u00ed se rozhodovat podle ekonomick\u00e9 v\u00fdhodnosti, zat\u00edmco propojen\u00ed pr\u00e1ce s\u00a0m\u00edstem nab\u00edz\u00ed jin\u00e9 v\u00fdhody. M\u00edstn\u011b zakotven\u00e9 podnik\u00e1n\u00ed je \u0161etrn\u011bj\u0161\u00ed k\u00a0\u017eivotn\u00edmu prost\u0159ed\u00ed a m\u016f\u017ee vych\u00e1zet vst\u0159\u00edc dal\u0161\u00edm pot\u0159eb\u00e1m komunity.<\/li>\n
  3. Odliv kapit\u00e1lu<\/strong>. Tak to dneska chod\u00ed, \u017ee nen\u00ed probl\u00e9m naj\u00edt m\u00edsto na druh\u00e9m konci sv\u011bta, kde se d\u00e1 n\u011bco vyrobit levn\u011bji, s\u00a0men\u0161\u00edmi ohledy na soci\u00e1ln\u00ed a environment\u00e1ln\u00ed po\u017eadavky. Vl\u00e1dy i regiony r\u00e1dy l\u00e1kaj\u00ed investory r\u016fzn\u00fdmi podn\u011bty, tak\u017ee p\u0159el\u00e9tavost kapit\u00e1lu je pak je\u0161t\u011b v\u00fdhodn\u011bj\u0161\u00ed. Kdyby ve\u0159ejn\u00e9 pen\u00edze nab\u00eddly m\u00edsto toho zam\u011bstnanc\u016fm, vy\u0161lo by to podstatn\u011b levn\u011bji. U\u017e 20 nebo 30 procentn\u00ed pod\u00edl zam\u011bstnaneck\u00e9ho vlastnictv\u00ed d\u00e1v\u00e1 prostor pro \u00fa\u010dast z\u00e1stupce zam\u011bstnanc\u016f ve veden\u00ed. Zam\u011bstnanci pak mohou b\u00fdt v\u010das varov\u00e1ni p\u0159ed nebezpe\u010dn\u00fdm v\u00fdvojem a mohou se br\u00e1nit.<\/li>\n
  4. Mlad\u00ed ut\u00edkaj\u00ed<\/strong>. Studenti dostanou diplom a miz\u00ed v\u00a0d\u00e1li, konkurenceschopnost regionu kles\u00e1. Mo\u017en\u00e1 by mlad\u00ed tak neut\u00edkali, kdyby m\u011bli vedle pr\u00e1ce i pod\u00edl na podniku.<\/li>\n
  5. Lid\u00e9 jsou zklaman\u00ed<\/strong>\u00a0z\u00a0politiky, kter\u00e1 se jim odcizila. To plat\u00ed zejm\u00e9na pro star\u0161\u00ed ob\u010dany postsocialistick\u00fdch zem\u00ed, kte\u0159\u00ed p\u0159i\u0161li o soci\u00e1ln\u00ed jistoty. Kdy\u017e budou m\u00edt vlastnick\u00fd pod\u00edl na sv\u00e9m pracovi\u0161ti, vr\u00e1t\u00ed se aspo\u0148 \u010d\u00e1st pocitu, \u017ee maj\u00ed spole\u010denskou v\u00e1hu a mohou v\u011bci ovlivnit. Efekt participace a v\u011bt\u0161\u00ed aktivity se pak m\u016f\u017ee \u0161\u00ed\u0159it d\u00e1l.<\/li>\n
  6. V\u011bt\u0161\u00ed odolnost.<\/strong>\u00a0Tohle je d\u016fle\u017eit\u00e9 v\u00a0krizi. V\u00fdzkum potvrdil, \u017ee podniky vlastn\u011bn\u00e9 zam\u011bstnanci maj\u00ed m\u00edru p\u0159e\u017eit\u00ed o 20 a\u017e 50 procent vy\u0161\u0161\u00ed ne\u017e ostatn\u00ed. Je tam tak\u00e9 o polovinu m\u00e9n\u011b dobrovoln\u00fdch odchod\u016f za lep\u0161\u00edm. V\u00a0dob\u011b minul\u00e9 krize tyto podniky propou\u0161t\u011bly o 20 a\u017e 50 procent m\u00e9n\u011b.<\/li>\n
  7. Zm\u011bna distribuce bohatstv\u00ed<\/strong>. To je odpov\u011b\u010f na mo\u017en\u00e1 nejv\u011bt\u0161\u00ed krizi, kter\u00e1 tik\u00e1 pod povrchem \u2013 neudr\u017eiteln\u00e9 soci\u00e1ln\u00ed nerovnosti. Demokratizace tvorby bohatstv\u00ed sn\u00ed\u017e\u00ed pot\u0159ebu jeho p\u0159erozd\u011blov\u00e1n\u00ed. V\u00fdzkum uk\u00e1zal, \u017ee pr\u016fm\u011brn\u00e9 \u00faspory zam\u011bstnanc\u016f se st\u0159edn\u00edmi a ni\u017e\u0161\u00edmi p\u0159\u00edjmy tvo\u0159ily v\u00a0b\u011b\u017en\u00fdch podnic\u00edch 17 tis\u00edc dolar\u016f a v\u00a0podnic\u00edch vlastn\u011bn\u00fdch zam\u011bstnanci 165 tis\u00edc dolar\u016f.<\/li>\n<\/ol>\n

    Zbyn\u011bk Fiala<\/a><\/p>\n

    \"\"<\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    Vl\u00e1da \u010d\u00e1ste\u010dn\u011b odstranila da\u0148ovou p\u0159ek\u00e1\u017eku pro roz\u0161\u00ed\u0159en\u00ed z\u00e1jmu o akcie vlastn\u00edho podniku. Nem\u011bli bychom v\u0161ak…<\/p>\n","protected":false},"author":2,"featured_media":46323,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[1042,236,59,90,475,99],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/50959"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=50959"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/50959\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/46323"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=50959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=50959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=50959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}