会计学院知识库

       当前，CRO（医药外包企业）普遍采用股权激励方式吸收涵养关键人才，助推研发创新能力，提升公司业绩。但由于 CRO 行业作为国内新兴行业且公司数 量较少，股权激励的实施效果有待进一步深入研究。因此，在国内外学者关于股 权激励的文献研究基础上，结合相关理论，运用案例分析法对具体案例公司股权 激励计划开展微观层面研究。考虑到案例公司的典型性，选取我国 CRO 龙头企 业之一泰格医药作为研究对象，重点探究该公司 2013 年至今已实施的六期股权 激励计划对公司价值提升的积极意义，并深入挖掘公司实施股权激励过程中存在 的问题，进而提出相应的优化策略。

       首先，阐明研究背景源于近十年我国 CRO 行业迅速壮大，涵养研发人才的需求骤增，从而引申出研究意义。同时，梳理相关文献和理论，为案例研究铺垫理论基础。其次，对泰格医药基本情况进行概述，包括行业背景、组织结构、财务状况等，从而结合企业内外部环境分析股权激励动因。通过对案例公司股票期权、股票增值权等多次股权激励计划的内容及实施过程进行梳理，围绕各期计划的激励模式、激励对象、行权条件等横向对比，探析了泰格医药股权激励的特点。 再次，从经营绩效、经济增加值、人力流动性和构成、创新绩效等层面对股权激励的实施效果进行评价。最后，列举出泰格医药股权激励实施中存在的绩效评估指标设计不够全面等问题，并结合理论与实际提出了相应的优化措施。

       研究发现：泰格医药股权激励方案对公司价值提升输出了正向激励作用，其方案设计及执行过程中的操作细节对同行业具有借鉴价值。同时，其激励方案设计及实施也存在绩效评估指标设计不够全面等问题。通过该案例分析以期为我国 CRO 企业的股权激励提供参考经验。 

At present, CRO generally use equity incentives to absorb and store key talents, boost R&D innovation capabilities, and improve company performance. However, since the CRO industry is an emerging industry in China and the number of companies is small, the implementation of equity incentive effect remains to be further in-depth study. Therefore, on the basis of literature research of domestic and foreign scholars on equity incentive, combined with relevant theories, the case analysis method is used to carry out micro-level research on equity incentive plans of specific case companies. Considering the typicality of the case companies, Tiger Pharmaceuticals, one of the leading CRO companies in my country, was selected as the research object, focusing on exploring the positive significance of the six-phase equity incentive plan implemented by the company since 2013 to the company's value enhancement, and digging deeply into the company's implementation. Problems existing in the process of equity incentive, and then put forward the corresponding optimization strategy.

Firstly, the research background isderived from the rapid growth of Chinese CRO industry in recent ten years and the sharp increase in the 
demand for R&D talents, which leads to the research significance.Secondly, it summarizes the basic situation of Tigermed, including industry background, organizational structure, financial status, etc., so as to explore the motivation of equity incentive in combination with the interior and outside circumstance. By sorting out the content and 
implementation process of multiple equity incentive plans such as stock 
options, stock appreciation rights, employee stock ownership plans, and 
restricted stocks in the case company, horizontal comparisons are made 
around the incentive models, incentive objects, and exercise conditions of 
each plan to analyze the characteristics of Tigermed's equity incentives. 
Thirdly, the implementation effect of equity incentives is evaluated from 
the perspectives of business performance, economic added value, human 
mobility and composition, and innovation performance. Finally, it lists the 
problems that the performance evaluation index design is not comprehensive enough in the implementation of Tigermed's equity 
incentives, and adds corresponding optimization measures based on theory and practice. The study found that Tigermed's equity incentive plan endowed a positive impact with the company's value enhancement. It is expected to furnish reference experience for equity incentives of CRO 
enterprises in my country via this case study.