近日,我们就股权激励在北京、上海等国有控股上市公司进行了调查。通过调查,我们认为,股权激励应该积极推行,但是,作为股权激励方式之一的限制性股票,在国有控股上市公司必需慎用,有的限制性股票方案应尽快叫停。由于限制性股票方案在授予时就对股东大量的存量股本所有权进行无偿赠送,这与股权激励对公司未来增值效益进行分享的宗旨并不相符,而会造成公司出资人和股民既得利益巨额损失。这种损失有很强的隐蔽性,其后果比曾经看好但在实际推行中不得不叫停的MBO还要严重。 Recently, we conducted a survey on equity incentive in state-controlled listed companies in Beijing and Shanghai. Through investigation, we think equity incentive should be actively promoted. However, as one of the equity incentive methods, restricted shares in state-controlled listed companies must be used with caution. Some restricted stock options should be halted as soon as possible. As the scheme of restricted shares grants shareholders a large amount of stock ownership of stock at the time of grant, this is not consistent with the purpose of share-based incentive to share the company’s future value-added benefits, which will result in a huge loss of vested interests of the company’s investors and investors. This loss has a strong hidden, the consequences than ever optimistic but in actual implementation have to stop the MBO even more serious.