Question

求大神翻译一下这一段文章

Firms initiating broad-based employee share ownership plans often claim employee
stock ownership plans (ESOPs) increase productivity by improving employee incentives. Do they? Small ESOPs comprising less than 5% of shares, granted by firms
with moderate employee size, increase the economic pie, benefiting both employees
and shareholders. The effects are weaker when there are too many employees to
mitigate free-riding. Although some large ESOPs increase productivity and employee
compensation, the average impacts are small because they are often implemented for
nonincentive purposes such as conserving cash by substituting wages with employee
shares or forming a worker-management alliance to thwart takeover bids.
跪谢！

Answer 1

公司员工持股计划常常声称开始广泛的员工
股票所有权计划(esop计划)提高生产率提高员工激励。他们做什么?小esop计划由不到5%的股份,公司颁发的
与温和的员工规模,增加经济蛋糕,同时造福员工
和股东。影响较弱,有太多的员工
减少搭便车。虽然一些大型esop计划提高生产率和员工
补偿,平均的影响很小,因为他们往往是实现
nonincentive目的,比如节约现金用与员工工资
股票或形成一个工人管理联盟阻止收购。