“中国式股权激励”进行时

Equity incentive underway

日前,国资委和财政部联合颁布了《国有控股上市公司(境内)实施股权激励试行办法》(下文简称《办法》),对于900多家国有控股上市公司来说,以人为本理念的落实终于有章可循,国有控股企业股权激励的步伐将大大加快,无疑为资本市场传来了福音。2006年10月26日,中兴通讯(000063)正式发布了已经酝酿了整整九年的《股权激励计划》。此前,西飞国际(000768)也公布了股票期权激励计划。上述消息公布当日,均被市场视为重大利好,二级市场表现突出。截止目前,国内已有100多家上市公司表示将推出股权激励计划,30多家提出了具体方案,部分公司已经进入实施阶段。如万科、苏泊尔等。《办法》的推出,将使得股权激励计划迅速在国内上市企业铺开,而股权激励计划的实施,必将有力地促进企业的业绩增长。然而,对于本土企业而言,股权激励这一新课题的难度甚至远超去年开始进行的股权分置改革,为此,《首席财务官》杂志在系统地研究了大量国内外股权激励案例之后,将在本文中全面探讨股权激励模式的选择、方案设计和实务操作中涉及的各类问题,力图使读者对“中国式股权激励”的实施要点有整体的把握。

The State-owned Assets Supervision and Administration Commission recently released jointly with the Ministry of Finance the Provisional Regulations on Equity Incentives in State-owned Listed Companies (within the boundary of the PRC) (hereinafter referred to as the Regulations), paving the way for the introduction of entity incentive into 900-plus state-owned listedcompanies in China. Over 100 listed companies indicate they will soon unveil their equity incentive plans. 30 have come up with their scheme, and some, such as Vanke and Supor, have started implementing. The Regulations is expected to spark an upsurge in equity incentive among domestic listed companies, giving a big boost to their business performance. But big obstacles need to be got over. For domestic businesses, equity incentive seems even much harder than equity division reform kicked off last year to pull off. Based upon an intensive analysis of equity incentive cases, CFO will focus upon equity incentive models and problems associated with scheme designing and practice there to shed some light on how to implement equity incentive in China°s context.