A Large Number Of Executives Of Listed Companies Leave &Nbsp, Or Overnight Become Billionaires.

You say this is the original nature of human profit seeking. I think this is a loophole in the system.

Who is "instigating" executives to cash in and run away?

Whether or not

At the end of the year, all trades and professions are taking inventory.

And A shares

It is not difficult to prove such a statement.

In August 2011, the company announced that the company's secretaries "resigned to the board of directors for personal reasons and resigned from the post of secretary of the board." this is already the second top executives resignation in October 2010.

The company's 2010 annual report shows that in April 2008, Dong Wei began to work in the company. In 2010, the annual salary was 138 thousand yuan, holding 225 thousand shares of the company, with a closing price of 26.75 yuan in August 4, 2011, the total reduction can be realized by 6 million 18 thousand and 700 yuan.

Looking at the reasons for the resignation of executives, it is nothing more than vague statements about "personal reasons", "work reasons" and "job mobilization".

For example, in December 27, 2011, Tianrun crankshaft issued a notice. The vice chairman and general manager of the company submitted a written resignation report and resigned from the general manager for his job.

Statistics show that from December 1, 2011 to December 22nd, the Shanghai and Shenzhen two city companies have disclosed about 80 listed company executives resignation announcement.

On this basis, an average of nearly 4 executives resigned every day.

Since 2011, a total of 66 executives have submitted their resignations. Basically, every 5 and a half days, a company's "pillar" has left.

In this case, a large number of listed companies such as ST Hailong, Yaxing chemical and Shan push shares have resigned. In addition, small and medium sized boards and gem have become the "worst hit areas" for executives to resign, reaching 23 place, accounting for more than 1/3.

My experienced executives ran around for money.

If you are a senior executive, if you leave as a senior executive, you will get a large amount of compensation, even a lot of money, then go away and then go to other units to continue to be senior executives and continue to collect money. But if you leave as an ordinary employee, you will probably not get a single cent of money. This is the reality.

No wonder Cheng Siwei, a famous economist named "the father of China's venture capital", said in the face of this wave of fierce resignation of executives, the phenomenon of executive resignation is related to the long-term development of the stock market. We must deal with it in a timely manner. If we do not deal with it for a long time, it will easily lead to bigger problems.

Yang Chungang, Professor of Economics Research Institute of Renmin University of China, said that the disclosure of executives' resignation information should be more clear.

"At least we should let investors know more about it," he said. "Don't always take personal reasons and work reasons so vaguely."

If you haven't experienced the personnel quakes brought by the resignation of executives, it's hard for you to understand Cheng Siwei and Yang Chungang.

What kind of social problems may be caused by the company executives' leaving and running cash will cause damage to their career and employees, perhaps from my personal experience.

A few years ago, when I was working on another media that was supposed to be listed, I experienced the frustration brought by a senior management change. When all the events related to the survival of a media and the future of their employees were held in the hands of several executives, at the critical moment, the executives exchanged blame for each other. No one stood up to shoulder the heavy burden, but all of them wanted to make a mess of it. As an ordinary employee, they could understand what is "calling the sky wrong, calling the ground wrong, and returning to the sky".

It is a magazine called "economic tide". It was once famous in the Beijing market, but it died when it was about to go smoothly.

I was an ordinary editor of the magazine.

The editor in chief at that time was a lesbian recruited from Hunan.

After a year of operation and cultivation, by the end of the year, magazines have taken a place in the Beijing market and become one of the more powerful financial media.

Good news came from the management that it is actively preparing for the coming year.

However, one morning, the chief editor convened the plenary meeting to announce that Yidu would be taken over by new investors as a result of the "personal reasons" that she would leave office and new investors will enter the package market.

A week later, the editor in chief, who had always been a high-profile and domineering, was lost in the vast sea of people.

She did not make any arrangements for her death. She just said "meaningless" and left.

The editorial department has been a mess, with no head, no one to curse, some to be in a daze, and others to cry.

The monthly salary, three months' contribution fee, and the year-end award that the editor has promised, all seems to be wasted.

The future is at a loss.

A few days later, the new chief editor of the new investor was finally informed that all the staff would go to the new editorial department to participate in the unified interview at the prescribed time.

