| Around the world, by the capital market more developed and more perfect, equity incentive mechanism which always called golden handcuff becomes more and more popular for the modern company. It is the key in attracting talent, keeping talent, maintaining team stability, keeping a sustained and sound growth. Especially, after the establishment of Growth Enterprise Board in Chinese capital market, high-tech Company always award incentive stock to the senior executives and technical before the IPO.In China, Company Law revision and Securities Law revision paved the way for implementing equity incentive. China's Securities Regulatory Commission published the Equity Incentive Governance for Listed Company at December 31 2005, and provided the specific policy and instruction to the listed company for the development of equity incentive mechanism. From 2005 to Feb 25 2010,151 Chinese listed companies have implemented 167 equity incentive acts, by WIND database.Chapter two, to start with basic theory of equity incentive mechanism, I figured prominently in corporate governance and principal-agent theory, human capital theory, game theory. Depend on the development tendency around the World; I illustrate 10 samples of equity incentive act.Chapter three, to conclude the condition of equity incentive implementation in Chinese listed company. Depend on the different award way, I illustrate 5 acts as the model. To analyze the effect of the act in Chinese listed company by comparative analysis and induction and deduction.Chapter four, figure out the problem of the acts.Chapter five, to the problem which found in Chinese equity incentive mechanism, I put forward my suggestion. Such as, revise the law and policy, improve elements of design, and improve corporate governance.The conclusion of this thesis is to encourage Chinese listed company implement the equity incentive act, and improve gold content of the golden handcuff, and improve the effect of the equity incentive act. |
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