又一(yi)家上市公(gong)司(si)宣布終止(zhi)員工持股計(ji)劃(hua)。6月28日晚間,璞泰來公(gong)告稱,因市場融(rong)資(zi)環(huan)境發生(sheng)較(jiao)大(da)變化,金融(rong)中介(jie)機構無法提供融(rong)資(zi)支持,該信托計(ji)劃(hua)尚未成立。
從事鋰電池材料的璞泰(tai)來2017年年底上(shang)市,今(jin)年4月(yue),公(gong)司(si)推出第一期員工(gong)持股(gu)(gu)計劃(hua),擬募集資(zi)金7852萬(wan)元,參與員工(gong)持股(gu)(gu)計劃(hua)的員工(gong)為340人,其中公(gong)司(si)董監(jian)高(gao)8人,合集認(ren)(ren)購(gou)股(gu)(gu)份(fen)額(e)(e)約(yue)為1200萬(wan)份(fen)。員工(gong)持股(gu)(gu)計劃(hua)設(she)立(li)后(hou),將委托(tuo)具備資(zi)產管理資(zi)質的專業機(ji)構進行管理。員工(gong)持股(gu)(gu)計劃(hua)全額(e)(e)認(ren)(ren)購(gou)信(xin)托(tuo)計劃(hua)的劣后(hou)級(ji)(ji)份(fen)額(e)(e),該(gai)信(xin)托(tuo)計劃(hua)按照(zhao)1:1的比(bi)例設(she)立(li)優先級(ji)(ji)份(fen)額(e)(e)、劣后(hou)級(ji)(ji)份(fen)額(e)(e),設(she)立(li)時(shi)計劃(hua)資(zi)金總額(e)(e)上(shang)限(xian)為1.57億(yi)元。
在終(zhong)止員(yuan)工(gong)(gong)(gong)持股(gu)計(ji)劃(hua)(hua)的(de)(de)公告中,璞泰(tai)來解釋(shi)稱,公司股(gu)東大會審(shen)議通(tong)過此(ci)(ci)次員(yuan)工(gong)(gong)(gong)持股(gu)計(ji)劃(hua)(hua)相(xiang)關(guan)議案后,一直(zhi)積(ji)極推(tui)進員(yuan)工(gong)(gong)(gong)持股(gu)計(ji)劃(hua)(hua)的(de)(de)相(xiang)關(guan)事宜(yi),員(yuan)工(gong)(gong)(gong)認購積(ji)極性高,但(dan)因(yin)市場融(rong)資(zi)環境發生(sheng)較大變化,雖經(jing)多輪協商(shang),但(dan)金融(rong)中介機構(gou)仍無(wu)法(fa)提供1:1的(de)(de)融(rong)資(zi)支持,導致該(gai)信托計(ji)劃(hua)(hua)在近期(qi)無(wu)法(fa)成(cheng)立。根據公司相(xiang)關(guan)規定,經(jing)公司第一期(qi)員(yuan)工(gong)(gong)(gong)持股(gu)計(ji)劃(hua)(hua)管理委(wei)員(yuan)會會議決(jue)定終(zhong)止此(ci)(ci)次員(yuan)工(gong)(gong)(gong)持股(gu)計(ji)劃(hua)(hua)。
無獨有(you)偶,奇信股(gu)份也宣布終止(zhi)(zhi)員工(gong)持(chi)(chi)股(gu)計(ji)劃。該公(gong)司終止(zhi)(zhi)的原(yuan)因是,“資管(guan)新(xin)規(gui)等監管(guan)政策和市場融資環境等情況發生了較大變(bian)化,導致員工(gong)持(chi)(chi)股(gu)計(ji)劃未能在2018年(nian)6月(yue)21日(ri)之前完成標的股(gu)票的購買,此次員工(gong)持(chi)(chi)股(gu)計(ji)劃自然終止(zhi)(zhi)。”
實(shi)際上,在資(zi)管新規(gui)、融資(zi)趨緊的(de)背景下,高杠桿(gan)的(de)員(yuan)工持(chi)股獲利模式(shi)已難以(yi)為繼,員(yuan)工持(chi)股計劃終止(zhi)成常態。
