Research On The Impact Of Equity Incentive On Innovation Performance Of Pharmaceutical Enterprises

After the release of the "2016 Guidelines for the Development of the Pharmaceutical Industry" by the Ministry of Industry and Information Technology and the "2017 China Health 2030 Plan Outline" by the State Council,how to achieve sustainable development of the pharmaceutical industry has become a focus of public attention.Drug innovation is the driving force for the development of pharmaceutical enterprises,and improving innovation capabilities has become the focus of attention for pharmaceutical enterprises.Due to the approval of patents,innovation activities carry risks and the innovation cycle is longer.Management can consider avoiding innovative investments to avoid risks,which can lead to agency conflicts between business owners and managers.In recent years,more and more companies have chosen to use equity incentives to alleviate their agency problems.It can converge the interests of shareholders and management,encourage management to focus on the long-term development of the company,and make decisions that are conducive to R&D innovation.Therefore,exploring the capital incentives of pharmaceutical companies and their impact on innovation performance has important research value.This article takes Jiankangyuan as the research object,using literature research and case analysis methods,combined with theories such as principal-agent and human capital,to analyze the impact of two types of capital incentives implemented by Jiankangyuan on innovation performance.Firstly,this article summarizes the impact paths of different capital incentive objects on innovation performance,and analyzes the impact of capital incentive element design on innovation performance.Then it introduces the Restricted stock incentive plan implemented by Jiankangyuan in 2015 and the stock option incentive plan implemented in 2018 from two aspects of plan design and implementation motivation.Finally,the innovation performance evaluation system of this article was constructed,and the changes in innovation input,output,and efficiency before and after two equity incentives in the health park were thoroughly studied.Through the above research,the conclusion drawn in this article is that these two types of equity incentive plans have a significant impact on the input and output of enterprise innovation,but have no significant impact on improving innovation conversion efficiency.Meanwhile,due to the use of stock options and the expansion of employee incentive ratios,the impact of the second equity incentive on innovation performance is more significant than the first equity incentive.The design of the equity incentive plan for the health park has problems such as short incentive period and unreasonable proportion of incentive objects.On this basis,suggestions were proposed to extend the incentive period and determine an appropriate proportion of incentive targets,in order to promote the healthy and orderly development of equity incentives in pharmaceutical enterprises.