Stock option incentive plan will soon be available to state-owned enterprise executives, but will it lead to greater prosperity or new problems?
A trailblazing new scheme to infuse state-owned enterprises (SOEs) with incentive stock options is under way. It’s a plan that may bolster company performance, but it’s not without risks.
On August 15, Li Rongrong, Minister of the State-owned Assets Supervision and Administration Commission (SASAC), disclosed that after careful study, a stock option incentive trial plan will be carried out in the listed SOEs.
According to the trial plan, about 102 A-share listed SOEs are expected to be the trial companies. The short list of some of those expecting to participate includes: China Unicom, Citic Group, Kweichow Moutai, China Merchants Bank and Beijing Financial Street Holding Co.
Stock option incentive plan is designed to entice executives to work hard for the long - term development of their companies. As stocks rise based on company performance, they too gain through this profits haring arrangement. This kind of incentive plan is popular in foreign countries, especially in the United States, where stock options can account for as high as 70 percent of a CEO’s income. Further, many economists believe the stock option incentive plan optimizes corporate governance structure, improve management efficiency and enhance corporate competitiveness.
On the other hand, after the Measure s on the Administration of Stock Incentive Plans of Listed Companies was issued early this ye a r, some of the companies turned out to have misused the incentive stock options. The result was insider dealings, performance manipulation as well as a manipulation of the company stock price.
股票期權(quán)激勵(lì)計(jì)劃將很快應(yīng)用于國(guó)有企業(yè)管理人員，但這會(huì)帶來(lái)更大的繁榮，還是新的問(wèn)題？
一個(gè)開(kāi)創(chuàng)性的計(jì)劃正被引入——國(guó)有企業(yè)正在實(shí)施股票期權(quán)激勵(lì)計(jì)劃，它可能會(huì)增強(qiáng)公司業(yè)績(jī)，但它并非沒(méi)有風(fēng)險(xiǎn)。
8月15日，國(guó)資委部長(zhǎng)李蓉蓉透露，經(jīng)過(guò)仔細(xì)研究，股票期權(quán)激勵(lì)計(jì)劃將要在上市國(guó)有企業(yè)試行。
根據(jù)計(jì)劃，約有102家A股上市國(guó)有企業(yè)將要參與此計(jì)劃，包括：中國(guó)聯(lián)通，中信集團(tuán)，貴州茅臺(tái)，中國(guó)招商銀行和北京金融街控股股份有限公司。
期權(quán)激勵(lì)計(jì)劃致力于吸引企業(yè)管理人員專注于他們公司的長(zhǎng)遠(yuǎn)發(fā)展。由于股票價(jià)格是在公司業(yè)績(jī)提高的基礎(chǔ)上上升的，他們也通過(guò)此來(lái)做工作安排。這種激勵(lì)計(jì)劃在國(guó)外很受歡迎，特別是在美國(guó)，那里的股票期權(quán)可以占到首席執(zhí)行官的收入的高達(dá)百分之七十之多。此外，許多經(jīng)濟(jì)學(xué)家認(rèn)為，股票期權(quán)激勵(lì)計(jì)劃有助于優(yōu)化公司治理結(jié)構(gòu)，提高管理效率，增強(qiáng)公司的競(jìng)爭(zhēng)力。
另一方面，在實(shí)施上市公司股權(quán)激勵(lì)計(jì)劃管理的初期，竟然發(fā)現(xiàn)一些公司誤