Abstract
This article studies the practice and impact of equity incentive plans in China, focusing on both listed and non-listed companies. For listed companies, an empirical research method is used, selecting data from the Shanghai and Shenzhen A-share markets from 2012 to 2021. It analyzes the impact of equity incentives on the operating performance of listed companies, and the moderating effects of company nature, equity incentive methods, and durations. Overall, the results show that implementing equity incentives can improve operating performance. For non-listed companies, Huawei is taken as the case study. The impact of equity incentives on non-listed companies is analyzed, focusing mainly on the changes in relevant indicators of Huawei before and after the implementation of equity incentive plans. The research results of the article have certain reference value for understanding China's equity incentive plans and also provide some reference for companies to formulate equity incentive plans.
