| The pharmaceutical industry is a high-tech industry which is closely related with people’s health. With nearly three decades of rapid development, it has become one of the pillars of our national economy. Therefore, the healthy development of the pharmaceutical industry relates to people’s livelihood, social stability and economic development. As the main part of China’s pharmaceutical industry, pharmaceutical companies’ development situation and trends can effectively reflect the industry trend. The thesis begins with the executives’ paper holding of the listed companies in the pharmaceutical industry, discusses the relationship between executives’ownership and performance,aims to prove that the executives shareholding is driven to the enterprise performance, enterprise should be scientific and reasonable to encourage executives shareholding.Owing to the imperfection of domestic research in the field, The author hopes this study can further enriched the contents of the related literature and support of further perfection of related theories, then can provide the necessary reference for policy and measures for the administration.Executives shareholding as a form of equity incentive, from now began to bud development, has made great achievements, also formed a lot more perfect and widely used theories, in the process of enterprise practice is also a success. The introduction of these theories is not only beneficial to perfect our country’s capital market, and the widespread adoption of listed company executive ownership incentives to provide theoretical basis for practice in successful experience but also provides the reality basis for the Chinese enterprises to implement the policy.these theories used in the pharmaceutical industry is not only a kind of innovation, but also the process of perfecting these theories.So the research is of great significance.In this study, firstly, I use the literature analysis to comb the literature at home and abroad of the relationship between the executive ownership and corporate performance, define related concepts, factors and measures, and summarize related theories. Secondly, I set up variables and hypotheses, according to the purpose of this study. In addition, I also collected the data from 2010 to 2014 of 82 listed companies in the pharmaceutical industry as samples,lay the foundations for the research of smoothly.At last, I statistically and descriptively analyzed the collected and collated data at the use of empirical research methods, and built the relational model of the managerial ownership’s affection of firm performance. I also tested the hypothesis through the correlation analysis and regression analysis. It has been discovered that executives of listed companies stake in the pharmaceutical industry and dual assessment of the firm performance are positively correlated.moreover,studies show that corporate performance is affected by enterprise scale and the asset-liability ratio, positive correlation between corporate performance and the enterprise scale relations, and the rate of assets and liabilities of enterprises are negatively related with corporate performance.Finally, from the viewpoints of the government, enterprises, and senior managers put forward reasonable suggestions for the improvement of the executives shareholding, the extent of the impact on enterprise performance increase executive ownership, thus promoting the continuous development of the enterprise。... |
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