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随着中国资本市场的不断发展与健全,股权激励越来越多地被上市公司所运用。股权激励计划作为企业的重要战略,其实施效果必然受到高管团队的影响。面对市场竞争环境的日益激烈和迅速变化,高管团队正成为企业一项重要的隐性资源。本案例以同样实施股权激励计划的康恩贝和双鹭药业两家医药上市公司为研究对象,以康恩贝宣布终止股权激励计划为切入点,从高管异质性角度分析了为什么在2006年相同的宏观经济环境和行业背景下宣告进行股权激励计划后,双鹭药业的股权激励计划可以历经数次行权,最终顺利完成,而康恩贝公司的财务业绩是达到行权条件的,却出现中途终止股权激励计划的结局。结果表明,该公司较高水平的高管异质性才是导致其股权激励计划终止的重要原因,而后出台的证监会政策制约,只是该公司终止计划的借口。
As China’s capital market continues to develop and improve, equity incentives are increasingly being used by listed companies. Equity incentive plan as an important strategy of the enterprise, its implementation effect is bound to be the impact of senior management team. Faced with the increasingly fierce and rapidly changing market competition environment, the executive team is becoming an important hidden resource for the enterprise. In this case, two research firms, Conba and Shuanglu Pharmaceutical, which also implement the equity incentive plan, take Conba as the starting point for the termination of equity incentive plan. From the perspective of executive heterogeneity, we analyze why 2006 Equivalent Incentive Plan was announced in the same macroeconomic environment and industry background, the equity incentive plan of Shuanglu Pharmaceutical could be exercised several times and finally completed successfully, and Conba Company’s financial performance is to fulfill the conditions of exercise However, there is an end to the termination of the equity incentive plan. The results show that the company’s high level of heterogeneity of executives is the main reason leading to the termination of its equity incentive plan. The subsequent issuance of the CSRC policy restriction is only an excuse for the company to terminate its plan.