股权激励对财务绩效的影响——基于医药行业数据研究

The Impact of Equity Incentive on Financial Performance—Based on Pharmaceutical Industry Data Research

摘要: 医药行业作为国家发展的基础行业，是社会发展中极为重要的一环，尤其在疫情阶段，医药行业的健康发展显得更为重要，随着越来越多的医药企业实施股权激励，股权激励这一对策对企业财务绩效的影响也愈发明显。本文通过查阅相关文献与论文，首先介绍股权激励的相关理论和概念，立足于现有研究结论，构建本文的研究大致框架。通过国泰安数据库获取数据，剔除无法采用的数据后，依据筛选后剩余的样本作为研究对象。本文选择的被解释变量为净资产收益率，解释变量为股权激励比例，以此建立了多元回归模型。首先对样本的数据进行了描述性分析，并对其进行了相关性分析，然后对模型进行了多元线性回归分析。这里所使用的研究方法是文献研究法和定量研究法。研究完成以后得出结论，这种激励方式对公司的财务指标变化具有正向的影响，以此推断股权激励有利于提高企业绩效，二者呈正相关关系，且该正相关关系随着股权激励的强度增加而逐渐递增。

Abstract: As the basic industry of national development, the pharmaceutical industry is an extremely important part of social development, especially in the epidemic stage, the healthy development of the pharmaceutical industry is more important, as more and more pharmaceutical companies implement equity incentives, the impact of equity incentives on the financial performance of enterprises is becoming more and more obvious. By reviewing relevant literature and papers, this thesis first introduces the relevant theories and concepts of equity incentives, and constructs the general framework of this thesis based on the existing research conclusions. The data was obtained through the CSMAR database, and after the data that could not be used were eliminated, the remaining samples after screening were used as the research objects. In this thesis, the explanatory variable is the return on net assets and the explanatory variable is the equity incentive ratio, so that the multiple regression model is established. First, the data of the sample were descriptively analyzed and correlated analyzed, and then the model was analyzed for multiple linear regression. The research methods used here are literature research and quantitative research methods. After the completion of the study, it is concluded that this incentive method has a positive impact on the change of the company’s financial indicators, so as to infer that equity incentive is conducive to improving corporate performance, and the two are positively correlated, and the positive correlation gradually increases with the increase of equity incentive intensity.