Application And Effect Research On Listed Companies' Equity Incentives In The New Third Board

Equity incentive is a long-term incentive that stabilizes senior executives and key technicians in the enterprise.In order to promote the establishment and improvement of the company's incentive and restraint mechanism,the equity incentive of listed companies in China A-share market has become more routine and mature.However,the application of equity incentive is still at the developing stage in the emerging new-board market.There is still no specific equity incentive management measures in the new-board market.However,a number of new three-board listed companies have already implemented or are implementing equity incentive plans.Most of the new three-board listed companies are High-tech enterprises.One of the major characteristics of such emerging enterprises is that their dependence on core talents is significantly higher than that of traditional industries.Therefore,facing the fierce market competition,how to attract and retain highly qualified personnel and stimulate the vitality of talent has become one of the core issues that the new three-board listed companies are facing and paying attention to.Moreover,the transfer board can be described as the ultimate goal of the new three-board business,but most of them equity structures are concentrated,do not meet the Motherboard or the GEM requirements.Equity incentive just can decentralized part of the equity to pave the way for transfering in the future.Therefore,the implementation of equity incentives in listed companies in the new-board market has great significance for the long-term development.The thesis takes principal-agent theory,human capital theory and expectation theory as the theoretical basis,and combines the differences in system background,implementation purpose and main application modes between the new third board listed companies and A-share listed companies to implement equity incentives.The thesis introduces and analyzes the new three board listed companies's characteristics of equity incentives and discusses the current status of evaluation methods for the implementation of equity incentives.This paper,taking XiaYang Testing Co.,Ltd.'s as an example,analyses its equity incentives and its implementation results,and draws the conclusion:XiaYang Testing Co.,Ltd.'s equity incentive plan has no obvious retention and attracts talents,but it has a significant promotion effect on the profitability,solvency and development capability,but the promotion of the company's operating results is not obvious.