Is Shandong A Niu Zhitou reliable? What are the impacts of the equity split reform on listed companies?

After entering the stock market, we will find that there are a lot of professional terms that we need to understand and master, today Xiaobian will talk about the reform of equity splitting through this article, the so-called share splitting reform is to reform the unreasonable ownership structure of China's stock market, and turn state-owned shares, legal person shares and other stocks that cannot be listed and circulated into flow rights and stocks to ensure the healthy development of the stock market. So what are the impacts of the equity split reform on listed companies?

1. Solve the problem of separation of power and power, which is conducive to eliminating institutional obstacles to the development of listed companies, to improving the corporate governance structure, improving the management level of enterprises, and promoting the development of enterprises. Enterprises want to increase the value of the company. In order to make securities attractive, it is necessary to improve the company's operation and management mechanism, improve the scientificity and effectiveness of public property management, and improve the economic efficiency of enterprises. Before the reform of equity splitting, the assessment of the operators of state-controlled enterprises was mainly based on the net asset growth rate of listed enterprises, and should have well reflected the market price of enterprise value.

However, due to the institutional arrangement of equity splitting, the reference material is missing or distorted. This kind of assessment mechanism makes managers emphasize financing and light operation, and capital operations prevail in the market for a time, and incidents that harm minority shareholders occur frequently. Therefore, the reform of equity splitting is conducive to the assessment of the managers of listed companies, has the opportunity to make the interests of large and small shareholders tend to be consistent, and make operators pay attention to improving the company's performance.

2. With the launch of the pilot reform of equity splitting, the option incentive mechanism for the management of listed companies will also be introduced. The CSRC clearly stated that listed companies can purchase the company's shares after the reform of equity splits to maintain market stability. This provides the possibility for companies to implement operator option incentives.

At the same time, the way in which the option incentive is implemented for management will be realized by the management performance evaluation through the fully circulating capital market. It can solve the problem of incentive mechanism for operators of listed companies that has not been solved for a long time in recent years. This time, 7 of the second batch of pilot companies in the equity split reform took the opportunity of the equity split reform to launch the equity incentive plan, which shows that the equity incentive has greatly stimulated the enthusiasm of listed companies to participate in the equity split reform.

3. The Guiding Opinions on the Reform of Equity Splitting of Listed Companies (hereinafter referred to as the Guiding Opinions) clearly states that the upper company that has completed the reform of equity splitting should give priority to refinancing, and at the same time reform the refinancing supervision method to improve the efficiency of refinancing. A large number of companies that have linked financing to the reform of equity splitting have already tried to take the lead in the share reform. Some companies that are eligible for refinancing that did not explicitly propose a refinancing plan will also propose a refinancing plan after the share reform.

Timeline for the reform of the share split

The origin and development of equity splitting can be divided into the following three stages:

The first stage: the formation of the problem of equity splits. At the beginning of the establishment of China's securities market, the method of shelving the circulation of state-owned shares was generally adopted, and in fact a pattern of equity splitting was formed.

The second stage: the attempt to solve the reform and development capital needs of state-owned enterprises through the realization of state-owned shares has begun to trigger the problem of equity splitting. From the second half of 1998 to the first half of 1999, in order to solve the financial needs of promoting the reform and development of state-owned enterprises and improve the social security mechanism, an exploratory attempt to reduce the holding of state-owned shares began. However, due to the gap between the implementation plan and market expectations, the pilot was quickly stopped. On June 12, 2001, the State Council promulgated the "Interim Measures for the Administration of Reducing State-Owned Shares to Raise Social Security Funds", which is also a continuation of this idea, and also announced the suspension on October 22 of that year due to unsatisfactory market effects.

The third stage: As an institutional change to promote the reform, opening up and stable development of the capital market, the solution of the problem of equity splitting has been officially put on the agenda. On January 31, 2004, the State Council issued the Several Opinions of the State Council on Promoting the Reform, Opening Up and Stable Development of the Capital Market, which clearly stated that "the issue of equity splitting should be actively and steadily resolved".