| In recent years,the aging society and the continuous implementation of medical reform policy make the Chinese medicine industry is moving towards a rapid development stage.The report stressed the need to make public health a national strategy of priority development,actively promote the building of a healthy China,and promote the common development of medical insurance,medical treatment and medicine.As an industry closely related to people’s health,this brings opportunities and challenges for pharmaceutical enterprises.In order to be in a dominant position in the competitive market environment,pharmaceutical enterprises are bound to take innovation as the development strategy of the company,continue to carry out research and development activities,win the core competitiveness of the enterprise with innovative drugs,improve performance,and guarantee the long-term development of the enterprise.The innovation of an enterprise cannot be separated from the active input of the innovation subject.Equity incentive is a long-term incentive system,which can give full play to the incentive effect and encourage the company’s management and core technical personnel to give full play to their subjective initiative and participate in the enterprise’s R&D activities.This paper firstly combed and summarized relevant literature,established the path of influence of R&D input on enterprise performance under equity incentive,clarified the mechanism of action of management shareholding and core technical personnel shareholding on R&D input,and demonstrated the process of influence of R&D input on enterprise performance from the three links of R&D,production and sales.Secondly,it analyzes the current equity incentive,R&D investment and performance of the domestic pharmaceutical industry,and understands the environment and existing problems of the pharmaceutical industry in detail.Then we choose Hengrui Pharmaceutical as the case company to analyze the implementation of the company’s equity incentive plan and summarize its characteristics.After that,the mechanism of equity incentive on R&D investment is explained based on the relevant data of R&D amount input,R&D personnel input and R&D efficiency of the company.Based on the patent technology and innovative drugs of Hengrui Pharmaceutical,the specific process of R&D input on enterprise performance is analyzed by using the data of R&D,production and sales.Finally,by comparing with the average of companies in the same industry and the industry,this paper explains the effect of the R&D investment on the overall operating status,profitability,development ability and brand awareness of Hengrui Pharmaceutical after the implementation of the equity incentive program.Based on the existing problems in the equity incentive and R&D investment of the Chinese pharmaceutical industry,Some suggestions are put forward from two aspects: equity incentive and R&D investment.Through the case analysis of Hengrui Pharmaceutical,this paper draws the conclusion that the implementation of equity incentive can improve the level of R&D investment of enterprises,and R&D investment can improve the performance of enterprises from the three links of R&D,production and sales.In addition,R&D investment plays an intermediary role between equity incentive and enterprise performance.Therefore,when the pharmaceutical industry is implementing the equity incentive plan,it should reasonably set the exercise validity period,enrich the assessment conditions,and consider the use of complex incentive mode,give full play to the role of equity incentive in research and development investment,promote the improvement of enterprise performance. |
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