After a rigorous interview, I was lucky to be retained for a trial period of three months.

No one else will stay.

In this way, I brought my computer for a year and a long list of subscribers to the new editorial department.

When I asked the new editor in chief for the wages, contributions and year-end awards that the editorial department had previously owed, she replied with a clear attitude: "we don't care about the old editorial department.

In the future, all work must be carried out by the new editorial department. "

I complained bitterness: "it seems money is not available!" a few months later, I accidentally learned from the financial staff of the old editorial department, in fact, in the old editorial department, wages, royalties and bonuses have been issued to the departed chief editors by the old investors for about 100 thousand yuan, but they were all withheld and not issued.

The man has returned to his old home in Hunan without any news.

In addition, there are still tens of thousands of dollars in subscription fees.

The new editorial department soon began to work.

All the new editing and cataloguing personnel have arrived and several editorial meetings have been held. Except me, all the new leaders from the major newspapers have come to the meeting.

The editorial session is two times a week. I also begin to write manuscripts and drafts nervously, but I do not publish them at the time of publication.

Here, there are continually subscribers calling to interrogate and protest.

I went to ask the new editor in chief, "the only thing you can do is to write a draft, and other things are none of your business.

Three months later, the new issue was never published.

Finally, one day, I received the notice of the new editor in chief: because the old editorial department did not perform well in the matters of Finance and accounting, the new investor could not enter.

The new editorial department announced the dissolution.

But all assets, including computers, are not allowed to be taken away.

I immediately called the magazine president Wu to inquire about the situation. The reply was: "we are still negotiating with the new investors, and the new investors are still expected to enter."

He made me wait patiently.

Considering that there are still many secrets in the old editorial department that I bring, I have set up the boot password when I leave.

In the following months, I contacted Mr. Wu several times and got the reply that "I am still negotiating", but every time I contacted the new editor in chief, I got the reply: "we do not do" economic tide ".

Later, I heard that the publication number had been revoked for a long time, not to mention the listing.

President Wu also had a debt of 600 thousand yuan.

Then one day, when I received a call from the new editor in chief, she asked me for a computer code and was refused by me. She even cried out in anger: "we have computer engineers here who can pry the computer."

Later, I happened to chat with several senior people in the industry. They said that the new editor in chief was actually not sincere in making a publication, but because he saw that the brand of the "economic tide" was good, and wanted to make use of the advertising fee and sponsorship fee. Later, it was difficult to publish and edit.

As for listing, they are all gimmicks for money, and they are not credible at all.

I was burned with anger.

But now, look at the trauma that executives of listed companies have caused to companies and investors.

Personally, I am not a senior executive of a listed company. However, from the personnel changes in this quasi listed company, what I can imagine is that if we really go public, we will not know how many investors will be harmed if we really run the market at that time.

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How many policy flaws can be drilled?

I come to the conclusion that, whether or not it is a listed company, if the executives are incompetent and greedy not only to let the boss be ashamed, it will also cause great harm to the interests of the company and the employees, and then cause serious social problems.

As a company executive, he can use his power when he leaves office, use all kinds of means, or speculation, or drill loopholes in the law and system, and make a big profit. As a senior manager of a listed company, he can also put on a legal coat and seek his private interests openly.

For listed companies, because of the issue of stocks for the majority of investors, resulting in greater harm.

Taking ST Hailong as an example, the most intensive resignation of its executives was in May and June, and 5 of the directors and secretaries were submitted at that time.

At the same time, ST Hailong was investigated by the SFC on suspicion of violating securities laws and regulations.

In June 2011, ST Hailong was included in the observation list by joint credit, mainly due to major operating losses, large-scale personnel changes and the Commission's investigation.

At the end of the month, the asset liability ratio and debt to capitalization ratio rose to 91.46% and 88.70%.

In the latter half of the year, the rating of ST Hailong's main body and debt dropped and dropped to freezing point, and the share price plummeted.

In September 23rd, after the investigation, the Shenzhen Stock Exchange publicly condemned or criticized the 10 executives of the company, such as the chairman of the board of directors, or from one side, that behind the decline of ST Hailong, the executives' contributions were not small.

Investors are languishing in the doldrums of the stock market, and executives are eager to turn paper wealth into reality.

