Analysis Of The Economic Effectiveness And Influence Factors Of Stock Option Motivation In Chinese Pharmaceutical Companies

The theory of stock option motivation originated in the 1950 s,which was first widely used in Europe and America and achieved great success in the implementation of listed companies in western developed countries.China's research on stock option motivation is relatively late.In 2006,the China securities regulatory commission promulgated the measures for the management of the listed company equity motivation(try out)",the stock option motivation system in our country widely implement legal environment protection has been preliminarily formed,the stock option motivation system of the listed companies in our country implement widely opened a new chapter.Since the introduction of stock option motivation system in China,a large number of enterprises have explored the implementation of stock option.The pharmaceutical industry is an important industry that concerns the national economy and people's livelihood,an important part of the national economy and a key area for cultivating and developing strategic emerging industries.Therefore,it is of great significance for the development of the pharmaceutical industry to motivate employees in pharmaceutical enterprises efficiently and inspire their working enthusiasm and creativity.Therefore,this paper selected 14 pharmaceutical enterprises from A market,which has issued stock option motivation within 2013-2017(number of staff for stock motivation >100),and considering the stock option design(personnel,number of staff for option motivation,duration of option,percentage of amount with total equity),and economic effectiveness,as well as company characteristics(Percentage of independent shareholders,average age of senior management,average salary of senior management and company size,et,al),in order to analyze the economic consequence and influence factors for stock option motivation,and summarize the potential problems,and puts forward optimization suggestions to effectively improve the effectiveness of the stock option motivation of pharmaceutical enterprise.The first chapter of this paper expounds the background,significance,concepts and related theories,the description of content,methods,innovation points and shortage of this paper.Chapter two expounds the study summary of China and global(including the relationship of stock option and company achievement,and the influence factors,and the difference between American and Chinese companies in the field of stock options),as well as theoretical framework(including the income effect and substitution effect in asset selection and transmission mechanism of stock option incentive).Chapter three introduces and design and assumptions for the stock option analysis and produces the summary.Chapter four introduces the pharmaceutical field status in China,including the development of pharmaceutical industry,IPO rush,mergers and acquisitions rush,and current situation of talent demand as well as the stock option motivation in pharmaceutical enterprises.Chapter five analyzed the economic consequence and influence factors for stock option motivation,and summarize the potential problems.The sixth chapter summarizes the problems of overly strict exercise conditions and raise the optimization proposal and scheme of pharmaceutical enterprises option motivation are put forward,and summarizes the content and prospects of this paper.It is expected that the research and discussion in this paper can provide some reference for enhancing the pharmaceutical enterprise option motivation system and promoting the effective application of the Chinese pharmaceutical enterprise stock option motivation system.