Whether it is hot comment ｜ Tianqi Lithium industry push the "zero yuan purchase" shareholding plan to see three aspects reasonably

On September 16th, Tianqi Lithium (SZ002466, the stock price of 104.02 yuan, a total market value of 170.7 billion yuan) replied to the Shenzhen Stock Exchange's "Follow Letter", and the performance assessment involved in the "2022 Employee Stable Plan (Draft)" disclosed earlier The indicator and employee holding plan responded to issues such as 0 yuan/share transfer to repurchase shares.

Tianqi Lithium Industry Stock Incentives have awarded employees with 0 considerations and have received widespread attention from regulatory, investors and markets. The author believes that in essence, a type of salary form of share payment can be executed by the board of directors and shareholders' meetings. Let the company achieve real development.

Generally speaking, the rationality of equity incentives can be considered from three perspectives. The first is the total grant cost of the amortization of amortization, the second is the rationality of the assessment goals, and the third is that the shareholders should understand. The willingness of dividends to decline is replaced by repurchase shares.

First, it is an angle of amortization. Judging from the two ways paid by shares, one is stock and the other is options. At the time of granting, the accounting can only be generally predicted to grant value, and the value of stocks and options will fluctuate during the grant period, that is, the amortization costs undertaken by the enterprise will also fluctuate. Under normal circumstances, listed companies will calculate the expenses they need in the draft of employees' shareholding plan. This is what shareholders need to pay attention to. If the cost of amortization is too large, it will consume too much net profit and reduce the return of shareholders, which is obviously unreasonable.

Secondly, the rationality of the assessment goals. The author believes that the situation of corporate equity incentives often ignores two aspects. The first aspect is that when setting the assessment goals, many companies only consider the company's own growth, but they have not considered the industry's average level of growth. Generally speaking, enterprise management needs to complete the performance growth of the industry's average growth level in order to reflect its management capabilities.

The second aspect is that when setting the assessment goals, many companies only consider profit growth, but they have not considered capital expenditure and shares dilution. Investment in new projects by fixed increase and borrowing, due to the lag of asset depreciation and amortization, the profit can double in the short term. This operation is common in the capital market. However, if it measures from the perspective of net asset return, this operation rarely improves the return rate of net assets, and some will even lower the return rate of net assets. Therefore, shareholders should consider this factors in order to prevent only short -term "book growth".

Finally, equity incentives will lead to a reduction in management's willingness to dividends. If the performance of the company's performance is basically stagnant, choosing dividends is more conducive to shareholders. Shareholders can invest in companies with a higher return on capital. However, due to the higher the stock price, the greater the equity incentive returns obtained by the management, the management will give priority to the repurchase of the shares. This is also what shareholders need to consider.

Therefore, it is not necessary for shareholders to tangled whether the shares are granted 0 yuan. When shareholders vote for employee shareholding plans, they can comprehensively consider from the above perspectives. If it takes a comprehensive consideration, the shareholders believe that the employee shareholding plan launched by the management is unreasonable, and they can vote for opposition votes, or sell stocks of listed companies by voting.

Daily Economic News

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