Executives Equity Monetization Of GEM Listed Company And Regulation And Restriction

Since founded in2009, lots of executives’resignation and monetization shrouded a storey of mist in the prospect of GEM. In view of the short time of GEM’s existence and the lack of research on executives equity monetization, I think it is necessary to study it detailed.Firstly, the first chapter involves theoretical foundation:The fundamental reason of GEM listed company executives equity monetization is the detachment between management and ownership of modern company, which principal-agent theory refers to; And in essence, company executives equity monetization is internal trader, so about theoretical foundation, the thesis focuses on the principal--agent theory and internal trader theory. Based on asymmetric position on information mastery between GEM listed company executives and stock owner, GEM listed company executives carry on the equity monetization, which breaks the principle of fair trade; Besides, it can do harm to management of the company and the whole capital market.Secondly, in view of the short time of GEM, to some extent, equity monetization influx is speculation, based on retirement influx, so the second chapter first analyzes the positive correlation between GEM listed company executives equity monetization and retirement influx, and then analyzes the reason of equity monetization, across high issue price and low truthful company performance. Finally, based on the reasons put forward by Chapter Two, Chapter Three put forward measures and proposals across restricting of executives equity monetization, adjusting the valuation system and improving the system of the sponsor, information disclosure, exiting, supervision and punishment.