Dragon Net environmental protection push equity incentive threshold too low to be suspected "send red envelopes"

In general, companies that launch equity incentive schemes tend to be hit by the heat of market funds. With the lure of huge rewards, the incentive to take on top of a listed company's executives is likely to spark greater potential and boost corporate performance.　　However, when the Dragon Net Environmental protection (600388, before the closing price of 29.36 yuan) of the Equity Incentive Scheme today (September 30) exposure, the right to the condition is not the slightest exciting bright spot, the low threshold of the right to make this scheme more "send red envelopes" suspicion. 72 people like to wear "golden handcuffs" as long as the company's performance growth and other conditions can reach the target, then listed company executives, such as a number of core personnel will be millions of dollars, or even tens of thousands of yuan reward, this is the charm of equity incentive. It is precisely because of the vast wealth of people unimaginable, listed companies have also been dubbed "golden handcuffs" incentive.　　On the occasion of the national Day holiday is coming, the Dragon Net environmental protection for the company's senior executives, such as 72 core personnel sent a "National Day gift." The draft of the equity incentives unveiled today by Dragon Net environmental protection shows that the company intends to grant a total of 5.99 million restricted shares to 72 executives and core technical personnel, including directors, CEO Wu Jinglong.　　After satisfying the awarding condition, the incentive object can purchase the restricted stock of the company by the price of 15.18 yuan per share. In addition to the price of the right to do, the most investors are concerned about the right to set the conditions.　　According to the scheme, 5.99 million restricted stocks are divided into three time periods to unlock, every unlocking condition is that the net profit of the year is not less than 8% compared with the average net profit of the preceding three years; the weighted average net asset yield is no less than 9%; The above two indicators are not lower than the same level in the same industry. "For some listed companies, the net profit for the year in which it is granted is not less than 8% of the average net profit of the previous three years, and the target of the weighted average net asset yield of no less than 9% is reasonable, but it seems to be somewhat low for the Dragon net environmental protection. An industry insider said bluntly for example, if the company in 2010 is the first line of power period, then according to the first three annual average net profit of 185 million yuan calculation, 2010 net profit only need more than 200 million yuan, and in the first half of this year, the net environmental protection of the long net profit has been approaching 110 million yuan.　　In addition, over the past 3 years, the annual net environmental protection of the Dragon net profit year-on-year increase of more than 40%. In addition to not strict performance requirements, the right to set the price is also conducive to the incentive target. Because under normal circumstances, the higher the price of the right to be able to show the company's future stock price bullish, firm two level market investors confidence. But unfortunately, the Dragon Net environmental incentive shares of the right price, is in accordance with the announcement of the first 20 trading days of the company's stock average value of 50% to determine, only 15.18 yuan/share, far below the current 29.36 yuan/share market prices. Market participants pointed out that this reduces the incentive to do the right of the subject, it may be from a certaindegree to weaken the positive effect of the equity incentive scheme. It is worth mentioning that, for the purpose of the launch of the equity incentive scheme, the Dragon Net environmental protection, said the company since 2000 to the 2009 10-year period, the main performance indicators at an annual rate of 30% high-speed growth, net profit from 19.58 million to 258 million yuan.　　The launch of the equity incentive is to all senior executives and core business backbone to create a 10-year high growth performance of the historical affirmation of the company's future sustainable development has profound historical significance. Industry insiders pointed out that a series of evidence that the Dragon net environmental protection in the listing has indeed maintained a healthy and stable development trend, but the original intention of the equity incentive is to promote the company's future performance of the continuous growth, rather than a recognition of the company's senior past hard work opportunities.