Research On The Issue Of Equity Incentives For The Management Of Listed Companies On The Growth Enterprise Market

The distinctive feature of modern enterprise management mode is the clear separation of ownership and management rights,thus forming the principal-agent relationship between shareholders and managers of enterprises.However,in this kind of principal-agent relationship,the interests pursued by both parties are inconsistent.The maximization of equity value is the interest goal of shareholders,and managers hope to maximize their own needs.Due to the asymmetry of information transmission,there is "moral hazard" between the principal and the agent,which can not make the owner of the enterprise trust the management of the company,and it is particularly important to seek a checks and balances mechanism to resolve this contradiction between the two parties.The equity incentive mechanism is an effective way to solve this contradiction.By allowing managers to hold shares for a certain period of time,sharing with shareholders the gains of the company's value-added,and sharing risks,managers can be closely linked to the long-term development of the company.The GEM market in China is made up of a large number of highly innovative and high-growth enterprises,most of which are small and medium-sized enterprises,which rely heavily on talents in their development.Therefore,the equity incentive mechanism has become a system with a very high implementation rate in the operation and management of GEM enterprises.However,the equity incentive plan in the GEM market did not have the proper effect because of the problems of inappropriate conditions,upside down price and share price,unreasonable choice of incentive target and incentive ratio,and imperfect external market environment.As one of the first listed companies of GEM,Netsu Technology is also one of the earliest companies to implement equity incentive plans of GEM.The typical case of "netsu technology" was selected.Netsu technology began to launch the equity incentive mechanism the following year after listing when equity incentive was popular in China.At present,it has announced the implementation of six phases of equity incentive.Using the statistical analysis method,the paper summarizes and analyzes the specific scheme formulation and completion of the sixth phase equity incentive.The study found that the equity incentive plan of Netsu Technology hasreceived obvious results,its profitability and growth ability have been significantly enhanced,and the market competitiveness has been continuously improved.However,there are some common problems of equity incentive in the GEM market,such as a single incentive model and assessment index,and too low evaluation index setting value.The successful experience of the equity incentive plan with more continuity of online technology is worthy of reference for other GEM listed companies.Finally,according to the problems found in the research,the author puts forward some measures to improve the equity incentive mechanism of GEM listed companies.Internally,starting from the enterprise itself,we should formulate the equity incentive measures suitable for the actual situation,and constantly complete the internal governance mechanism of the enterprise;Externally,promote the development of the capital market and the manager market,and continuously improve the policies and laWS and regulations related to equity incentives.In order to provide some reference for China's GEM listed companies to better play the role of equity incentive mechanism.