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Equity drive: Award period authority means fairer and reasonable
From;    Author:Stand originally

Wang Hongtao: The premise of executive equity drive is the market it is an efficient rational market.

Liu Yan Zhu: Award the means of period authority, opposite for appear more fair, reasonable.

Li Daxiao: Travel authority price decides date should have an unified line of action.

"Dream of Yangzhou of 10 years of shut-eye. " look again nowadays appear on the market the equity drive plan of the company, already followed share price of 2 class market not less successively be issued to lower levels, drop in succession price of broken travel authority. Appear on the market in many 120 when offer program nearly two years in succession in the company more home of know exactly about sth appears on the market the company stops to implement incentive plan.

Meanwhile, the method of equity drive emerges in endlessly, the means such as right of period authority, rise in value of restricted stock, stock for a short while thick as hail. Whether does equity drive suit bovine city prices only? Kind of drive of what kind of equity is more right? Is travel authority price decided really with Hewei standard? This period " the orgnaization is round-table " specially invite asks Shanghai inferior bamboo of Liu Yan of general manager of branch of Beijing of company of Wang Hongtao of president of business company advisory company, Hua Anji gold, flower Li Daxiao of director of institute of old negotiable securities, with respect to equity drive pertinent question undertakes discussing.

" 21 centuries " : The equity when 2006 is incentive board piece ever in the market be the rage, and appear on the market nowadays the method no more than that the company uses included to award stock of period authority, restricted a few kinds of means such as right of rise in value of award, stock, which kinds of means suits field of A stock market more?

Liu Yan Zhu: According to the additional provision of the equity drive that promulgates recently, old partner makes over the means of the stock to be not encouraged; Means of right of stock rise in value also does not have specific provision in active relevant provision, because this does not have maneuverability; Appear on the market the company extracts incentive fund to be bought current a means that rewards incentive object again next, advantageous to incentive object, because do not need to take money again, but in be opposite, small shareholder has it seems that break fairness; And the means that grants period right, opposite for appear more fair, reasonable.

Wang Hongtao: From look on the market at present, the means of equity drive basically has 3 kinds: Grant stock of period authority, restricted award and right of stock rise in value. Among them the 2nd kind is divided again for company extraction incentive fund buys A, large stockholder is made over, directional add 3 kinds of kind such as hair stock. Grant period right and character, its incentive strength is the greatest, those who be in bovine city rise the accrual in prices is multiple at the stock, and do not involve cash to flow in executive initial stage; But also can be in at the same time expire to appearing on the market company outstanding achievement produces very big effect when business accounting, booth small profit, for example the outstanding achievement before this loses Yi profit share because carry out period authority drive,growth is completely hind, year accountant does Zhang element to cause, and turn in current stock market ursine setting issues as good as of period authority drive at a piece of waste paper.
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