Choice data shows that as of June 27th, 252 listed companies have issued 272 employee stock ownership plans (based on the plan release date, excluding the cancellation and veto at the shareholders' meeting), and the employee stock ownership plans launched by 18 1 companies have been implemented, accounting for the proportion. Among them, 34 employees actually held more than 1 billion yuan.

At the same time, many listed companies have thrown out "0 yuan Purchase" employee stock ownership plans.

More than 60% has been implemented.

Choice data shows that the actual turnover of employee stock ownership plans of three listed companies, Hengli Petrochemical, Tongwei and zhifei Bio, ranks in the top three, which are 6.838 billion yuan, 5.488 billion yuan and 2.9./kloc-0.80 billion yuan respectively.

It is worth mentioning that many listed companies such as Hengli Petrochemical and Jiangte Electric have implemented multi-stage employee stock ownership plans. Hengli Petrochemical has completed six employee stock ownership plans since it released the first employee stock ownership plan in June 2065438+2007. Jiangte Electric also completed three employee stock ownership plans this year.

Chen Yuan, a senior equity partner of Beijing Yingke (Shanghai) Law Firm, said in an interview with Securities Daily: "The main purpose of the enterprise's employee stock ownership plan is to bundle interests, motivate employees and enhance the competitiveness of the enterprise."

"The launch of the employee stock ownership plan is conducive to improving the corporate governance structure, stabilizing the core team, forming an effective incentive and restraint mechanism, and increasing the company's centripetal force and development potential." Yang Haiping, a researcher at the Securities and Futures Research Institute of the Central University of Finance and Economics and general manager of the bank of inner mongolia Research and Development Department, told reporters.

Most listed companies also stated in the announcement that the implementation of the employee stock ownership plan can achieve the consistency of the interests of the company, shareholders and employees, promote all parties to pay attention to the long-term development of the company, further improve the corporate governance structure, fully mobilize the enthusiasm and creativity of employees, attract and retain outstanding management talents and business backbones, and improve the cohesiveness of employees and the competitiveness of the company.

At the same time, the share source of most employee stock ownership plans is the repurchase of listed companies. "The implementation of equity incentives by listed companies to buy back shares can reduce stock liquidity in a short period of time and help stabilize stock prices. But in the long run, stocks will eventually be distributed to employees, and there will still be pressure to reduce their holdings in the future. " Pan Helin, co-director and researcher of the Digital Economy and Financial Innovation Research Center of Zhejiang University International Joint Business School, told the Securities Daily reporter.

Many companies push "buy in 0 yuan"

Among the 272 employee stock ownership plans, there are also many "0 yuan Purchase" employee stock ownership plans.

165438+1On October 25th, maiden voyage Hi-Tech launched the 2022 employee stock ownership plan, with a scale of no more than 64,349,750 shares, accounting for 2.53% of the company's current total share capital. The number of participants is no more than 65,438+080, including 6 directors (excluding independent directors), supervisors, senior managers and key managers, accounting for about 65,438+07.56% of the total share of the shareholding plan. No more than 65,438+074 employees will hold the remaining 82.44% shares, corresponding to about 53,049,800 shares, and the price of the shares repurchased by the transferee company is 0 yuan/share.

In terms of unlocking conditions, the target shares obtained by the employee stock ownership plan are unlocked in two phases, namely 12 months and 24 months after the share transfer, and the proportion of the target shares unlocked in each phase is 50%. Among them, the performance appraisal at the company level is one of the two conditions that must be met in assessing the performance in 2023 and 2024, namely, the annual operating income is not less than 50% higher than the previous year, or the annual net profit is not less than 30% higher than the previous year.

First Flight Hi-Tech said that the share repurchase price of this employee stock ownership plan is 0 yuan/share, which is an affirmation of the core management and key employees who made outstanding contributions to the company's operating performance in 20021and 2022. In addition, with the promotion of the goal of "double carbon", companies and industries have ushered in better development opportunities. In order to enhance the sense of responsibility and mission of the company's core management and key employees to the company's growth and development, fully mobilize their work enthusiasm, promote the closer interest combination between the company and the above-mentioned personnel, further enhance the company's performance, strive to achieve higher business goals, and promote the company's long-term sustainable development.

The launch of employee stock ownership "0 yuan Purchase" is not a case of maiden voyage hi-tech. Since the beginning of this year, many listed companies, such as Tongda and Ding Jie Software, have also launched the "0 yuan Purchase" employee stock ownership plan, and the stock sources are all repurchased by listed companies.

According to the analysis of insiders, all kinds of employee stock ownership plans, including "0 yuan Purchase", are essentially an equity incentive method. Compared with the general equity incentive plan, the employee stock ownership plan has a wider incentive scope, more flexible pricing methods and performance appraisal rules.

Pan Helin told reporters that the relevant system does not stipulate the specific exercise price of the employee stock ownership plan, but "0 yuan purchase" may actually have some rule risks. For example, if the performance target is obviously low as the exercise condition and the incentive range is unreasonable, there will be suspicion of interest transfer.