Research On The Legal System Of Equity Incentive Of Listed Companies In China

With the rapid development of economic globalization,the establishment of modern company systems and corporate governance issues have become particularly prominent,such as the diversification of equity,the separation of shareholder ownership and management rights,and so on.By enabling the incentive objects to obtain the company's equity,participating in the company's decision-making,and combining their own interests with the company's interests,equity incentives,as a kind of innovative financial instruments,solves the problem of principal-agent problems in modern enterprises,and it also transforms the motivation of company employees into a long-term mechanism.In 2005,the split equity reform was implemented in China.The "Company Law" and the "Securities Law" were issued in succession,which provided a certain legal basis for the equity incentive system of listed companies.In December 2005,the China Securities Regulatory Commission issued the “Measures for the Management of Equity Incentives for Listed Companies(Trial)”,which stipulates relevant regulations for the equity incentives of listed companies.As a result,many listed companies have begun to implement equity incentive plans.In 2016,the "Measures for the Management of Listed Companies' Stock Incentives" was formally introduced.It also responded to the problems existing in the previous equity incentives in practice and solved some problems.However,there are still legal obstacles to equity incentives for listed companies in China.Therefore,starting from the legal,combining relevant laws and regulations,exploring the legal obstacles existing in the equity incentive of listed companies in China,and putting forward suggestions to provide the right guidance for future implementation are very important.In our country,if we want to effectively implement the equity incentive system,we must not be separated from the fact.The establishment of a comprehensive equity incentive mechanism is in fact the establishment of a comprehensive governance system,which must be supported by a matching legal environment and national policies.Based on this,this dissertation start from the existing laws of equity incentives,learn from the experience and lessons of the United States,and combine with the actual situation in China,put forward some sound suggestions and solutions,I believe that with theimprovement of the law,the equity incentive system in China can be standardized and healthy development.