Research On The Effect Of Restrictive Equity Incentive In Pharmaceutical Manufacturing Enterprises

With the development of social and economic complexity,equity incentive mechanism has become an important part of corporate governance,and the significance of this incentive mode has become more and more important.In order to better supervise the behavior of incentive objects,restrictive equity incentive methods have emerged.However,the research and development of restrictive equity incentive theory in China is not yet mature,and scholars are now excited about equity Li's research also focuses on the operation and empirical performance,the discussion of a single specific case is less,and the effect of the implementation of equity incentive in the pharmaceutical industry is affected by a variety of internal and external factors,the theoretical research foundation is not enough,just learn from foreign research results,but lack of domestic innovation.This paper selects Hengrui medicine as the research object,Hengrui medicine as the leading enterprise in the pharmaceutical manufacturing industry,its restrictive equity incentive scheme is implemented earlier,and the enterprise to the equity incentive program more times of implementation,more mature development.This paper first introduces the theory of equity incentive and the current research situation at home and abroad,mainly combining the principal-agent theory and human capital theory of equity incentive,influencing the choice method of equity incentive scheme and influencing the effect of equity incentive implementation.Secondly,it briefly introduces the current situation of the stock right incentive and the company's overall situation as well as the current stock right composition of the enterprise,and then introduces the implementation process and characteristics of the stock right incentive scheme by comparing the three incentive schemes.Thirdly,this paper analyzes the different short-term markets when three stock right incentive announcements are issued through the event research method.By analyzing the financial indicators of enterprises,this paper analyzes the different effects of equity incentive scheme on the performance effect of enterprises,the impact of researchdevelopment activities and human resources.Finally,the shortcomings of the enterprise incentive scheme are put forward,and some suggestions are given for better improvement.Finally,it is concluded that Hengrui pharmaceutical equity incentive has acertain positive impact on stock price,but according to the different period of enterprise development,the response degree of short-term market to equity incentive scheme is different,which promotes the steady and moderate development of long-term business indicators,and improves the research and development ability and human resources of enterprises.In addition,it also stabilizes the human resources of enterprises,but there are some shortcomings,such as the need to further expand the scope of incentives and other problems,need enterprises to further improve the equity incentive scheme.