Research On Equity Incentive Of The NEEQ-Listed Companies

In 2013,the NEEQ was established,the "NEEQ" officially became exclusively for non-listed public company national trading system.The NEEQ without financial index,which reduces the threshold for entering the capital market,so that more and more small and medium-sized enterprises in the initial period can make use of capital market financing,to a certain extent,easing the problem of financing difficulties faced by the small and medium-sized enterprise.The number of the NEEQ-Listed companies have increased rapidly after the official announcement of the NEEQ.As of November 2017,the number of NEEQ-Listed companies has reached more than 11,600 and the multi-level capital market is forming.The NEEQ market in China focuses on growing,innovative and high-tech small and medium-sized high-tech enterprises.These enterprises are more dependent on core talents.Equity incentive will work closely with the growth and personal income level of the performance of the company,is a strong complement to the modern enterprise salary system,can help high-tech enterprises optimize the equity structure,retain and attract talent,reduce the short-term behavior of the management and the staff,so the research has important significance to incentive the NEEQ-Listed companies' equity.According to the Wind statistics,there were only 62 companies in the NEEQ stock incentive enterprises in 2015,which increased to 212 in 2016.As of November 2017,the NEEQ equity incentive enterprises reached 553.From the statistical data,although the number of the NEEQ-Listed company is increasing,the number of listed company implementing the equity incentive is not matched with the whole the NEEQ market capacity.In the actual operation process,many companies have implemented the stock option incentive plan before listing,but because of the low shareholding ratio,they often do not disclose the details of equity incentive in public information.At the same time,many listed companies are not aware of the equity incentive,the design of the scheme is not reasonable,or the disclosure obligation is not fully fulfilled,or do not disclose,or disclose irregularly.Based on the theory of equity incentive related,in the academic circles at home and abroad research achievements about the equity incentive system,on the basis of combing,using SWOT analysis method,combined with China's special market environment,this paper analyzes the advantages,disadvantages,opportunities and threats of company A's equity incentive scheme.Through the combination of theoretical analysis and specific case analysis,taking company A as an example,starting from the implementation of A's current equity incentive plan,analyzes the shortcomings of its equity incentive plan,and puts forward feasible improvement measures for company A to implement equity incentive plan.At the same time,it can provide reference for the listed company to implement the equity incentive plan.Strengthen the effect of equity incentive,make the NEEQ-Listed companies play an important role in China's macro-economic reform and scientific and technological progress.