会计学院知识库

  当前，在国内与国际资本市场上，越来越多的上市企业开始实施股权激励机制。股权激励的核心主旨是激励与约束，企业实施股权激励，一方面可以缓解企业管理层与企业股东之间的委托代理冲突，另一方面可以激发员工工作的积极性，提高工作效率，促进企业长久发展。我国自2005年相继推出有关股权激励的政策法规，股权激励逐渐成为企业日常管理工具。近年来，以中国为代表的新兴市场正处于医药研发外包的快速发展时期，对研发人才的需求愈加激强烈，越来越多的医药研发外包企业开始实施股权激励方案。

  本文选取凯莱英医药集团作为研究对象。首先，对股权激励计划文献资料以及相关概念和理论基础进行整理与归纳。其次，对凯莱英股权激励实施过程和实施动因进行整体介绍和分析；并在此基础上，从市场反应、财务绩效、研发创新以及人力资本稳定性三个层面对股权激励方案实施效果进行评价。研究发现：非财务绩效方面，股权激励对研发人才的吸引和激励有促进作用；研发人员团队不断壮大，研发资金投入持续大幅增加；短期财务绩效方面，股权激励对企业市场价值作用效果有限，正向激励效果持续时间过短；长期财务绩效方面，实施股权激励计划能够很好地提升盈利能力、偿债能力和发展能力；股权激励方案的提出对凯莱英的EVA值有正向激励效果。再次通过对股权激励方案的分析，得出该股权激励方案存在行权解锁指标单一、激励方式选择单一、激励对象人数较少、存在一定的福利效应这四方面的问题。最后针对上述问题提出相应的优化措施，一是考核指标多元化，二是丰富股权激励模式，三是扩大激励对象的范围，四是适当延长股权激励期限，以期望能够为其他同类型企业提供一些借鉴参考。

  Currently, in both domestic and international capital markets, an increasing number of listed companies are initiating equity incentive mechanisms. The crux of equity incentives is motivation and constraint. The implementation of equity incentives by companies can, on the one hand, mitigate the principal-agent conflict between corporate management and shareholders, and, on the other hand, invigorate employee enthusiasm, enhance operational efficiency, and foster the long-term growth of companies. Since 2005, China has progressively promulgated policies and regulations concerning equity incentives, and their application in the day-to-day operations of companies has been increasingly commonplace. In recent years, the emerging markets, epitomized by China, are undergoing a period of swift growth in pharmaceutical R&D outsourcing. The demand for R&D professionals is becoming increasingly pressing, leading more and more pharmaceutical R&D outsourcing companies to initiate equity incentive programs.

  In the present study, the Asymchem Pharmaceutical Group, a leading player in the pharmaceutical R&D outsourcing sector, and a consecutive five-phase equity incentive plan adopter, is selected as the subject of investigation. Initially, the relevant literature, concepts, and theoretical underpinnings of the equity incentive plan are systematically organized and summarized. Subsequently, a comprehensive overview and analysis of the implementation process and motivations for Asymchem's equity incentive plan are provided. Building on this foundation, the efficacy of the equity incentive scheme is evaluated from four perspectives: market response, financial performance, R&D innovation, and human capital stability. The results indicate that, in terms of non-financial performance, the equity incentive plan plays a significant role in attracting and motivating top talents. The R&D team has experienced continuous growth,accompanied by a significant increase in R&D capital investment. However, the impact of the equity incentive plan on short-term financial performance is limited, and the duration of the positive incentive effect is relatively brief. In contrast, the long-term financial performance demonstrates that the implementation of the equity incentive plan enhances profitability, solvency, and development capabilities.The proposal of the equity incentive scheme has an obvious positive incentive effect on the EVA value of Asymchem. Thirdly, through the analysis of the equity incentive scheme, it is concluded that the equity incentive scheme has four problems: single exercise unlock index, single choice of incentive mode, small scope of incentive object selection and certain welfare effect. Finally, in view of the above problems, the corresponding optimization measures are put forward, the first is the diversification of assessment indicators, the second is to enrich the equity incentive mode, the third is to expand the scope of incentive objects, the fourth is to extend the period of equity incentive appropriately, in order to provide some reference for other enterprises of the same type.