高管–核心员工股权激励差异对企业创新投入的影响分析——以某药业为例

Analysis on the Impact of Equity Incentive Differences between Executives and Core Employees on Corporate Innovation Input—A Case Study of a Pharmaceutical Co., Ltd.

摘要: 在全球经济格局发生深刻变革的当下，企业创新已成为推动经济发展与提升国际竞争力的核心动力。尤其在高科技行业，技术迭代速度极快，创新更是企业得以生存的关键所在。然而，企业创新往往伴随着高风险、高投入以及收益的不确定性，这使得上市公司高管为维护自身利益而规避创新活动的情况屡见不鲜。因此，如何通过优化股权激励契约设计来有效激励高管与核心员工，成为学术界和实务界共同关注的焦点问题。自2006年我国出台《上市公司股权激励管理办法(试行)》后，越来越多的企业开始逐步推行股权激励，如今股权激励已成为上市公司普遍采用的激励手段。不过，随着股权激励契约要素的日益丰富，学界对于如何优化其设计仍存在分歧。本文选取医药制造业的典型企业某药业作为研究对象，探究股权激励对企业创新的具体影响。研究结果表明，2021年所实施的股权激励之所以失败，主要归结于以下几点原因：股权结构不合理、外部环境的影响、股权激励模式单一以及业绩考核指标不合理。因此，本文建议某药业在股权结构层面、面对不可抗拒因素的做法层面、股权激励模式革新、优化业绩考核指标等方面来提升股权激励的实施效果，旨在提升企业创新能力，为企业在医药制造业的持续发展奠定坚实基础。

Abstract: Against the backdrop of profound changes in the global economic landscape, corporate innovation has become a core driver for economic development and enhancing international competitiveness. Particularly in high-tech industries, where technological iterations are extremely rapid, innovation is crucial to the survival of enterprises. However, corporate innovation is often accompanied by high risks, heavy investments, and uncertain returns, leading to frequent instances where executives of listed companies avoid innovative activities to safeguard their own interests. Thus, how to effectively motivate executives and core employees by optimizing the design of equity incentive contracts has become a focal issue of common concern in both academic and practical circles. Since China issued the Measures for the Administration of Equity Incentives of Listed Companies (Trial) in 2006, an increasing number of enterprises have gradually implemented equity incentives. Today, equity incentives have become a common incentive method among listed companies. Nevertheless, as the elements of equity incentive contracts continue to enrich, scholars still hold divergent views on how to optimize their design. This paper selects a typical enterprise in the pharmaceutical manufacturing industry, namely a Pharmaceutical Co., Ltd., as the research object to explore the specific impact of equity incentives on corporate innovation. The research results show that the failure of the equity incentive implemented in 2021 is mainly attributed to the following reasons: unreasonable equity structure, the impact of the external environment, a single equity incentive model, and unreasonable performance assessment indicators. Therefore, this paper suggests that the Pharmaceutical Co., Ltd. should improve the implementation effect of equity incentives in terms of equity structure, approaches to deal with irresistible factors, innovation of equity incentive models, and optimization of performance assessment indicators. The aim is to enhance the enterprise’s innovation capability and lay a solid foundation for its sustainable development in the pharmaceutical manufacturing industry.