Research On The Equity Incentive Mode Of Listed Companies On GEM

China’s growth enterprise market of listing Companies is mainly for small and medium enterprises and entrepreneurial enterprises, Most of them are high-tech business, have a certain growth space, but founded not long, the performance is not good. The most valuable asset of listing Companies is human resources and other intangible assets, so they hope that through equity incentive to stimulate employee, the intangible assets play a maximum effect, but the reality is often very helpless. At present, many of the growth enterprise market of listing Companies announced equity incentive exercise conditions are simple, easy to be manipulated, but seemingly welfare. On the other hand, the performance of some of the implementation of equity incentive plan of the listing Companies are not expected to be on the upgrade, and the equity incentive mode unreasonable imperfect relationship. Therefore, it is necessary to construct a new gem equity incentive model. The EVA index is used as a comprehensive financial index, can be more reasonable performance evaluation of listing Companies. Therefore, the growth enterprise market of listing Companies stock option incentive mode based on EVA becomes a solution.In this paper, EVA perspective on the construction of the growth enterprise market of listing Corporation stock option incentive mode based on EVA, the performance evaluation and incentive object, company strategy, help to solve the problems of current incentive effect of GEM market equity is not significant, so as to provide reference for formulating relevant policies and regulations.The full text is divided into5parts. The first chapter is the introduction, introduces the research background and significance, research ideas and methods, as well as the expected contributions. The second chapter is the literature review, points are expounded in two aspects of equity incentive and EVA. The third chapter is the theoretical basis and the gem equity incentive status. On the basis of theory, design elements of the equity incentive plan are described, calculation method of EVA is introduced in the gem equity incentive; present situation, has carried on the analysis to the characteristics of the gem and its equity incentive situation, and finally puts forward the problems to be solved in current. The fourth chapter is the stock option incentive model construction and application of EVA based on. First, the index of EVA, the growth enterprise market of listing Corporation2010Annual Bulletin of the stock option incentive plan listing Corporation equity incentive and the corresponding descriptive statistics and compared, selected from the two listing Corporation were analyzed; secondly, to analyze the two listing Corporation equity incentive, and application of incentive model of stock option based on EVA; finally, the stock option incentive mode before and after the two listing Corporation were compared. The fifth chapter is the conclusion and suggestions, according to the above results, the stock option incentive model can guarantee the EVA incentive program implementation, promote the realization based on incentive effect, and puts forward some suggestions, points out the shortcomings of this study.The EVA index instead of the traditional financial performance evaluation index, construct the incentive model of stock option based on EVA, combined with non financial factors, strategies to optimize the equity incentive process, help to solve the problem of the incentive effect of the growth enterprise market of listing Corporation equity in China is not significant, provides some reference for the new equity incentive model. On the other hand, the evaluation indexes of EVA performance, also contributes to the growth enterprise market of listing Corporation to understand and master the EVA represents the value management system, find out the main and key from the complex management system, promote enterprise development.The shortcomings of this study is the EVA accounting adjustment is not specific to individual company specific adjustment; in this study, the number of sample selection is not much; in the construction of equity incentive model, without considering the equity sources and the lock up period. I believe that with the continuous development of China’s capital market, the equity incentive model research will be more and more complete.