市值管理专题研究5：股权激励与员工持股如何赋能企业市值管理

Group 1 - The core viewpoint of the report emphasizes that the A-share equity incentive and employee stock ownership policies are entering a phase of quality improvement and expansion under the comprehensive registration system [1][10][22] - The historical evolution of A-share equity incentives and employee stock ownership has shown a spiral upward path characterized by "deregulation - expansion - standardization - quality improvement" [10][11] - In 2024, the number of companies completing equity incentive plans in A-shares reached 649, with a 23.1% increase in the number of companies implementing employee stock ownership plans to 229 [1][22] Group 2 - The report analyzes the impact of equity incentives on corporate market value, indicating that the announcement of equity incentive plans has a stronger short-term effect compared to the implementation announcement [2][41] - The average absolute return rate after the announcement of the equity incentive plan is 8.96%, while the average excess return rate relative to the entire A-share market is 7.24% [2][41] - In the long term, equity incentives positively influence both corporate market value and performance, with an average absolute return of 16.86% in the first year and 26.96% in the second year after the announcement [41][42] Group 3 - The report highlights that small-cap companies exhibit higher excess returns following equity incentive announcements, with an average excess return of 9.98% for companies with a market value of less than 5 billion [42][46] - Different incentive tools yield varying excess returns, with first-class and second-class restricted stocks showing average excess returns of 5.94% and 6.69%, respectively [46][47] - High-growth industries, such as power equipment and retail, show more significant stock price boosts from equity incentive plans compared to traditional industries like transportation and petrochemicals [3][49]