Study On The Equity Incentive Of Chinese Listed Companies In Pharmaceutical Industry

With the development of modern economy and the expansion of the scale of the company,the agency conflict is becoming more and more complicated and intensified,which seriously affects the company's normal survival and long-term development.Stock incentive as a special mechanism that can link the agent with the interests of clients has gradually become a hot topic.Equity incentive is based on the stock as the subject matter,the future performance of enterprises as a basis,with the management of long-term incentive contract form.At present,the equity incentive in our country is relatively backward in theory and practice,but the equity incentive policy gradually matures after several years of rectification and perfecting,and the equity incentive has obvious effect of supervision and encouragement.As the pharmaceutical industry has been in the important position of China's national economic development,it is a typical industry combined with traditional and high-tech industries,China's pharmaceutical industry is in circulation reform in-depth development and reform of the critical period in 2005.After the completion of the reform,the pharmaceutical listed companies gradually implement the equity incentive to restrain the managers and improve the performance of the enterprises.Therefore,the listed companies in the pharmaceutical industry are selected as the research object,but there are many problems in the process of equity incentive,such as unreasonable incentive object,incentive intensity not enough,short incentive period,the incentive is not combined with performance appraisal.We need to accurately evaluate the equity incentive Implementation effect,which is the key to explore in this issue.This paper through FOSUN PHARMA's equity incentive plan and the implementation to comprehensive analysis and evaluate the effectiveness of its implementation,and in accordance with the characteristics of specific incentive plan and the background of China's pharmaceutical industry to make recommendations for the future implementation of equity incentive plan to provide reference.