《大行報告》中金: 內地鼓勵券商業併購重組及長效激勵 券商股低估值與高景氣度背離
中金發表報告表示,內媒近日報道為提升證券基金經營機構核心競爭力,推動行業高質量發展,中證監相關部門向各派出機構發布通知,鼓勵證券公司、基金管理公司做好組織管理創新工作,主要包括兩方面創新,第一是鼓勵有條件的行業機構實施市場化併購重組,並探索更為靈活的母子公司發展定位和業務範圍、實現母子公司協同發展;第二是鼓勵員工持股或者股權激勵計劃。
該行認為中國證券行業正面臨重要的發展機遇期,在大力發展直接融資、更高水平金融開放的背景下,內地迫切需要打造一支高質量的、具備國際競爭力的投行隊伍;無論是可能的銀行系券商的發展壯大、潛在的頭部券商的強強聯合還是獨立投行的綜合化發展。
中金稱,內地鼓勵員工持股及股權激勵,可充分發揮券商行業專業人才的驅動作用,指資本、人才和技術是金融業發展的重要生產要素,而以收費類中介業務為主導的證券及基金行業均屬於人力密集型行業,人均創收能力與人均薪酬水平相關性高,充分挖掘人才潛力、建立全面長效的員工激勵制度顯得尤為重要。目前部分券商和基金公司已經開始實施員工持股和股權激勵計劃,此次通知的落地或使得方案的設計和實施更加靈活。
當前員工持股計劃已成為基金行業的一項重要制度安排,以易方達匯添富南方基金為代表的近40家公司均已落地實施;證券行業中,國泰君安、興業、招商證券等多家券商已推出員工持股計劃,後續公司實施方案或更加靈活,該行重申當前正處在投資中國證券業的重要機遇期,中資券商股H股目前相當今年市賬率0.8倍,低於歷史值37%,與當前高景氣度的市場環境相背離。
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