Research On The Equity Incentive System Of Listed Companies In The New Third Board

The modern company system is the source of wealth creation,the separation of ownership and management is one of the important features of modern company,this kind of separation is the inevitable origin of principal-agent contradiction between investors and managers in the company,in order to reduce agency costs,and fully mobilize the enthusiasm of managers and improve the company's operating efficiency,equity incentive system came into being.In addition to the Main Board Market and GEM,NEEQ forms an important part of the multiple-layered capital market.Since Jan 26 th in2013,more and more NEEQ listed companies recognized when they are on the growth and starting stage,human capital plays a decisive role naturally and inevitably.Therefore,based on the formulation and implementation of Equity Incentive Plan in the light of listed companies,NEEQ listed companies gradually began to implement their own Equity Incentive system.Because the NEEQ listed companies are unlisted public companies,some regulations such as the Rules of Equity Incentive for Listed Companies are only important guidelines,and there's no special legal documents for NEEQ listed companies.Hence,this paper,through the systematic and normative analysis method,will review the survival status of the equity incentive on NEEQ market with the NEEQ listed companies as the main study objects,find out the deficiency and improved space in the application process,and provide theoretical and practical references for NEEQ listed companies in the implementation of their Equity Incentive Plan.