Abstract
In recent years, in order to study the actual effect of equity incentives of the listed companies, Chinese scholars have mainly studied it from three aspects, including enterprise performance, manager behavior and market response. This paper analyzed the equity incentive plan scheme of Ninestar company, a private listed company in Zhuhai city, in detail, and made an analysis on the specific effects of Ninestar's equity incentive measures from the following three aspects: enterprise performance, manager behavior and market response. Finally, we put forward relevant suggestions from the perspective of corporate governance structure, providing beneficial reference for private enterprises in China to improve equity incentive measures.
Highlights
In recent years, the ranks of private listed companies have grown steadily, especially in the SME board and the GEM board
Private listed companies play the most important role in the implementation of equity incentive plan in China, because there are differences in the regulatory policies of equity incentive implemented by CSRC for state-owned listed companies and private listed companies
Taking the equity incentive measures of Ninestar, a private listed company in Zhuhai, as the case study object, it investigates the specific measures of equity incentive of Ninestar and the results obtained, and puts forward some suggestions from the perspective of corporate governance structure, so as to provide beneficial reference for private enterprises in China to improve equity incentive measures
Summary
The ranks of private listed companies have grown steadily, especially in the SME board and the GEM board. More than 80% of listed companies are private enterprises, and less than 20% are state-owned enterprises. There are some problems in the process of floating the non-tradable shares It is difficult for some listed companies in China to give full play to the equity incentive effect, or even interrupted it midway. This paper aims to make a case analysis of the effectiveness of equity incentives in listed companies of private enterprises in Zhuhai. Taking the equity incentive measures of Ninestar, a private listed company in Zhuhai, as the case study object, it investigates the specific measures of equity incentive of Ninestar and the results obtained, and puts forward some suggestions from the perspective of corporate governance structure, so as to provide beneficial reference for private enterprises in China to improve equity incentive measures
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