| At the beginning of the establishment of the family business,the strong family cohesion makes the family governance invincible in the development and expansion of the enterprise.However,at the growth stage,the limitations of the family governance gradually appear,which hinders the scientific governance,transformation and expansion of the enterprise.In order to expand enterprise human resources,improve internal governance efficiency,improve enterprise governance structure,enhance enterprise overall value,improve enterprise financial performance,and prevent large shareholders of family enterprises from infringing on the interests of small and medium shareholders,most family enterprises begin to de-family.The problems related to professional managers and key personnel in the process of family removal have been widely concerned by scholars.As a kind of incentive system for professional managers and core personnel,the introduction of equity incentive in family-oriented enterprises can effectively hit the pain points of family-oriented enterprises,effectively alleviate the principal-agent conflict,attract and retain talents,improve enterprise value,and help the family-oriented enterprises carry out more smoothly.Therefore,in order to better study whether the implementation of equity incentive in the process of defamily-oriented enterprises can promote the improvement of financial performance,this paper takes Jointown Pharmaceutical Group Co.,LTD.(referred to as "Jointown")as a case study to study whether the effect of the implementation of equity incentive in the context of defamily-oriented enterprises contributes to the improvement of financial performance.As a comprehensive service provider of the pharmaceutical industry chain driven by science and technology,Jointown belongs to the pharmaceutical circulation industry.It is a typical family-oriented enterprise and has successfully implemented two equity incentive plans.In the face of fierce competition in the pharmaceutical circulation industry and active transformation to digital,Kyushu Tong has implemented two periods of equity incentive program from 2013 to 2019,in order to effectively attract and help the company retain outstanding talents and improve financial performance.On the basis of referring to domestic and foreign literature,this paper firstly combs out the concepts and theories related to family business,de-family and equity incentive,and introduces the first and second equity incentive schemes successfully implemented by the case enterprise Jointown.Then,based on the background of defamilization,various financial indicators after the implementation of equity incentive for enterprises are as follows: The comparative analysis of the change data and trend of profitability,operation capacity,growth capacity and debt paying capacity compares the change of the financial performance of Jointown before and after the implementation of equity incentive,and finds that the equity incentive of Jointown can play a certain role.In terms of profitability,the total asset scale of Jointown continues to expand and the return on equity increases year by year.In the growth capacity,the growth rate of net profit increased obviously,and the operating revenue also increased.In terms of solvency,long-term solvency has been greatly improved,showing a sound state of steady operation.In addition,key financial data such as operating profit,net profit,net assets and total assets have increased,as well as the size of enterprises and the quantity and quality of outstanding talents.Generally speaking,Kyushu Tong has brought a desired effect in the implementation of equity incentive,but because of the shortcomings of equity incentive setting,it has not fully played its effect.Based on the above analysis,this paper also discusses the effect and shortcomings of the implementation of equity incentive in Jointown,and puts forward corresponding suggestions for improvement in combination with the background of family removal. |
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