Determinants of equity incentive plans in Chinese companies listed on the growth enterprise market

Chunyan Wei

China Journal of Accounting Studies, 2017, vol. 5, issue 3, 379-394

Abstract: Using Chinese companies listed on the Growth Enterprise Market (hereafter GEM) from the period 2009 to 2014, I investigate the determinants of equity incentive plans. The findings are different from prior researches that are based on companies listed on the main board. Specifically, equity incentive plans in GEM companies are influenced by human resource demand, rather than managerial power. Further investigation regarding the detail of equity incentive plans, such as granting requirements, vesting conditions, and validity period, also supports hypotheses derived from human resource theory. Collectively, this paper highlights the attracting and retaining human resource role of equity-based compensation in GEM companies. The findings have implications for regulators in encouraging and supervising the practice of equity incentive in listed companies.

Date: 2017
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DOI: 10.1080/21697213.2017.1383060

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