| After more than 30 years of rapid development of China's economy,the unreasonable supply and demand brought about by the unreasonable economic structure has gradually emerged.The 12 th Five-Year Plan points out that China needs to accelerate the transformation of the economic development mode.The strategic adjustment of the economy should be the main method.Science and technology progress and innovation should be taken as important engines to help China become an innovative country.In 2014,under the circumstances of growing contradictions between supply and demand imbalances,in order to expand demand and accelerate supply-side reforms,reduce inefficient low-end supply,expand effective medium-high level supply,and achieve a higher level of new supply and demand balance,Keqiang Li The Prime Minister put forward the slogan of " participation in entrepreneurial activities".In the context of dual creation,the returns of entrepreneurs and innovators are largely achieved through equity incentives.Equity incentives have emerged in the United States and have been popular since the 1980 s.The Dow Jones index has been successfully promoted from more than 1,000 points in 1983 to 11,000 points in 1999 and then to 20,905 points in 2017.It is considered to be one of the biggest driving forces for the development of the United States in the 20 th century.After the exploration of reform and opening up,China finally confirmed the introduction of equity incentives into the governance mechanism of Listed Companies in 2006,and formed a relatively mature set of laws and policies in 2016.The bio-pharmaceutical industry was identified as a strategic emerging industry.After the promulgation of the “Statements on Reforming the Approval System for Drug Medical Device”(the State Council [2015] No.44),it officially entered the period of industrial transformation and upgrading.From pushing development of generic drugs,the bio-pharmaceutical industry has focused on the improvement of the quality of generic drugs,and vigorously development of innovative drugs with obvious clinical value.Companies that implement employee equity incentive plans in the pharmaceutical manufacturing industry generally take core technicians and salespeople as incentive targets.It chooses the equity incentive plan of Harbin Pharmaceutical Group Co.,Ltd.(hereinafter referred to as "Harbin Pharmaceutical "),which includes salesmen but does not cover core researchers,as the research object in this paper.It uses three methods: literature and case,financial and non-financial indicators,vertical and horizontal comparison to analyze the equity incentive effect of Harbin Pharmaceutical's equity incentive plan.As a result,the following conclusions are drawn:(1)When the core R&D personnel are not included in the equity incentive plan,their research output drops significantly,which indicates that the salary contract of the researchers is incomplete.At present,the value creation of core R&D personnel is of great significance to enterprises in the pharmaceutical industry.When enterprises are unable to quantitatively evaluate and supervise the efforts and innovative endowments of R&D personnel,they should give some residual claims to researchers;(2)For large enterprises with complex organizations,middle-level employees play a role in staff management and supervision.They play a considerable part in the role of lubricants and monitors.Including them in the scope of equity incentives will help enterprises improve operational efficiency and reduce operating costs;(3)The selection and setting of performance indicators must be in line with both the efforts of the motivated object and their own endowments,and can truly enhance the value of shareholders and enterprises.The best way to select indicators is to combine accounting indicators,market indicators and non-financial indicators,and set the match value scientifically. |
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