每經編(bian)輯｜每經記者 王硯丹     

每經記者 王硯丹

近期，《每日(ri)經濟新(xin)聞》記者了解到，多家證(zheng)券(quan)公司正在向交易所申報開展上(shang)市(shi)(shi)公司股權(quan)激(ji)勵行權(quan)融資(zi)(zi)業務(wu)及上(shang)市(shi)(shi)公司限制性股票融資(zi)(zi)業務(wu)的試點(dian)方案。這(zhe)意(yi)味(wei)著證(zheng)券(quan)公司融資(zi)(zi)類業務(wu)將超出市(shi)(shi)場交易范疇，券(quan)商行業又將迎來新(xin)的利潤增長點(dian)。

超兩成(cheng)公司實施(shi)股(gu)權(quan)激勵

行(xing)權(quan)(quan)融資(zi)及(ji)限制性股(gu)(gu)(gu)(gu)(gu)票融資(zi)業務，來(lai)源(yuan)于目前A股(gu)(gu)(gu)(gu)(gu)市(shi)(shi)場(chang)上(shang)(shang)市(shi)(shi)公(gong)司(si)(si)推出越來(lai)越多的股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)方案后(hou)，被激(ji)(ji)勵(li)(li)的員工所產生的融資(zi)需求。自2005年(nian)12月證(zheng)(zheng)監會(hui)發布《上(shang)(shang)市(shi)(shi)公(gong)司(si)(si)股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)管理辦法（試行(xing)）》后(hou)，A股(gu)(gu)(gu)(gu)(gu)上(shang)(shang)市(shi)(shi)公(gong)司(si)(si)進行(xing)股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)已(yi)經成為常態。統計(ji)數據顯示，截至2014年(nian)8月15日，共有556家(jia)上(shang)(shang)市(shi)(shi)公(gong)司(si)(si)實施股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)計(ji)劃，占A股(gu)(gu)(gu)(gu)(gu)上(shang)(shang)市(shi)(shi)公(gong)司(si)(si)比重達21.8%，涉及(ji)總金額共計(ji)739億元。但證(zheng)(zheng)監會(hui)同(tong)時規(gui)定，上(shang)(shang)市(shi)(shi)公(gong)司(si)(si)不得(de)為激(ji)(ji)勵(li)(li)對象(xiang)依(yi)股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)計(ji)劃獲取(qu)有關權(quan)(quan)益提(ti)供(gong)貸款(kuan)以及(ji)其他任何形式的財務資(zi)助，包括為其貸款(kuan)提(ti)供(gong)擔保。

這樣(yang)一來，對于一些被激(ji)勵的(de)高管來說，每次(ci)行(xing)(xing)(xing)權(quan)時(shi)能有一個便捷的(de)融資渠道就(jiu)變得很重要(yao)。如正泰電(dian)器(qi)（601877，收盤價26.32元）11月(yue)10日公告，公司即(ji)將進行(xing)(xing)(xing)股權(quan)激(ji)勵計劃第二期行(xing)(xing)(xing)權(quan)，其(qi)行(xing)(xing)(xing)權(quan)價格為(wei)(wei)18.94元，其(qi)中股票期權(quan)激(ji)勵對象為(wei)(wei)179人；可行(xing)(xing)(xing)權(quan)數量為(wei)(wei)股票期權(quan)396.58萬(wan)份(fen)。這意(yi)味(wei)著公司被激(ji)勵的(de)董監高等員工如果全部行(xing)(xing)(xing)權(quan)，那(nei)么將拿(na)出7511.23萬(wan)元，平均(jun)每人41.96萬(wan)元。

