Analysis Of The Effect Of Gem Restrictive Stock Incentives

In the long-term practice of Western countries,the equity incentive system is an effective contractual method to alleviate the conflict of interest between shareholders and agent managers.Domestic practice and theoretical research on equity incentives are relatively late,but it has been considered as “can stimulate the company's management vitality and sense of responsibility,improve corporate management and improve the company's shareholding structure”.Due to the particularity of China's economic system and the particularity of the national conditions,there is a situation in which “state-owned enterprises are prudent and excellent”.Private enterprises on the GEM are relatively weak,and they need to attract outstanding talents through equity incentives,thereby enhancing market competitiveness.In the actual implementation process of the stock incentive plan,the GEM private enterprises often exposed various problems and even led to a stranded stock incentive plan.This paper takes Yunda technology enterprise as the research case,and through this case,explores the effect of the equity incentive plan of China's GEM listed companies by “from small to big” research method and analyzes and summarizes it.This paper analyzes the effect of equity incentives through two main methods: normative research and case analysis.The normative research method is mainly used to discuss the research status,the concept of equity incentives and related theories.In the analysis of the status quo of equity incentives,the relevant situation at home and abroad is discussed in detail,and the issues related to the equity incentives of domestic GEM are sorted out.The case analysis method was used to study the equity incentive plan of Yunda Technology.Firstly,the motivation,implementation methods,characteristics and process control of the company's equity incentives were investigated.The impact of equity incentives on corporate performance and market value was analyzed through financial data and other indicators.At the end of the paper,the conclusions based on the research case are obtained,and the guiding significance of the implementation of equity incentives for GEM private enterprises is obtained.The significance of this paper is reflected in the following three points:Firstly,based on the theory of equity incentives,this paper can analyze the equity incentive problem of China's GEM board companies,and can more clearly define the value of equity incentives for corporate governance of GEM listed companies.Second,analyze the implementation process and incentives of equity incentives through real equity incentive cases.The third reason is to use financial technology indicators and event research methods to evaluate the real effect of equity incentives on enterprises.This article consists of six major parts.The first part is the introduction,which comprehensively expounds the research background,research significance,research content and methods of the subject and the structure of the full text.The second part is a literature review,which makes a corresponding combing of the theory of restrictive stocks and the theories involved in excellent papers at home and abroad.The third part is the analysis of the status quo of equity incentives of listed companies at home and abroad,which focuses on the status quo of domestic GEM equity incentives.The fourth part is a case introduction,which introduces the basic situation of Yunda Technology,the equity incentive plan,and major events of the company before and after the incident.The fifth part is the case analysis,including the motivation analysis of the restricted stock incentive plan,the analysis of the effect of the implementation of equity incentives,and the exploration of the problems in the implementation of the restrictive equity incentive process,and finally draws the relevant analysis conclusions.The conclusion and prospect of the sixth part mainly form an objective argument with objective analysis through theoretical analysis and case analysis,and propose relevant suggestions for equity incentives of listed companies on GEM,and provide a certain degree for the implementation of equity incentive plan for listed companies on GEM.