| Equity incentive mechanism is a long-term incentive mechanism,which can effectively encourage employees to actively and positively invest in work,which is conducive to the realization of consistent interest requirements and objectives of enterprise managers,owners and ordinary employees,and can promote the maximization of enterprise value.By the end of 2020,a total of 1819 enterprises have been listed in the A-share market and 3176 equity incentive plans have been issued.40% of the enterprises have implemented equity incentive plans.The implementation of equity incentive mechanism can not only attract and retain more high-quality talents for enterprises,but also promote the interest connection between enterprise owners and managers to a certain extent,It not only improves the enthusiasm of managers,but also promotes the long-term development of the company.In 2020,due to an unexpected epidemic,the progress of domestic and foreign pharmaceutical companies was seriously disturbed,and the development prospect of the pharmaceutical industry has also become the focus of attention.This paper uses the literature research method to sort out the previous research results,lay the theoretical foundation of the article,and provide valuable theoretical reference for the subject analysis of the article.In the way of case study,this paper takes Fosun Pharmaceutical’s implementation of equity incentive as the research object.Firstly,it introduces the general situation of equity incentive in pharmaceutical industry and the basic situation of Fosun Pharmaceutical,and lists the basic situation of Fosun Pharmaceutical’s equity incentive plan.Secondly,from the three aspects of market response,financial performance and non-financial performance,this paper focuses on the effectiveness of Fosun Pharmaceutical after implementing the equity incentive scheme,and explores the areas to be improved in the specific practice and application process of equity incentive,so that we can get inspiration from the research on the implementation effect of Fosun Pharmaceutical equity incentive,and provide appropriate suggestions for the implementation of equity incentive plans of listed pharmaceutical companies.This paper uses the event study method to study the market reaction of Fosun Pharmaceutical equity incentive,so as to study the market effect of Fuxing Pharmaceutical’s implementation of the equity incentive scheme.It is found that the two equity incentives that have been successfully implemented have had a positive impact on Fosun Pharmaceutical;This paper uses the financial index analysis method to analyze the financial performance,and finds that the profitability and development ability of Fosun medicine are positively affected by equity incentive,but the effect on operation ability and solvency is not significant;After studying the non-financial performance of the company,it is found that equity incentive has a significant optimization effect on the overall structure of employees,the proportion of highly educated employees of the company is increasing,the composition of employee types is further optimized,the number of new drugs under research and patent applications are increasing,and the innovation ability is enhanced.Finally,in this paper,fosun pharma equity incentive summarizes experience and shortcomings,and put forward relevant Suggestions on the basis of experience is combined with corporate strategy,assessment index incentive object scope,can unlock the reasonable quantity and time limitation in incentive object set limited set up assessment index is not reasonable supervision system is not perfect and limited incentive mode and strength Finally,it is suggested that Fosun Pharmaceutical and other listed pharmaceutical companies should reasonably determine the scope of the incentive object,enrich the assessment index,improve the supervision system,control the incentive force and innovate the incentive mode when implementing the equity incentive. |
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