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2020年我国的“十三五”规划已经圆满收官且收获丰厚。在这5年里，国家层面对科技创新的重视与扶持，为市场经济快速的发展打下坚实的根基，十九大五中全会对科技创新的重视已作为综合国力、国际竞争力的有效手段。对于企业而言，想要在竞争激烈的市场中取得良好业绩，最重要的就是依靠创新形成企业独特的竞争力。医药行业是国家大力支持的产业之一，第一届“中国制造”药物创新论坛上参会人员激烈探讨，论坛的主旨就是强调医药行业需要跟上国家发展的潮流，借助创新推动医药制造业健康有序发展。

研发投入作为科技创新最主要的内涵，在企业的运营活动中渗透到各个领域转化为生产力，因此成为评价企业创新能力强弱的代表性指标。然而，研发活动具有研究周期长、研究结果不确定等特点，委托代理人会因为损失自身利益减少研发活动规避风险，这种短视行为会严重影响企业的长远发展。为了解决这一矛盾，股权激励手段得到许多企业认可。《上市公司股权激励管理办法》颁发后，一些上市企业开始引用股权激励，恒瑞医药自2010年开始到目前为止已经实施了4次股权激励方案，前3次都取得了成功。

因此本文选取恒瑞医药为案例对象，在梳理了国内外关于三者之间关系的文献基础上，介绍恒瑞基本情况、股权激励实施的内容及特点、研发投入的相关情况以及财务现状后，选取能够针对性反映医药行业盈利、营运、发展与偿债能力的12个评价指标数据，通过国泰安数据库筛选出与恒瑞同地域、同性质的45家上市医药制造企业，将筛选出的企业与目标公司相同的12个绩效指标，运用SPSS23.0，通过因子分析法计算恒瑞医药综合绩效得分，通过皮尔逊相关性探究股权激励与研发投入、研发投入与财务绩效之间的相关性系数。分析的结果显示恒瑞医药的高管、核心员工持股与研发活动呈正相关、研发强度与财务绩效同样也是呈正相关关系，这说明恒瑞医药实施的股权激励方案激发了企业研发投入的热情并对企业的财务绩效产生积极的作用，并结合案例公司的经验做法为类似的高新技术企业提出合理的建议。

2020 is the end of China's 13th five-year plan.The China market economy has developed rapidly in five years.Thanks to the guarantee and promotion of scientific and technological innovation ,the Fifth plenary session of the nineteenth CPC Central Committee still pushes scientific and technological innovation to the national force.In the fierce competitive environment,if enterprises occupy the basic competitiveness through innovation and development,the performance of enterprises can be improved.The pharmaceutical industry is the industries supported by State.The first “made in China” Pharmaceutical Innovation Forum was held in Beijing.The aim of theme is to highlight the combination of innovation in the pharmaceutical industry and national development trends ,promote the healthy development of the pharmaceutical industry.

As the most important meaning of scientific and technological innovation,R&D investment penetrates all sectors of activity,So it becomes productivity and the representative standard for assessing the innovative capacity of enterprises.The Agency will reduce the risk of research activities caused by the loss of interests.This short-sighted behaviour will affect the long-term development.In order to resolve this contradiction, shareholder incentive was produced.Many companies have encouraged.Since 2010,the HengRui has implemented four incentive plans,and the first three have been successful.

Consequently,this paper assumes HengRui as the analysis’s object,based on the literature of the tripartite report at home and abroad,introduces the situation of HengRui,the content and characteristics of the implementation of equity incentives,the R&D development and the finance situation.This paper selects 12 indicator that including profitability,operational capacity,development capacity and debt repayment capacity of medicine corporation.Through Guotaian database database,45 listed enterprises were selected,and 12 listed pharmaceutical manufacturing enterprises with the same characteristics were selected using SPSS23.0,the comprehensive performance score of Hengrui was calculated by factor analysis method,and the correlation coefficient between equity incentive and R&D investment,R&D investment and finance performance was analyzed by Pearson correlation.The results show that managers and employees are proportional to the research activities.The research intensity is directly proportional to the results financial.This means the shareholder incentives implemented stimulates the enthusiasm of research and development staff,and positively influences the finance performance .In combination with the experience of the case society,it provides a reference for the same high-tech enterprise and the scientific enterprise to present the rationalization plan.