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《大行报告》中金: 内地鼓励券商业并购重组及长效激励 券商股低估值与高景气度背离
阿思达克 07-20 12:15
中金发表报告表示,内媒近日报道为提升证券基金经营机构核心竞争力,推动行业高质量发展,中证监相关部门向各派出机构发布通知,鼓励证券公司、基金管理公司做好组织管理创新工作,主要包括两方面创新,第一是鼓励有条件的行业机构实施市场化并购重组,并探索更为灵活的母子公司发展定位和业务范围、实现母子公司协同发展;第二是鼓励员工持股或者股权激励计划。

该行认为中国证券行业正面临重要的发展机遇期,在大力发展直接融资、更高水平金融开放的背景下,内地迫切需要打造一支高质量的、具备国际竞争力的投行队伍;无论是可能的银行系券商的发展壮大、潜在的头部券商的强强联合还是独立投行的综合化发展。

中金称,内地鼓励员工持股及股权激励,可充分发挥券商行业专业人才的驱动作用,指资本、人才和技术是金融业发展的重要生产要素,而以收费类中介业务为主导的证券及基金行业均属於人力密集型行业,人均创收能力与人均薪酬水平相关性高,充分挖掘人才潜力、建立全面长效的员工激励制度显得尤为重要。目前部分券商和基金公司已经开始实施员工持股和股权激励计划,此次通知的落地或使得方案的设计和实施更加灵活。

当前员工持股计划已成为基金行业的一项重要制度安排,以易方达汇添富南方基金为代表的近40家公司均已落地实施;证券行业中,国泰君安、兴业、招商证券等多家券商已推出员工持股计划,後续公司实施方案或更加灵活,该行重申当前正处在投资中国证券业的重要机遇期,中资券商股H股目前相当今年市账率0.8倍,低於历史值37%,与当前高景气度的市场环境相背离。

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