深市上市公司股权激励实施情况调查分析

The Investigation and Analysis of the Implementation of Incentive Plans of Listed Companies in Shenzhen Stock Exchange

深市股权激励呈现以下特征:(1)创业板中实施股权激励的公司比例最高,实施公司以民营企业为主,多集中于技术密集型行业;(2)股票期权激励方式占49%,96%的激励计划通过定向增发获得股票,净利润增长率和净资产收益率是最常用的两项业绩指标,90.1%的激励计划有效期在5年以内;(3)股权激励中止实施数量同股票市场走势呈反向变化。股权激励对提升公司业绩、提升股票市场表现、促进企业增加创新投入、提升公司治理四个方面均有积极影响。股权激励也存在一些问题,一是上市公司行为有待进一步规范和引导,二是股权激励在制度和监管方面还存在有待完善的地方。本文建议:完善信息披露,加强内外部约束,发挥专业机构的作用;打击业绩操纵、内幕交易等扰乱市场的行为;放权简政,实现监管方式转型;完善与股权激励有关的配套制度建设。

Equity incentive plans of listed companies in Shenzhen Stock Exchange present the following features： （1） Major users are non-state-owned companies, listed in Growth-Enterprise （ChiNext） Board, and from technology-intensive industries. （2） 49% of the plans apply stock options as incentive assets; 96% of the underlying stocks are granted via non-public offering; net income growth and return on equity are the most common performance indicators; 90.1% of the plans have durations less than five years. （3） The number of plans suspended and stock market index display negative correlation. The plans have positive influence on company performance, behaviors in stock market, R＆D investments and corporate governance. Problems in the implementation include the lack of further specification and guidance, and imperfections in rules and regulations. Corresponding suggestions consist of： improvement of information disclosure, enhancement of internal and external surveillance and effective roles of professional third- party institutes; punishment on performance manipulation, insider trading and relevant behaviors distorting the stock market; simplification of administration; completion of supporting policies related to the plans.