Bright 6 years again and again and still equity incentive variables
Recently, Bright Dairy Announced the company's 2009 annual report, and also introduced A shares of restricted stock incentive plan of the revised draft. The annual report showed that last year Bright Dairy business income of 7.943 billion yuan, up 7.94%; to achieve net profit attributable to shareholders of the parent 122 million, an increase of 408 million yuan. This also fits well with its equity incentive plan restricted stock granted to one of the conditions of performance: 2009 total revenue of not less than 7.9 billion, net profit attributable to parent company owners not less than 120 million yuan. From this, the implementation of equity incentive Bright already has all the necessary and sufficient conditions, but few people know that in 2004, Bright had already had a stake in the implementation of incentives, but the result ended in failure.
2007 years, the Shanghai SASAC's listed companies on a series of integrated governance, while the pilot equity incentive again in Bright Dairy, based on a food production sector companies, to achieve the desired The success of a stable and long-term performance of the company's development, may be very difficult.
February 8 this year, the SASAC has issued a "guidance and supervision of local State-owned assets supervision work plan for 2010." Notice that the year will be finalized, "state-controlled listed companies equity incentive guidelines" for the state-owned controlling shareholder will carry out its duties shareholders, listed companies in the implementation of equity incentive system specification to provide practical operational guidelines. SASAC of the State-owned listed companies to further standardize the system is still under development. Bright hastily implemented, could have a negative impact.
Warning for equity incentive Early as 2004, Bright is in the listing of large-scale acquisitions, but there has been no corresponding principal operations and profit growth. Instead, Bright Dairy's main business, and net profit growth rate decreased year by year. The stability of the country after the distribution, Bright Dairy inevitable expansion of M & A market can bring the law of diminishing effect. Just at this period, the total profit targets based Bright Dairy, before and after extracting profits from the company's more than 1,000 million incentive fund to buy shares from the secondary market incentives Wang Jiafen core of four executives.
And March 22, 2005, Bright Dairy's stock price plummeted, which is the light of annual report, announced the day after the equity incentive program. But on this day generally bearish market, Bright stock by many investors to sell, within a week, the stock fell 20%. The prevailing view at that time the market is: Bright Dairy's equity incentive programs are indeed too many loopholes, encourage the cost is too high. Comparison of the equity incentive
the draft, Hai Tong Securities, told reporters in a professional: Bright loss of 288 million yuan in 2008, profit of 122 million in 2009. For a just turn around the company, should be in the direction of investment and the development of positive initiatives to make the appropriate and timely to expand the company's profitability is the top priority. Hurriedly rolled into the black node in the equity incentive system is likely to once again aroused strong reaction from the market, causing stock transaction, the negative impact brought about a series inestimable.
Equity incentive state-owned enterprises need to proceed with caution
In recent years, the state owned enterprises have been in the implementation of securitization, and a series of initiatives to meet the international market. Is precisely because the state owned listed companies are unique, since 2006, the state of the state-owned equity incentives have been more cautious support. Among these there are many reasons.
Executives of a listed company in Shanghai explained to reporters: State-owned enterprise executives has been appointed by administrative means, this unique management system and market-based equity incentive conflicts between, as a long-term incentive equity incentive is the core interests of the company executives and closely linked, but the Chief executives are appointed by the company there are many uncertainties, so it is not likely reflect the functions of the company executives, and the enthusiasm is difficult to effectively motivate.
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