統(tong)計(ji)顯示,自2018年以來,宣布終(zhong)止員工持股計(ji)劃的上市(shi)公司共計(ji)12家,分別(bie)為(wei)樂視(shi)網、華策影視(shi)、聯(lian)建(jian)光電、天橋起重、雪迪龍、利民股份、榮科科技、太(tai)平洋、建(jian)藝集團、信(xin)(xin)維通信(xin)(xin)、齊信(xin)(xin)股份、璞泰來。
與此同(tong)時,二(er)級市(shi)場的(de)不確定性,對于員工持股計(ji)劃(hua)提出了考驗。特別(bie)像近期股指的(de)下跌,員工持股計(ji)劃(hua)接連(lian)出現“爆倉”現象。比如凱迪生態(tai)、智慧松德(de)和(he)科力遠等。
今年(nian)5月8日晚間,科力遠公(gong)(gong)告稱,公(gong)(gong)司第一期員(yuan)工(gong)(gong)持(chi)(chi)股(gu)(gu)計(ji)劃的資產管理(li)機構,已(yi)將其持(chi)(chi)有的公(gong)(gong)司股(gu)(gu)票(piao)全(quan)部(bu)出(chu)售(shou)并終止了員(yuan)工(gong)(gong)持(chi)(chi)股(gu)(gu)計(ji)劃。該(gai)員(yuan)工(gong)(gong)持(chi)(chi)股(gu)(gu)計(ji)劃所出(chu)售(shou)的股(gu)(gu)票(piao)已(yi)虧損(sun)了六(liu)成。由于(yu)該(gai)計(ji)劃加了2倍(bei)的杠桿(gan),這(zhe)也意味(wei)著參(can)與計(ji)劃的員(yuan)工(gong)(gong)虧光(guang)了全(quan)部(bu)本金。
聯建光電今年(nian)3月公(gong)告稱,由于(yu)資本市場環境、A股(gu)(gu)(gu)股(gu)(gu)(gu)票市場等存在較大變動(dong),對員(yuan)工(gong)持(chi)股(gu)(gu)(gu)計劃的(de)實(shi)施產生了一定的(de)影(ying)響,鑒于(yu)擬參(can)與(yu)對象(xiang)向員(yuan)工(gong)持(chi)股(gu)(gu)(gu)計劃管(guan)理(li)委(wei)員(yuan)會提出放(fang)棄(qi)參(can)與(yu)員(yuan)工(gong)持(chi)股(gu)(gu)(gu)計劃的(de)意愿(yuan),經(jing)公(gong)司(si)審慎研(yan)究,決定終止兩(liang)期員(yuan)工(gong)持(chi)股(gu)(gu)(gu)計劃。
業(ye)(ye)內(nei)人(ren)士認為,在資管新規等監管政策(ce)實施前,企業(ye)(ye)的(de)(de)高(gao)管和員(yuan)(yuan)工(gong)作為相對更(geng)了(le)解(jie)自(zi)身的(de)(de)知情人(ren),往(wang)往(wang)可(ke)以(yi)通(tong)過高(gao)杠(gang)(gang)桿的(de)(de)員(yuan)(yuan)工(gong)持(chi)股計劃,實現可(ke)觀(guan)的(de)(de)回報。但是,資管新規要求的(de)(de)降(jiang)杠(gang)(gang)桿,不僅降(jiang)低了(le)員(yuan)(yuan)工(gong)可(ke)能獲(huo)得的(de)(de)最(zui)大(da)收(shou)益,同時,在資金面趨緊的(de)(de)環境下,也增加(jia)了(le)杠(gang)(gang)桿的(de)(de)成本和潛在的(de)(de)風險。高(gao)杠(gang)(gang)桿的(de)(de)企業(ye)(ye)內(nei)部人(ren)持(chi)股獲(huo)利模(mo)式已經難以(yi)為繼。
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