融資利率為8.6%～12%

記者獲(huo)得的(de)(de)一份國(guo)信(xin)證(zheng)(zheng)券(quan)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)融(rong)(rong)(rong)(rong)券(quan)部門關于股(gu)(gu)權(quan)激(ji)(ji)勵(li)及(ji)限(xian)制性(xing)(xing)股(gu)(gu)票融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)業務(wu)的(de)(de)宣(xuan)傳(chuan)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)料顯示，據國(guo)信(xin)證(zheng)(zheng)券(quan)前期(qi)調研(yan)，目前股(gu)(gu)權(quan)激(ji)(ji)勵(li)對(dui)象(xiang)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)渠道(dao)狹(xia)窄，且融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)的(de)(de)時間、金(jin)(jin)額(e)等很(hen)難與股(gu)(gu)權(quan)激(ji)(ji)勵(li)形成有效(xiao)匹配(pei)。而在券(quan)商開展行權(quan)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)后，其(qi)做法大概(gai)是：激(ji)(ji)勵(li)對(dui)象(xiang)以其(qi)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)賬戶中的(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)產作(zuo)為擔保物，向(xiang)證(zheng)(zheng)券(quan)公(gong)(gong)司(si)借入(ru)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)完成股(gu)(gu)權(quan)激(ji)(ji)勵(li)行權(quan)；到期(qi)后，激(ji)(ji)勵(li)對(dui)象(xiang)賣出股(gu)(gu)票或轉入(ru)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)歸還(huan)相應融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)款及(ji)利息(xi)給證(zheng)(zheng)券(quan)公(gong)(gong)司(si)，了(le)結(jie)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)負債。如果(guo)是限(xian)制性(xing)(xing)股(gu)(gu)票融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)，則在上(shang)市(shi)公(gong)(gong)司(si)激(ji)(ji)勵(li)對(dui)象(xiang)提供(gong)一定比例自有資(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)的(de)(de)基(ji)礎上(shang)，向(xiang)國(guo)信(xin)證(zheng)(zheng)券(quan)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)認購(gou)被授(shou)予(yu)上(shang)市(shi)公(gong)(gong)司(si)限(xian)制性(xing)(xing)股(gu)(gu)票，以托管在國(guo)信(xin)證(zheng)(zheng)券(quan)的(de)(de)賬戶內的(de)(de)全(quan)部資(zi)(zi)(zi)(zi)(zi)(zi)(zi)產作(zuo)為履(lv)約擔保，并(bing)于分期(qi)還(huan)款日向(xiang)國(guo)信(xin)證(zheng)(zheng)券(quan)分期(qi)歸還(huan)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)本金(jin)(jin)和支付(fu)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)利息(xi)。

這兩項業務之間的融資(zi)(zi)利率(lv)也各有不(bu)(bu)同。行權(quan)(quan)(quan)融資(zi)(zi)的融資(zi)(zi)利率(lv)在(zai)9.8%～12%之間，按(an)天計(ji)(ji)收，每日(ri)計(ji)(ji)提，并(bing)在(zai)融資(zi)(zi)期(qi)限(xian)(xian)屆滿(man)時償付。融資(zi)(zi)期(qi)限(xian)(xian)普(pu)通客(ke)戶為不(bu)(bu)超過(guo)182天；董(dong)監高(gao)為不(bu)(bu)超過(guo)365天。從客(ke)戶實(shi)際融資(zi)(zi)行權(quan)(quan)(quan)之日(ri)開始計(ji)(ji)算，允許展(zhan)期(qi)一(yi)次，但展(zhan)期(qi)期(qi)限(xian)(xian)不(bu)(bu)得超過(guo)90天。如果違約，那么違約期(qi)間不(bu)(bu)計(ji)(ji)收融資(zi)(zi)利息，而是未償還融資(zi)(zi)負(fu)債按(an)每日(ri)0.5‰計(ji)(ji)收違約金。限(xian)(xian)制性(xing)股(gu)(gu)票(piao)融資(zi)(zi)業務利率(lv)則可以(yi)達到8.6%，融資(zi)(zi)期(qi)限(xian)(xian)不(bu)(bu)超過(guo)上(shang)市公司限(xian)(xian)制性(xing)股(gu)(gu)票(piao)股(gu)(gu)權(quan)(quan)(quan)激勵計(ji)(ji)劃(hua)年限(xian)(xian)，且最長不(bu)(bu)超過(guo)4年。

國信證券融資(zi)融券業務(wu)部門相關(guan)人士也對(dui)(dui) 《每日經濟(ji)新聞》記者表示，目前上市公司(si)對(dui)(dui)這類業務(wu)的融資(zi)需(xu)求非常旺(wang)盛(sheng)。“從該(gai)業務(wu)中，公司(si)可獲得(de)融資(zi)利息(xi)收入和交易手續費(fei)收入。預(yu)計(ji)(ji)明年隨著上市公司(si)股權激(ji)勵計(ji)(ji)劃的不斷推出，上市公司(si)對(dui)(dui)此兩(liang)項業務(wu)的需(xu)求會(hui)大量增(zeng)加。”