More than half of the venture board companies to seize the stock right incentive after the lack of constraints

As of June 21, the gem listed companies have reached 86, the reporter read all of its "prospectus" found that before the listing has been implemented equity incentive companies up to 45, accounting for up to 52.33%. However, the reporter found that the above 45 listed companies only set the conditions for the acquisition of equity incentives, such as to meet a certain number of years of work, certain performance conditions.　　However, it ignores the constraint condition after the incentive object obtains the stock, that is, the duty which should be discharged after acquiring the right.　　To some extent, this makes the gem more and more like the original shareholders and executives of a feast.　　Some investment bankers said that the equity incentive should not be an employee to get a stake in the case, but should have a strict system, the best way is conditional access to equity, only in the target to achieve the corresponding performance indicators, to obtain the corresponding amount of equity.　　"Grab off" equity incentives according to the prospectus, the reasons for the 45 companies ' equity incentives can be broadly divided into two categories-attracting and motivating talent.　　For example, Lith's shareholders to Huaqing, Lin Kaitao's equity transfer is mainly to attract talent, two people for the company to hire senior management staff.　　At the same time, "to maintain the stability of the company's senior staff, and motivate the backbone of the work of employees" is the most common official rhetoric. "In fact, in the early stages of entrepreneurship or development, the implementation of equity incentives is a very desirable option because of the lack of cash flow or the need to accumulate funds for subsequent development."　　"said one investment banker.　　According to reporter statistics, in the above 45 gem companies, indeed some companies in the early days of the establishment of the implementation of the equity incentive. Shenzhou Tai Yue (300002.SZ) was established on May 18, 2001, the October 10 of the year to carry out the first stock rights incentive, the Andean biological (300009.SZ) was established on March 22, 1994, and in August 10, 1995 to implement equity incentives.　　The same case also has Ding Han technology (300011.SZ), North Land Pharmaceutical (300016.SZ) and other companies.　　However, most of the company's equity incentives exist before the restructuring (or listed) before the "grab off" phenomenon, that is, equity incentives occurred on the eve of the listing (or on the eve of restructuring).　　After the creation of the gem Shing rich, executives are not absent.　　Reading the prospectus of the 45 companies found that the vast majority of companies have not exceeded the regulatory requirements for the stocks held by their executives after they were listed. "This could lead to two kinds of situations: first, the incentive object to the stock rights incentive incorrectly understood as the equally before the IPO, thus affecting the effect of the equity incentive; second, after the expiry of the restricted sale, it may lead to the concentrated selling of the incentive objects, or even the withdrawal, which is equally harmful to the stability and development of the enterprise.　　"The investment bankers said. On the condition of constraint, the above 45 companies are more than the precondition, that is, the incentive object can obtain the subscription company stock only by satisfying certain conditions.The right to vote, such as to achieve a certain number of years of work, a certain performance conditions, but ignored the incentive to obtain the stock after the constraints, that is, the right to perform their duties accordingly.　　At the same time, equity incentive is a form of long-term incentive, the direct aim is to attract and motivate talent, mobilize its enthusiasm, the ultimate goal is to enhance the competitiveness of enterprises, to create outstanding performance, to achieve sustainable development.　　In the view of the investment bankers, just listed companies, generally speaking, performance will not be a big problem, so it will not have too much negative impact on the stock price, so that if the performance of the listed companies are not required, in the listing four years after the success of the complete set is a big probability event. "Moreover, the management to get the company's shares, is basically based on net assets, and some even the actual control of the reward of shares, such stocks, as long as the company does not return the city, the price is lower, the set is also making money."　　"These people believe that, therefore, a detailed design of the post constraints is also very important, that is, after the future listing, meet certain performance conditions, gradually allow its selling benefits."　　Therefore, the equity incentive should not allow employees to obtain equity on the case, but should have a strict system, the most appropriate way is conditional access to equity, only in the incentive to achieve the corresponding performance indicators, to obtain the corresponding amount of equity.　　However, of these 45 companies, two companies still implement the post-constraints. Leme Pharmaceutical (300006.SZ) of the equity incentive commitment, in 2011, 2012, the number of listed circulation for the Lai Mei pharmaceutical industry before the listing of its holdings of the Lai Mei pharmaceutical industry by the U.S. pharmaceutical industry in the previous year after the audit deduction of the net profit growth rate after the Non-recurrent profit and loss (　　If the net profit growth rate is zero or minus after the non-recurrent profit and loss, the shares in circulation in the current year are 0), since January 1, 2013, its possession of the Lai Mei Pharmaceutical shares can be listed in full circulation. The commitment condition of the robot (300024.SZ) is the annual compound growth rate of net profit for three consecutive years, that is, the compound growth rate of the annual net profit for the year of 2008, 2009 and 2010 will be no less than 27% for the year of 2007. , the above persons may transfer no more than 25% of their current shares in the company, and the last transfer period as at December 31, 2011, from the date of the official audit report of the above three full accounting year to the day preceding the issuance of the official audit report of the following year.