基于业绩的浙江万马药业高层管理人员激励方案设计

MBA1MBA2MotivationMechanismDesignonPerformanceofTopManagersforZhejiangWanmaPharmaceuticalCo.,Ltd.AbstractAlongwiththeglobalizationandtheincreasinglyheatedcompetitionbetweencountries,thepharmaceuticalindustry,whichisalwaysafocusofnationalcontests,isfraughtwithhightechnology,greatventures,andlargeprofits.Comparedwithtraditionalenterprises,thepharmaceuticalbusiness--whichisintensiveintechnology,knowledge,andtalents--isinpursuitofinnovationasthecorecompetitivecapacity.Inmodernenterprises,thetopmanagers,coredecisionmakersofacorporation,notonlyplayasignificantandcentralroleintheprocessofproductionandoperation,butalsotaketheresponsibilitiesdirectlyrelatedtothesurvivinganddevelopmentofthecorporation.Consequently,theresearchofthemechanismofhowtoincensetheseexcellenttopmanagersandkeepthemfromleavingisimportanttotheestablishingandperfectingthemoderninstitutionsofcorporations.Further,itisalsoofgreatsignificancetothecareerdevelopmentoftopmanagersandtheperformanceofcorporations.Firstofall,thispaperdescriptivelystudiesthelistedpharmaceuticalcorporationsinChina,investigatingthecurrenttotalstatusofthosetopmanagers'incenseofremuneration.Asaresult,itreachesaconclusionthatthestructureofremunerationinthesecorporationsisnotreasonableandlackinginvariety.Specifically,thestock-keepingratioofthosetopmanagersistoolowandespecially,thereexistthephenomenaofzero-payandnostock-keeping.Secondly,basedonthedataofthoselistedcorporationsinChina,throughemployingregressivemodelsandthusfromthetests,inwhichremunerationoftopmanagersandtheperformanceofthecorporationsarestudied,thepaperconcludesthattopmangers’wholeyearmoneyincome,whichismostlyaffectedbytheperformanceandsizeofthecorporation,cansignificantlymotivatethem.However,themechanismofstock-keepingisalmostuseless.Thewholeyearmoneyincomecantaketheplaceoftheroleofstock-keepinginasense.Finally,usingtheempiricalstudyoftheincensestatusoftopmanagersinthelistedcorporationsandperspectivesofcontingency,dependingonthecycleofcorporations’growing,andtakingintoaccountthecharacteristicsofthefieldtowhichthecorporationbelongtoanddevelopmenttrends,backgroundofthecorporation,theperformance,anddistinctiveneedsoftopmanagers,thispaperdevelopsaschemeofhowtomotivatetopmanagersofZhejiangWanmaPharmaceuticalCo.,Ltd.Keywords:Performance,TopManagers,MotivationalMechanismDesignMBA31.52.72.172.282.3113.223.1223.2234.274.1274.2294.3315.345.1345.2346.386.1386.2406.3417.477.1477.2487.3497.4507.5578.57MBA4606567MBA51.199982.64%1998650105049379591997MBA6MBA72.2.1122.12.113199820021P1997MBA82.211969222:1987MBA9(1997)32.6%32.7%3(Principal)(Agent)3-43JensenM.C.&MeckingW.H.,1976,TheoryoftheFirm:ManagerialBehavior,AgencyandOwnershipStructure.JournalofFinacialEconomics.Vol.40,No.2:670.MBA101;2MBA112.31123456421974~19862505CEOCEO0.0000220.00030951980~1994154():1987.5JensenMichaelC.,andKevinJ.Murphy.1990.PerformancePayandTopManagementIncentives.JournalofMBA1210%CEO1.2553Core,19992000816A19982000799748199832.12070T2002PoliticalEconomy.Vol.39,No.4:920-928.MBA132.1(%)2070(%)2080(%)2006040271575252043152023MBA142002()2002()2002MBA15MBA()2002()MBA16()(1999)2.2MBA172.2+++++2~4+++2~4++:MBA18U1980500371q()10.6%0~5%q5-20%q25%620-30%10%50%51999200020022.26MockE.A.,VishnyR.1988,ManagementOwnershipandMarketValuation.JournalofFinancialEconomics,Vol.20:203-316.MBA192.2()MBA2062002MBA212.320022.320032192.42.420003000040000300030000400002003000030003000080015000MBA2233.1123412MBA233.21213.13.1MBA241234533.2MBA253.245MBA26MBA2744.14.1.11993-19972336272098308017.7%4.43013.8%199912161999111241022MBA28WTO67001400800-9004000800019994326β—4.1.2113-15%10-15234,MBA2954.2200240%WTO12330%-40%60%MBA3020026872.09FROST&SULLI-VAN502021701530%45672000MBA314.34.3.1121994199765%1999199920015200251997MBA324.14.1200319981999200020012002200319,729,708.2832,051,444.1638,979,622.0230,892,494.3232,322,546.0433,220,357.5537,119,281.3843,001,224.9523,033,621.2532,310,558.1689,739,017.65102,098,255.080.5320.7451.6920.9560.3600.3259,833,432.498,969,226.6510,691,306.3011,725,862.6212,310,128.9615,164,705.300.2670.5371.2280.5930.2230.177532,847.35827,592.181,144,280.612,959,397.471,580,115.811,032,746.5166,782,906.6579,342,918.7387,178,287.9291,970,289.09141,696,636.49148,620,472.620.80%1.04%1.31%3.22%1.12%0.69%6,606,096.5612,090,673.5513,394,274.7114,989,466.9515,105,188.1516,878,040.9515,161,575.1137,344,572.3445,062,850.5547,715,175.7447,745,667.0146,042,666.812.2953.9953.5363.3623.1732.8799,833,432.498,969,226.6510,691,306.3011,725,862.6212,310,128.9615,164,705.309,577,991.2522,005,936.9628,075,864.5127,102,331.9226,460,658.4822,576,703.390.9742.3412.8562.4182.2021.643-229,926.136,716,293.771,676,992.117,853,148.3832,746.415,790,946.4315,161,575.1137,344,572.3445,062,850.5547,715,175.7447,745,667.0146,042,666.81-1.52%17.98%3.72%16.46%0.07%12.58%-7,766,060.1932,249.151,572,393.311,654,125.77-7,737,574.98-4,391,587.6966,782,906.6579,342,918.7387,178,287.9291,970,289.09141,696,636.49148,620,472.62-11.63%0.04%1.80%1.80%-5.46%-2.95%MBA334.3.261311200351EMBA238.83040340503320035420M