An Anal Ysis Of The Equity Incentive Of The Growth Enterprise Company

Since the introduction of equity incentive in the 1990 s,China's research on equity incentive has been carried out for more than 20 years.The relevant theoretical results have been quite rich.However,all the scholars' studies have focused on the listed companies listed on the whole board.Conclusions or put forward some of the recommendations may be more suitable for the board listed companies.Since the opening of the GEM in China since 2005,many listed companies listed on the GEM high-tech companies have also begun to implement equity incentives,however,the current characteristics of the GEM for the study of equity incentive theory is not rich enough for some of the GEM The theory is also lacking,this paper based on this consideration,select the GEM company Pathfinder as a case study object,hoping to follow the follow-up GEM listed companies to optimize the equity incentive program to enhance the incentive effect of equity to provide ideas,but also hope to further enrich the incentive Related theory.In this paper,the listed companies listed on the GEM is a small scale,the development prospects are better,high-tech small and medium enterprises,in line with China's GEM listed companies in the characteristics of the GEM market has a certain representation.At the same time,its earliest beginning in the "husband and wife shop" is also a typical family business,equity incentive is also the family to go professional process in the process of an important move in China's GEM companies developed by the family business more Research is of great significance.Pathfinder as the first batch of 28 listed companies,one for the GEM company equity incentive for the first "Pathfinder."On the basis of relevant theories,this paper analyzes the equity incentive behavior of GEM companies.First of all,combined with the relevant theory,the Pathfinder to implement the three-stage equity incentive motive analysis.Secondly,it analyzes the reason why the three-stage equity incentive is canceled,what factors are restricted,and hope to inspire the follow-up to the equity incentive company.In addition,we carefully studied the revised plan of the two-way equity incentive plan for Pathfinder,and analyzed the rationality and shortcomings of the elements in the design of the equity incentive plan,and put forward some suggestions for the improvement.In addition,from the equity incentive to the incentive object,the implementation of post-market response,the impact of the company's performance in three aspects of its implementation effect of the study.Finally,after the case study of Pathfinder,the case revelation of this paper is obtained.After this study,it is found that there are welfare motivations for the first-time equity incentive of Pathfinder.Under this motive,the scheme of equity incentive plan does not chase the market,and there are many problems.Pathfinder two-stage equity incentive,in the company's rapid development period,it is the final stage of the professional process,this stage of the implementation of incentive-type equity incentive,but also because of lack of experience,there are some problems.The analysis of the incentive effect of Pathfinder,found that despite the implementation of equity incentive incentive object did not appear after a substantial turnover,the market did not continue to decline or a substantial decline in stock performance,the company did not significantly decline in performance,but this does not mean equity incentive effect Good,Pathfinder still exists high-level and the core technical staff left,the company's performance also showed a lack of successor problems.Phase III equity incentive for the company's new business sector services,set the rigorous personal level performance assessment,incentive motives,however,the final consideration due to inadequate,after the launch of the stock market volatility,launched less than a month to cancel.This is closely related to the effectiveness of the equity incentive program design and provides direct evidence support for the effectiveness of the equity incentive program.Finally,after obtaining the case revelation from the case study,the most influential factor of the effectiveness of the equity incentive scheme design is whether the setting of each element in the scheme is reasonable,and the lack of effective incentive scheme Sex,affect the incentive effect.An effective equity incentive in the design of the program first to consider heterogeneity,followed by coordination,control and continuity.