Research On Restrictive Stock Incentive Plan Of Chinese Pharmaceutical Manufacturers

China's pharmaceutical manufacturing industry is greatly affected by the policy environment.Talent competition in the industry is quite incentive and personnel flow is frequent.Therefore,pharmaceutical manufacturing companies have introduced incentive measures to retain talents and stabilize the core team of the company,thus promoteing the long-term development of the company.Among them,a large number of equity incentive plans are mainly in the form of restricted stock incentives,but the problem of homogeneity in program design is prominent.Some incentive models are not suitable for specific situations of companies,resulting in mixed implementation results.This article selects two restricted stock incentive plans of Fosun Pharma,a leading company in the pharmaceutical manufacturing industry,as a case study.Based on principal-agent theory and human capital theory,It uses literature research methods,case analysis methods,and descriptive statistical methods to carry out the reasearch.it first introduces the overall development of the pharmaceutical manufacturing industry,covering the current industry's competitive landscape,research and development status,and the characteristics of restricted stock incentives;then it describes in detail the process of the insentive plans of the company.And then,it describes corporate performances before and after the plan in detail.The evaluation of the effectiveness is mainly based on financial indicators,non-financial indicators,and market responses.Vertical financial analysis is used to analyze the company's own financial indicators,and the average value of the pharmaceutical manufacturing industry is also added in order to eliminate the impact of industry factors.It was found that the incentive plan has improved the company's profitability and operating capability to a certain extent.At the same time,through the analysis of changes in non-financial indicators and market reactions,the incentive plan has improved research ability and investment efficiency,but because The incentive income is limited,during the incentive period,the brain drain is even more serious.Moreover,from the perspective of market reactions,investors are not sensitive to this incentive.Based on these results,the author starts from the program itself to further explore the reasons for the limited effect of the incentive plan.Based on the analysis of the problems,the author gives the proposal for optimization of the plan,that is,the company should appropriately increase the incentive level,reasonably allocate the amount of restricted stock,and optimize the performance assessment system.Extend incentive terms and scientifically set grant prices to strengthen the effect of restrictive stock incentives.While providing suggestions for the implementation of a restricted stock incentive plan for listed companies in China,the author can also enrich domestic case studies of restricted stock incentives.