| Equity incentive is a long-term incentive mechanism based on the separation of company ownership and management rights.It plays an important role in improving corporate governance structure,improving business performance and core competitiveness.Although China has improved the laws and regulations on equity incentives after the reform of the share-trading system,many listed companies have also introduced equity incentive plans in due course,but due to factors such as property rights,product characteristics and institutional environment,There are significant differences in the design of the elements of equity incentives among companies,and ultimately the effects of implementation vary widely.Therefore,in order to achieve the ideal implementation effect of equity incentives,the design of the elements of equity incentives has become a key topic in the field of corporate governance.Based on the high-tech industry,this paper selects two typical pharmaceutical listed companies,Hengrui Medicine and Harbin Pharmaceutical Co.,as research cases.Compare the incentive object,incentive intensity,and lock-up period arrangement of the equity incentive plan,analyze the reasons for the difference,and select the measurement indicators that match the factors based on the financial data of the case company,such as market response.R&D innovation capabilities and EVA performance indicators.Based on the short-term and long-term,pre-and post-implementation,partial and overall perspectives,the paper analyzes the implementation effect of the case company’s equity incentive plan,and concludes that factors such as company characteristics and external institutional environment will affect the design and implementation effect of the company’s equity incentives.The conclusion.Based on this,suggestions are made for the design of equity incentives for pharmaceutical listed companies and the improvement of relevant national systems. |