According to incomplete statistics, from April 1, 2011 to August 5th, a total of 445 executives of Listed Companies in the A share market submitted their resignations. In July alone, there were more than 80 executives who resigned, with an average of 3 executives running away every day.

In this regard, the gem has become a major disaster area, and 48 executives from 35 companies submitted resignations and chose to quit.

In July alone, 308 executives reduced their stock holdings and cash in 3 billion 700 million yuan.

In July 30th, the company announced the resignation announcement of Zhang Jie and deputy general manager, Cong Lan Bo.

The annual report shows that Zhang Jie holds 3 million 350 thousand shares and Cong Lan Bo holds 2 million 150 thousand shares. Data from the Shenzhen Stock Exchange show that Zhang Jie and Cong Lan Bo have reduced 837 thousand and 500 shares and 1 million 75 thousand shares respectively by bulk trading on June 7th and 13 respectively, and total cash in excess of 24 million yuan; 1 million 400 thousand wife of Zhang Jie wife Zhao Yu reduced 350 thousand shares in July 6th and cash in excess of 4 million yuan.

Tao Xiaoming, the former director and deputy general manager of Bao Tong industry, holds 4 million 721 thousand and 300 shares, and the market value of Tao Xiaoming's share is 75 million 399 thousand yuan based on the closing price of 15.97 yuan / share in August 4, 2011.

One of the top executives of the island is to reduce shares by 12 million 720 thousand shares through the block trading system, accounting for 1.79% of the total shares of the company, with a reduction of 23.96 yuan / share and a reduction of 305 million yuan in the market value.

In addition, a number of companies such as Ao Yang technology, Star Technology and other companies also appeared in a single cash amount of more than 10 million yuan reduction.

According to the relevant provisions of the securities market, executives of listed companies can freely buy and sell shares after 6 months, regardless of whether they are in affiliates.

This is much more liberal than the rigid rule of "reducing shares every year by no more than 25% of the shares held by the company" when in office.

According to the provisions of the company law, the shares held by senior executives can only be cashed at 25% after a year's lock up period.

If executives quit their jobs in the seventh months after the listing, executives will be able to cash in the stock market after a year and a half. The scale and degree of freedom of the executives will be greatly increased, prompting many executives, especially those holding senior executives, to quit in a hurry.

In addition, according to the notice issued in November 4, 2009 by the Shenzhen Stock Exchange to further regulate the behavior of directors, supervisors and senior managers in buying and selling shares of listed companies of GEM companies, it is stipulated in the circular that the executives who have announced their resignation within 6 months after the listing of new shares shall not pfer the shares of the company within 18 months from the date of their declaration of resignation, and shall not pfer the shares of the company within 12 months from seventh months to twelfth months.

According to this regulation, the seventh month after IPO is the best time for executives to resign to obtain cash qualifications.

This means that for executives, if they want to cash in as soon as possible, it will be the best time to leave the market immediately or to leave for seventh months. Since the second half of last year, a large number of GEM companies have been listed, which just satisfies the 7 month window.

System risk must be prevented.

"This is the embodiment of human pursuit of primitive capital.

"I can't make money without making money," an independent financial writer, Hai Hai Chai, told our reporter. "The cost of dividing the cost of executives into a few cents or a dollar is worth tens of dollars or even hundreds of dollars after listing.

It is worth noting that the overvaluation of GEM stocks has become an incentive for executives to resign.

Among them, the huge arbitrage space is enough for the executives to turn into billionaires and billionaires overnight.

After that, they can enjoy the moist life instead of being a working emperor in the country.

In this regard, the famous financial commentator Ye Tan told this reporter: executive cash holdings will indeed bring a relatively big impact on the market, because in the current situation, the market is relatively low, executives continue to reduce cash holdings, then we can basically determine that the SME board and the gem are showing systemic risks, resulting in a waste of social capital.

Faced with this situation, we must change the mechanism in turn, so as to change the behavior of executives' cash and wealth creation.

The first is to make an audit of the performance of these listed companies. The executives should not make him too relaxed in the process of cash in hand, and combine the promises of executives with the results of cash flow. If they fail to achieve their performance or violate the company law, they must be severely restricted by the "public justice". At the same time, we need to make a revision to the relevant provisions of the company law, so as to increase the cost of executive cash.