A Study On The Market Effect And The Influence Factors Of The GEM Stock Ownership Incentive

Since the introduction of the "listing Corporation incentive management approach" in January 1, 2006, the implementation of equity incentive has been significantly improved, equity incentives have played an important role in the incentive mechanism of the gem. For a long time, the problem of equity incentive plan has been concerned by domestic and foreign experts and scholars. The research mainly focuses on the influence of the listing Corporation’s performance and stock price trend, and the sample data, the main board market. In this paper, we select the gem equity incentive listing Corporation as sample data, based on the research of equity incentive to stock price trend, analysis and statistics of the impact of individual indicators on the stock price, in order to dig out the most influencing factors, and on this basis to build event driven operation strategy for small investors reference.In this paper, the event research method, 2014 to 2011(4 years) of the stock price performance of the announcement before the announcement, the announcement of the first 20 trading days to capture a significant negative excess returns, along with the cumulative abnormal returns, from policy design and management operation logic, the window period of management has deliberately suppressed the stock price, the main motivation is to obtain lower prices and favorable assessment conditions, the announcement before the 5 trading days are significantly positive excess return, which shows that China’s stock market has not yet fully meet the semi strong and effective market, there is still a possibility of insider information leakage.This paper mainly uses the descriptive statistical analysis method of multiple correlation factors. The results show that there is a positive correlation between earnings per share, earnings per share, abnormal trading volume, and market share.Based on descriptive statistical analysis, this paper carries on the theoretical hypothesis and empirical test on the basis of foreign classic stock price performance theory(including information screening theory, speculative bubble theory, market related theory). The empirical results show that in our country’s capital market, the speculative bubble hypothesis, the information screening hypothesis, the market hypothesis have a certain degree of interpretation, and all the variables and joint testing are all significant.Finally, based on the research results above, the event driven investment strategy of the two groups of gem equity incentive announcement effect, the first group of indicators is composed of the information screening theory per share earnings per share and earnings per share, the second groups of indicators by the speculative bubble theory and the composition of the static earnings ratio, as a hybrid strategy. In the construction of a reasonable investment strategy at the same time, and put forward some advice and suggestions for investors to make a reference.