Beware of the gem "to give the stock right hard to motivate"

Enterprise Board Co., Ltd. and Kang Frequency (300048) on the eve of the launch of the equity incentive plan, the company's two core technical staff have submitted their resignation, and the above two personnel have no original shares, can not resign after the case, the gem company is suffering from "to share the difficult incentive" embarrassment. The introduction of equity incentive is to link the reward of the incentive object with the performance of the company, to give the incentive object the corresponding equity, and the period with some constraints, and finally to achieve the growth of the company's performance and incentive to improve the reward of the goal-win situation.　　But the embarrassment of the frequency-changing encounters shows that equity incentive to the company is not completely positive effect, if not properly handled, may make the purpose of equity incentives from the original "wealth scattered people" to its opposite: "Financial scattered people scattered" or even "the wealth of people first scattered." In fact, more than just Kang frequency inverter face this dilemma, other gem companies have similar problems. Pathfinder (300005) before the official launch of the equity incentive scheme, company Dong Secretary Fan Yongjian but to the company tendered resignation, and Kang, the frequency of different is, fan Yong built to hold Pathfinder Company's original shares, the existence of the impulse to resign, and Kang frequency conversion two core technical personnel did not have original stocks. Huayi Brothers (300027) is more typical, in order to better retain the first star, the company launched an equity incentive plan before the listing, this equity binding does not completely let the stars choose to stay in the company.　　Although the company did not launch an equity incentive plan after the listing, but many of its first-line stars vaguely articulate the intention to do so. As far as the gem company is concerned, the establishment and development of many companies rely on the core technical personnel to complete, equity incentive if it is difficult to retain the core talent, the gem of the operation of the company will cause a significant negative impact. In order to retain the core talent, gem companies in the listing after the launch of the equity incentive plan.　　According to wind information statistics, there are 13 gem companies have launched an equity incentive plan, GEM companies have fully realized the core talent loss of the company's impact, but at present it does not achieve the desired results. Why does the incentive object in the equity incentive "runaway" phenomenon? Hop Kang frequency Conversion related personage discloses, the reason for the resignation of the company's two core technicians is: "Home is unable to take care of the family", but the person believes that the reason is clearly untenable, the resignation of the two core technical staff may think that the company's equity incentive is not enough to balance the historical performance and position development, the ultimate reason may be　　Pacify in place. " Experts believe that how to "appease in place", do not let the equity incentive to become a false proposition, not to let the equity incentive "golden handcuffs" alienation as a constraint on the development of enterprises "stumbling block" is the formulation of equity incentive plan must first consider before the issue. Equity incentive experts Li Mingshin that the company's equity incentive plan, in the light of the incentive to meet the reward is not smooth, but also can not design too many constraints, too strict will lead to the results of equity incentives counterproductive. The restriction of the incentive object is mainly focused on the working time limit and performance evaluation,Therefore, these two aspects of the design need special attention, through the balance of incentive and constraint compatibility. Capital market has been positive attitude towards equity incentives, the introduction of equity incentive plans often ushered in the rise in share prices. But experts suggest that the existing case shows that the equity incentive plan is a double-edged sword, on the one hand can promote corporate performance growth and incentive target return growth, on the other hand, improper planning may cause corporate infighting. Therefore, we must dialectically view the listed companies, especially the gem company launched the equity incentive plan, because the equity incentive plan may also have the opposite result: the core of people run away, the company's performance slipped.