1952, Fiesel (Pfizer) Company of the United States kicked off and launched the equity incentive plan for the first time. A few years later, 1956, Panisura Newspaper Company launched the employee stock ownership plan.
After 1960, Japan, Britain, France and other developed countries followed suit, and equity incentive became a trend.
1972 American KKR company implements management shareholding. In addition, the equity incentive plan has developed rapidly in American listed companies. By 1997, 53% of American listed companies have implemented the stock option plan. By 2 1 century, Silicon Valley companies have developed rapidly, and about 90% of enterprises have implemented equity incentive plans.
The contemporary equity incentive system in China is not backward at this stage. From the beginning of the reform and opening up, we have been learning and absorbing the modern management experience of the west, including the equity incentive system. It has also experienced several stages of development:
Brewing period: In the early 1990s, China began to introduce equity incentive, and China enterprises began to learn from the management methods of equity incentive. Vanke 1993 implemented equity incentive and became the first listed company in China to implement equity incentive. Starting from 1997, Shanghai took the lead in launching the pilot of enterprise equity incentive distribution system, and some companies in Wuhan, Beijing, Tianjin and other places gradually implemented the equity incentive system. In 2002, "Guiding Opinions on the Pilot Work of Equity Incentive in State-owned High-tech Enterprises" was officially released, and equity incentive was officially introduced at the policy level in China. With the completion of the non-tradable share reform in 2005, more than 40 enterprises were bundled with equity incentives, but they were not approved.
Pilot period: June 5, 2006-2006 10 "Measures for the Administration of Equity Incentives of Listed Companies (Trial)". Trial Measures for the Implementation of Equity Incentives by State-controlled Listed Companies (Overseas), Notice on Printing and Distributing the Trial Measures for the Implementation of Equity Incentives by State-controlled Listed Companies (Domestic) and Promulgating the Trial Measures for the Implementation of Equity Incentives by State-controlled Listed Companies (Domestic). The new "Company Law" and "Securities Law" have created a new legal environment for listed companies to implement equity incentive, solved the problem of stock source, improved the benefit cashing mechanism of option exercise, and given the specific process of implementation plan, which made China's equity incentive enter a brand-new development period.
Rectification and standardization period: from March to June, 2007, 5438+ 10, the CSRC launched a special activity to strengthen the governance of listed companies, and the approval of equity incentives was suspended. SASAC and CSRC issued supporting policies to standardize equity incentives. From March to September, 2008, China Securities Regulatory Commission successively issued Memorandums on Matters Related to Equity Incentive 1, No.2 and No.3, and in June, 5438+00, SASAC and Ministry of Finance issued the Notice on Regulating the Implementation of Equity Incentive System for State-controlled Listed Companies, which strictly regulated the operation of equity incentive.
Mature promotion period: In 2009, the relevant supporting policies for equity incentives were continuously improved and refined, and the Ministry of Finance and State Taxation Administration of The People's Republic of China successively issued the Notice on Issues Concerning the Collection of Individual Income Tax on stock appreciation rights Income and Restricted Stock Income and the Notice on Issues Concerning the Payment of Individual Income Tax on Stock Option Income of Executives of Listed Companies. The system construction of China's capital market is more in-depth and standardized, and the development of equity incentive in China tends to be perfect.
Alibaba 201April September 19 was successfully listed on the New York Stock Exchange, creating a wealth myth. Alibaba's IPO financing will reach $21800 million, the highest in the United States. Jack Ma, chairman of Alibaba, has become the new richest man in Chinese mainland with his personal assets exceeding 200 billion US dollars. 50% of Ali's employees hold shares, and more than 10,000 multi-millionaires were born when Ali went public. When Softbank Group of Japan went public, it held 34. 1% shares in Ali, and founder Masayoshi Son became the richest man in Japan.
In the course of Huawei's development, the equity incentive system has played a great role in its glorious course. Some people even say that equity incentives have saved Shenzhen Huawei many times.
1990, Huawei first put forward the concepts of internal financing and employee stock ownership, which reduced the pressure of cash flow, enhanced the sense of belonging of employees and stabilized the entrepreneurial team.
200 1, during the bubble period of network economy, the IT industry suffered a devastating blow, and financing faced unprecedented difficulties. In order to tide over the difficulties, Huawei began to implement the option reform of "virtual restricted shares".
In 2003, Huawei, which failed to survive the bubble economy, was hit hard by SRAS, and its export market was affected. The intellectual property lawsuit with Cisco has affected Huawei's global market. The implementation of MBO is to stabilize the workforce and tide over the difficulties.
In 2008, the subprime mortgage crisis broke out in the United States. Faced with the deterioration of the economic situation, Huawei launched a new round of equity incentive measures in June 5438+February 2008, covering almost all employees who have worked in Huawei for more than one year.
Even Premier Li Keqiang said: Equity incentive is the key to Huawei's success.
Successful companies in all walks of life in China have one thing in common: the implementation of equity incentive system. In the process of analyzing and drawing lessons from the management experience of these enterprises, the equity incentive system has become an unavoidable topic.
High-tech industry: Huawei's "quasi-"full shareholding
Internet industry: Alibaba, Tencent, Baidu, Sina
Computer industry: 35% of Lenovo employees hold shares.
Real estate industry: Vanke, Gemdale, OCT (the most powerful case of central enterprises)
Household appliances industry: Haier, Hisense, TCL
Chain industries: Suning, Gome