Research On Equity Incentive Of Listed Companies In GEM

The typical characteristic of modern enterprise system is to realize the separation of enterprise ownership and management right,which leads to the problem of principal-agent.Equity incentive is one of the effective ways to solve this problem,the shareholders of a part of the company's equity transfer to the manager,the company's performance to the conditions of exercise,the equity holders can exercise the right to obtain income,so that Managers participate in the decision-making and distribution of benefits,so that managers and shareholders to pay attention to the growth of the company's value and long-term development.China's equity incentive system began to be relatively late.With the reform of shareholding reform since 2005,the SFC issued the " Equity incentive management approach " and " related matters Memorandum 1-3 ",China's equity incentive policy system was basically formed,the real sense of equity incentive has just begun.At the end of 2009,China's GEM market was formally established,many high-tech,high-growth small and medium companies listed in this listing,in order to retain talent,mandy listed companies launched a equity incentive plan,in such a background,The research on the present situation and effect of equity incentive of listed companies on the GEM has a strong theoretical and practical significance.Based on the domestic and foreign research results on equity incentive were reviewed and summarized,combing the theoretical basis of equity incentive,the main purpose of revealing the listed company equity incentive,and then analyzes the status quo of China's GEM listed companies to carry out equity incentive,using empirical analysis methods,combined with F company the equity incentive an example is analyzed from the implementation background,design and implementation of three aspects,elaborated the F companies in the implementation of equity incentive results,put forward the F company in the process of stock incentive problems and improvements,bring us some enlightenment summed up the equity equity incentive of GEM listed companies and F company incentive in the process of implementation,put forward opinions and suggestions for the development of China's GEM listed company equity incentive mechanism,including perfecting the information disclosure mechanism,Improve laws and regulations,formulate equity incentive programs in line with the company's situation and so on.Through the study of the reasons,practices and effects of the equity incentive of the GEM,we hope that this paper can provide reference for the listed companies to adjust and optimize the equity incentive program,and then to improve the effectiveness of equity incentive.