| As an effective way to solve the contradiction between principal and agent,equity incentive was born in the United States in the 50s of last century,and it has been widely applied to business management by many western enterprises and achieved good results.In contrast,the effect of equity incentive in China is not ideal,the reasons are as follows:first,the equity incentive in China started late,and the related laws and regulations are not yet perfect;second,because there is no more successful experience to learn from,many companies copy the western countries'equity incentive plan,and make plans which are not suitable for their own characteristics and environmental factors.Therefore,our country's equity incentive road is still very long,and we need to continue to explore and study.This paper uses case study method to analyze two phase restricted equity incentive plan of Fuson Pharma.Firstly,This paper analyzes the motivations of equity option incentive in Fuson Pharma from two aspects:internal and external.Secondly,with the depth of research,this paper introduce the Huarun 39 which revenue is close to the Fosun Pharma and the Hengrui Medicine which ranking first in the integrated data of the pharmaceutical industry,at the same time,it is supplemented by the overall average data comparison of the industry to explore the impact of incentive plan on company's financial status and non-financial condition,the conclusion is that the equity incentive of the Fosun Pharma medicine has a certain positive influence.Thirdly,according to the setting conditions of the capitalization ratio of research and development expenditures of the Fosun Pharma,the problems that may be caused by the equity incentive are put forward.Finally,I summarize the advantages and disadvantages of the two phase restricted equity incentive plan,and put forward corresponding inspirations based on the advantages and disadvantages,so as to provide reference for the design of equity incentive plan of related companies. |
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