| The "14th Five-Year Plan" and the report of the 20 th National Congress of the Communist Party of China clearly require that innovation be adhered to the core position in the overall situation of China’s modernization construction,guide and support enterprises to take scientific and technological innovation as their core competitiveness,and provide strong support for achieving high-level scientific and technological self-reliance and self-improvement,promoting stable economic growth and high-quality development.With the implementation of a series of policies such as the "Healthy China" strategy and the reform of the drug approval system,the innovation environment of the pharmaceutical industry has improved significantly,and pharmaceutical enterprises have accelerated the pace of innovation and research and development,and achieved certain innovative results.However,China’s pharmaceutical industry started late,and the gap between basic research capabilities,pharmaceutical innovation scale,and research achievement transformation level and international first-class is large,resulting in China’s pharmaceutical innovation concentrated in the high imitation stage,and the characteristics of R&D homogeneity are significant,so that domestic innovative drugs can only serve the domestic market and are difficult to go abroad.As a technology-intensive industry,pharmaceutical companies must accelerate innovative drug research and development activities in order to obtain differentiated development advantages,and the development of such high-investment,high-risk,long-term R&D activities is inseparable from the enthusiasm of innovative subjects.Therefore,it is particularly important to implement a reasonable and effective incentive system to enhance management’s willingness to invest in high-risk innovation projects and the subjective initiative of R&D technicians.Reviewing the existing research literature on equity incentives to promote innovation,it is found that most scholars pay attention to management equity incentives to promote innovation input,while ignoring the role of employees in the output of innovation results.In fact,management and employees respectively lead different stages of innovation activities,so this paper selects Jiangsu Hengrui Pharmaceutical Co.,Ltd.,which mainly stimulates core employees,as the case object,and analyzes the impact of equity incentives on the innovation ability of enterprises from the idea of input-output-achievement profit transformation.Firstly,based on the dynamic resource view theory,this paper summarizes the influence mechanism between equity incentive and innovation ability from the perspective of the difference of incentive objects.Secondly,it sorts out the previous equity incentive plans and unlocking situations of Hengrui Pharmaceutical,analyzes the similarities and differences in the formulation of incentive plans,and summarizes the characteristics of incentive clause setting.Furthermore,according to the impact mechanism of Chapter III,the three stages of innovation input,innovation output,and transformation of innovation achievements are divided into three stages of innovation activities,and indicators are selected to establish an evaluation system to analyze the impact of Hengrui Pharmaceutical’s implementation of equity incentives on innovation ability.The results of this paper find that: first,Hengrui Pharmaceutical Co.,Ltd.has eased the entrustment-agent conflict between management and shareholders through the implementation of equity incentives,and further optimized the allocation of innovative resources;The enthusiasm of technical personnel for R&D is stimulated,and the efficiency of R&D output is greatly improved;Motivate core marketing personnel and increase the profit scale of the company’s innovation results,thereby improving the innovation ability of Hengrui Pharmaceutical.Second,the multi-phase continuous equity incentive strategy adopted by Hengrui Pharmaceutical has a significant effect on improving innovation ability.Therefore,pharmaceutical enterprises should choose diversified incentive methods according to different incentive targets,improve the effect of equity incentives by extending the period of equity incentives,improve the performance evaluation indicators of companies and individuals,and accelerate the transformation of enterprises into innovative pharmaceutical enterprises. |
