A demonstrational analysis on equity incentive of small and medium enterprise board listed companies and corporate growth

摘要

Equity incentive is an effective long-term incentive mechanism that can solve the principal-agency problem. In China, as the reform of the split share structure and the issue of the Administration of Equity Incentive Plans of listed companies (for trial implementation), more and more listed companies have already begun to bring equity incentive into effect, especially in small and medium enterprise board listed companies. However, whether the plans of equity incentive in small and medium enterprise board listed companies can promote the corporate growth needs our further discussions. This essay took 25 small and medium enterprise board listed companies that had already begun to bring equity incentive into effect from 2008 to 2011 as examples, demonstrated the relationship between equity incentive of small and medium enterprise board listed companies and corporate growth and offered empirical evidence in order to make equity incentive of small and medium enterprise board listed companies and corporate governance structure mechanism perfect.