Research On The Improvement Of Equity Incentive Scheme Of Jointown Pharmaceutical Group

In modern corporate governance,equity incentive has become one of the important ways and means for enterprises to motivate and retain talents.The pharmaceutical circulation industry is an important link between upstream pharmaceutical production enterprises and downstream medical institutions and retail terminals.Affected by the macroeconomic and market environment,China has implemented institutional reforms such as "two ticket system",volume procurement and graded diagnosis and treatment in the pharmaceutical industry.The competition among pharmaceutical enterprises,especially among leading enterprises,is more intense.More and more pharmaceutical enterprises strengthen talent management and enhance competitive advantage through equity incentive.Jointown is a large-scale company in the pharmaceutical circulation industry,which is highly representative.It is of great significance to study the role and effect of its equity incentive on the performance improvement of enterprises and employees.The thesis takes Jointown Pharmaceutical Group as the research object,uses the principal-agent theory,human capital theory and incentive theory,and adopts the methods of literature research,comparative analysis,case study and event analysis to analyze the implementation scheme and implementation effect of its three equity incentives.Through the investigation of the current situation and strategic planning of Jointown,the thesis collects and combs the industry information,policy information and the annual financial report within the validity period of the three equity incentive plan,expounds and analyzes its policy environment,macroeconomic environment,social environment and the current situation of the pharmaceutical circulation industry,using financial indicators,event analysis method Tobin Q-value analysis is used to evaluate the effect of equity incentive implemented by Jointown.The analysis shows that the equity incentive mode of Jointown is single,the way of stock grant is unreasonable,and the evaluation index is unreasonable.It reveals the causes of the problems from the aspects of performance evaluation system and internal supervision mechanism.Then,starting from the rationality and feasibility of the equity incentive optimization scheme,the thesis optimizes the design of the equity incentive scheme from the aspects of incentive scale,awarding mode,incentive object selection,assessment and distribution standards,and puts forward the safeguard measures of optimizing the corporate governance structure,improving the performance appraisal system and perfecting the internal supervision mechanism.The study found that the equity incentive plan should adapt to the environment of the enterprise and be designed in combination with the characteristics of the enterprise.The ultimate purpose of incentive is to enable the enterprise to achieve its strategic objectives,not just to provide benefits to employees.In the process of implementation,it is also necessary to have corresponding management system and supervision mechanism to ensure the implementation of the scheme.When the external environment changes,the incentive plan should also be adjusted accordingly.The research of the thesis provides a useful reference analysis and Practice for modern enterprises,especially large-scale pharmaceutical enterprises to implement equity incentive.