三级 pension plan 课件37页有两点疑问

最后一句话是站在企业主的角度说的，通过分给员工股权可以分散化自己的风险。
An ESOP is an example of a staged or phased exit strategy in that the company owner does not have to sell all of his or her shares to the ESOP.

 By using an ESOP, the owner can partially diversify his or her holdings, in a tax-advantaged manner, and diversify while retaining control of the company and maintaining upside potential in the retained shares.


另外也会有些税收的优惠
US tax rules permit the deferral of the capital gains tax for a sale of stock to an ESOP, which can be an attractive benefit to the owner.

1. 因为养老金不同的各类，税是有区别的。有的是先交税，但后来的收益不交税，有的是存进去不交税，但后来增长了取出来要交税，这不是重点，了解即可。

2. 我理解这里想表达的意思就是ESOP很大的一个问题就是financial capital和human capital相关性太大，所以分散化是一个很大的问题。