| Since stock-based incentive is introduced into China,all kinds of industries have adopted this incentive model to reduce the principal-agent problem in enterprises as much as possible.As the pharmaceutical industry is a technologyintensive industry,the core competitiveness and sustainable development of pharmaceutical enterprises are determined by their own level of innovation and research,so the R&D investment input of pharmaceutical enterprises is always at a high level.However,drug research is in the absolute upstream of the pharmaceutical industry chain,which requires continuous high and long-term investment,as well as high investment risk.Therefore,for enterprise managers,long-term research and development projects are harmful to their short-term interests,and they may reduce the research and development investment to avoid corresponding risks,which further aggravates the principal-agent problem of pharmaceutical enterprises.Accordingly,in order to ensure a high level of R&D investment intensity of enterprises,this paper will study the influence of different equity incentive models on R&D investment of pharmaceutical enterprises,so that pharmaceutical enterprises can design equity incentive plans better and effectively alleviate the negative impact caused by principal-agent problems.Lizhu Group and Hengrui Pharmaceutical are both leading enterprises in the pharmaceutical industry,and their R&D investment is at a high level,but there are great differences in the choice of stock-based incentive methods.Therefore,this paper carries out a detailed comparative analysis of Lizhu Group and Hengrui Pharmaceutical,so as to make the relationship between stock-based incentive and R&D investment clearer.We can also master the different situations of incentive effect of different equity incentive forms on R&D investment of enterprises.In this paper,the principal-agent theory,incentive theory and human capital theory are combined in the research,which is conducive to the in-depth research and analysis of this paper.At the same time,the influence of stock-based incentive on R&D investment can be further explored,making the influence mechanism of different incentive forms more distinct.In addition,in the course of the study,the specific situation of the current development of the pharmaceutical industry was deeply analyzed,so as to have a clear understanding of the industry’s overall stockbased incentive and R&D investment.Then,a specific case is introduced to understand and analyze the actual development,financial condition,stock-based incentive mechanism and R&D of Lizhu Group and Hengrui Pharmaceutical,so as to summarize the relationship between stock-based incentive and R&D investment,.Then,through the comparison of the difference of incentive effect between two methods,we can sum up the specific reasons based on the actual situation.Finally,the conclusions are drawn with the help of relevant theories and literature.Firstly,when enterprises invest in R&D,the implementation of stockbased incentive plan is conducive to the stable development of enterprises and beneficial to improving the overall level of enterprises.At the same time,there is a positive correlation between the intensity of stock-based incentive and the intensity of R&D investment.The greater the degree of incentive for management and core employees,the more obvious the effect of enterprise R&D.Secondly,compared with stock option model,restricted stock model has stronger incentive effect.Therefore,we put forward this recommendation: In the process of designing and formulating stock-based incentive schemes,enterprises should select appropriate stock-based incentive models in combination with the specific situation of enterprise development,so that in the face of practical problems,diversified incentive models can be used to integrate a variety of incentive tools,which helps to guarantee the cost of enterprises and incentive objects,and also improves the effect of enterprise development. |
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