Research On Influence Of The Equity Incentive On Company Performance

Since the popularization of modern enterprise system,the enterprise ownership and management separation,professional managers gradually began to be of service to business owners to provide professional knowledge and management ability,from the enterprise to obtain compensation.However,the interest function between the enterprise manager and the owner is inconsistent,and the principal-agent problem is generated,and the owner motivates and supervises the management in order to reduce the management cost.As an effective incentive method,equity incentive is widely used.The pharmaceutical industry is an industry of tens of thousands of people's health.Meanwhile,pharmaceutical enterprises have the characteristics of high-tech enterprises,and the investment scale of R&D is very large,and R&D has a positive effect on performance.Therefore,it is very important to study how the equity incentive in pharmaceutical industry affects enterprise performance.Based on the pharmaceutical industry,this paper studies the mechanism of Fuxing pharmaceutical equity incentive affecting enterprise performance.The first chapter explains the research background,significance and then to the theoretical research of scholars at home and abroad literature review and summary,and discussed according to the results of the predecessors'research in this paper,the research contents and methods,and then the research of this paper innovation points are summarized.The second chapter gives an overview of the relevant concepts and theories,including the concept and type of equity incentive,and the theoretical basis of equity incentive.The third chapter makes a statistical analysis of the equity incentive implementation of listed companies in China's pharmaceutical industry,and finds out the characteristics of the equity incentive in the pharmaceutical industry.The fourth chapter has carried on the case analysis to Fuxing medicine equity incentive,first an overview of the general situation of the enterprises Fuxing medicine and analyze the internal and external environment,the implementation of equity incentive to Fuxing medicine elements were analyzed,and the final from two aspects:horizontal and vertical focusing on equity incentive for the company's market performance,the influence of R&D investment,long-term financial performance.The fifth chapter summarizes the conclusions based on the analysis of the cases and puts forward some Suggestions from the implementation of the equity incentive by Fuxing pharmaceutical to provide reference for other pharmaceutical industry listed companies.