State Owned Enterprises Re Opened The Three Dimensions Of Employee Stock Ownership To Investigate

From the historical data, investors should pay close attention to corporate governance, improve the norms, be in a fully competitive field, and have a better environment related to the P industry, which is likely to boost the performance of the 2 edition ESOP.

Investors need to be "picky and picky".

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< p > < strong > > a href= "http://www.91se91.com/news/index_c.asp" > equity incentive < /a > effect is limited < /strong > /p >

< p > employee stock ownership is not new. Many years ago, it was introduced into the reform process of state-owned enterprises. There was also a pilot attempt to manage buyout. However, due to the dispute over the loss of state-owned assets, it was finally stopped by relevant departments.

Since then, employee stock ownership has gradually faded from the stage of state capital reform, and listed state-owned enterprises have occasionally tried under the framework of equity incentive.

According to Wind statistics, there are 981 A holding state controlled listed companies, accounting for 38.7% of the total number of listed companies, and since 2005, the listed state-owned enterprises have issued 95 equity incentive plans, accounting for only 13% of all equity incentive plans of listed companies.

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< p > how effective are these shareholding plans? Li Jin, chief researcher of the China Enterprise Research Institute, said that few successful state-owned listed companies that had taken equity incentive schemes in the past few years had achieved very good results.

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< p > imperfect capital market system is a major factor affecting the implementation effect.

Gao Minghua, director of the research center of corporate governance and enterprise development of Beijing Normal University, pointed out that China's capital market information disclosure system is not yet sound, and the stock price does not show the real performance of listed companies, so that the incentive effect is discounted.

There are loopholes in capital market laws and regulations. For example, the company law stipulates that the shares pferred by the company executives during the term of office shall not exceed 25% of the total number of shares held by the company.

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< p > actual data also show that equity incentive is not as beautiful as it looks.

From 2006 to 2010, 82 listed companies including state-owned enterprises (excluding financial companies, ST, *ST, data missing) were selected to implement the equity incentive plan from 2006 to the year of the year. According to the statistics of their annual reports, it can be found that the average excess return rate of the first ten trading days and the four trading days of the incentive plan announcement date can be kept positive, and the total assets return and net asset yield of the first year after the implementation of the plan show a relatively rapid upward trend, but two indicators in the second and third years have all decreased, and the equity incentive plan of these companies has a more effective period of 5-10 years.

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< p > that is to say, no matter what the economic environment is, the equity incentive can support the performance of listed companies and run for a long time, which can bring the increase of shareholders' wealth in the short term, but the long-term effect is not significant.

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< p > < strong > > a href= "http://www.91se91.com/news/index_c.asp > > shareholding scope < /a > get standard < /strong > /p >

< p > a new round of state-owned enterprise reform, including employee stock ownership, is highly regarded by the capital market.

Compared with the past, the restart of the ESOP trial has two new labels, one is mixed ownership enterprise, the other is management and enterprise backbone shareholding, the scope of which is limited and standardized. Two

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< p > "before 2005, employee stock ownership and even some of the equity incentive cases, the shareholding is too wide, and the internal shareholding gap has not been drawn up.

It can be said that everyone holding shares and holding shares on average, and incentives become a kind of welfare, losing their original meaning and encouraging little effect.

The general manager of tianqiang management consulting company, Zhu Bo Shan, said.

This round of reform encourages the managers, core technicians and business backbone of key positions to hold shares. The new round of employee stock ownership will be restarted in a more rigorous and scientific way.

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< p > however, the specific form of ESOP has not changed completely before.

From the plan disclosed by the state owned assets management system at various levels, many SASAC's reopening of ESOP will consider allowing employees to invest in shares or invest in companies, equity trusts and limited partnerships in mixed ownership enterprises.

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< p > employee Holding Company and trust companies' holdings are new terms at first glance. They are actually "ups and starts". They have tried more or less in the past.

The greenbelt group that has just announced the incentive plan has adopted the mode of employee stock ownership. Greenland Group's management 43 people invested 100 thousand yuan to set up Greenland investment, and through a series of complex "limited partners" arranged to hold 37 million 597 thousand and 400 yuan Greenfield employees' shareholding, Greenland investment controlled 28.83% of the Greenland stock.

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< p > trust company ownership is not as mysterious as it sounds.

In this way, the enterprise will entrust the trust fund to the trust institution, and manage and use the trust fund or trust property according to the management method established by the client or the management method entrusted by the trust company. The stock ownership can be pferred, inherited, repurchased and so on according to the established regulations, so that the shareholding plan can be completed at this point.

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< p > although the specific form will follow the previous model, insiders pointed out that, with the help of other supporting reforms in the capital market and state owned enterprises, ESOP, as a short-term catalyst, may not constitute a positive factor in supporting the stock price for a long time.

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< p > < strong > < a > href= > http://www.91se91.com/news/index_c.asp > > three dimension < /a > examine investment target < /strong > /p >

< p > people in the industry say that from the perspective of historical data, in the face of state-owned listed companies constantly throwing out the "2 edition" of employee stock ownership, investors should pay close attention to the criteria of corporate governance, perfect norms, fully competitive areas and better external environment.

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"P" has a full inspection period for the shareholding plan, selecting the state-owned listed companies from 2006 to 2011 as samples, eliminating 24 companies such as GREE electrical appliances, including 6, 1, 4, 3, 6 and 4 companies in six years from 2006 to 2011, and 15 of them in manufacturing and 3 in the real estate industry.

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< p > statistics show that in these companies, 14 companies, such as beacon communications, have risen in price before and after the implementation of the incentive plan.

In the 12 years after the implementation of the scheme, the stock price of the Nantian information company was "inverted V", and the share price rose 5 to 20 months later, and then fell into the channel of communication technology and various manufacturing industries.

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< p > two companies have maintained their share prices for two years after they have been implemented. They are Shanghai Jahwa and double Heron pharmaceuticals, which belong to the chemical manufacturing industry and the pharmaceutical manufacturing industry.

The two companies are in a completely competitive field, and stock prices have solid performance support: the two companies' revenues and net profits have been rising rapidly in the first to third years.

The other two have a higher degree of institutional listing and more standardized corporate governance. In 2011, Shanghai Jahwa became the first state-owned enterprise in the Shanghai SASAC's leading restructuring, which was sold to Ping An Group as a whole.

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< p > theoretically, technology / intelligence intensive enterprises are also worthy of attention.

Zhu Po pointed out that from the perspective of modern enterprises, human resource management will be pferred to human capital management. The capitalized human resources mainly refer to key personnel who can be important production factors in enterprises such as scientific research, creativity and design.

In the future, SOE will be more concentrated in research institutes and high-tech listed companies.

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