科创企业的成功，从来不是靠一个人的孤军奋战，而是依靠一群志同道合的人，共同努力。真正伟大的企业，通常不是因为某一个或几个人特别优秀，而是因为能够汇聚一群相对优秀的人才，共同前行。

　　The success of science and technology innovation enterprises has never relied on individual efforts alone, but on a group of like-minded people working together. A truly great enterprise is usually not because one or a few people are particularly outstanding, but because it can gather a group of relatively outstanding talents and move forward together.

　　那么，如何将一群人凝聚成一个团队，激发他们的潜力与创造力？中国明清时期的晋商“身股制”给出了答案，20世纪50年代美国兴起的现代“股权激励制度”也给出了答案——通过共享利益的方式，实现共创共赢。基于此，本文将为您详细拆解，为什么科创企业必须做股权激励？

　　So, how to unite a group of people into a team and unleash their potential and creativity? The "stock ownership system" of Jin merchants during the Ming and Qing dynasties in China provided the answer, and the modern "equity incentive system" that emerged in the United States in the 1950s also provided the answer - achieving co creation and win-win through shared benefits. Based on this, this article will provide you with a detailed breakdown of why science and technology innovation enterprises must implement equity incentives?

　　一、股权激励的核心价值

　　1、 The core value of equity incentives

　　当下的科技创新型企业中，无论是创始人还是核心员工，几乎都对“股权激励”这一概念耳熟能详。很多人参与过不同形式的股权激励计划，但多数人对股权激励往往只是停留在“吸引人才、留住人才”的表面理解上。然而，股权激励的意义远不止于此，其核心价值包括：

　　In current technology innovation oriented enterprises, both founders and core employees are almost familiar with the concept of "equity incentives". Many people have participated in various forms of equity incentive plans, but most people's understanding of equity incentives often remains at the surface level of "attracting and retaining talent". However, the significance of equity incentives goes far beyond this, and their core values include:

　　1、激发核心员工的个人潜力

　　1. Inspire the personal potential of core employees

　　很多人将股权激励视为一种“福利”，但实际上，股权激励制度并非单纯为了“发奖金”或“留人”，它是一种“筛选机制”和“激励机制”的结合体。通过股权激励制度设计，筛选出那些愿意为公司长期奋斗、有担当的人才；让员工从单纯的“打工者”转变为公司的“合伙人”，甚至成为“为自己而战的老板”。

　　Many people consider equity incentives as a form of "welfare", but in reality, the equity incentive system is not simply for "bonus distribution" or "retention", it is a combination of "screening mechanism" and "incentive mechanism". Through the design of equity incentive system, select talents who are willing to work for the company in the long term and have a sense of responsibility; Transforming employees from mere "workers" to "partners" of the company, and even becoming "bosses fighting for themselves".

　　以华为为例，这家从深圳小作坊起步的公司，之所以能成长为世界级科技巨头，关键在于其深刻理解并运用了股权激励的本质——激发员工内在动力。华为能够在一定程度上超越其竞争对手的关键，并不在于它最初就吸引了最顶尖的人才。事实上，在华为发展的早期阶段，更多顶尖人才倾向于选择思科、爱立信等国际巨头。然而，华为通过其独特的股权激励制度，成功激发了一群优秀的人才为其拼搏奋斗，比如：华为的销售人员为实现销售，可以做到在客户门口等三天三夜；其年轻工程师为如期完成交付，愿意通宵调试基站。

　　Taking Huawei as an example, the reason why this company, which started from a small workshop in Shenzhen, has grown into a world-class technology giant lies in its profound understanding and application of the essence of equity incentives - stimulating employees' intrinsic motivation. The key to Huawei's ability to surpass its competitors to a certain extent is not that it initially attracted the top talent. In fact, in the early stages of Huawei's development, more top talents tended to choose international giants such as Cisco and Ericsson. However, through its unique equity incentive system, Huawei has successfully inspired a group of outstanding talents to work hard for it. For example, Huawei's sales personnel can wait for three days and three nights at the customer's doorstep to achieve sales; Its young engineers are willing to debug the base station overnight in order to complete the delivery on schedule.

　　一个为自身利益而努力奋斗的员工，往往能够释放出相当于十个“合格”员工的能量。这种机制不仅筛选出了那些愿意与公司共同成长的核心成员，还极大地提升了他们的工作动力和创造力。这就是华为能够创造“蚂蚁扳倒大象”奇迹的根本原因。

　　An employee who strives for their own interests can often unleash the energy equivalent to ten 'qualified' employees. This mechanism not only selects core members who are willing to grow together with the company, but also greatly enhances their work motivation and creativity. This is the fundamental reason why Huawei was able to create the miracle of "ants knocking down elephants".

　　2、统一目标并凝聚共识

　　2. Unified goals and consensus building

　　科学设计的股权激励不仅是激励工具，更是统一目标、凝聚共识并推动战略落地的关键机制。在企业管理中，“目标不一致”是导致内耗和低效的核心问题之一。尤其在大中型企业中，部门之间、管理层与执行层之间的利益分歧往往造成资源错配、沟通障碍和执行力弱化。而股权激励的本质，正是通过将核心人员的个人利益与公司长期战略深度绑定，从而实现组织目标的高度统一。

　　Scientifically designed equity incentives are not only incentive tools, but also key mechanisms for unifying goals, building consensus, and promoting strategic implementation. In enterprise management, 'inconsistent goals' are one of the core issues that lead to internal friction and inefficiency. Especially in large and medium-sized enterprises, conflicts of interest between departments and between management and execution often result in resource misallocation, communication barriers, and weakened execution capabilities. The essence of equity incentives is to deeply link the personal interests of core personnel with the company's long-term strategy, thereby achieving a high degree of unity in organizational goals.

　　这种机制之所以有效，关键在于它具备三项核心功能：（1）利益对齐：将高管、核心员工的回报与公司价值增长挂钩，而非仅关注短期业绩或本部门利益；（2）行为引导：通过设定明确的行权条件和考核指标，引导团队聚焦企业最需要突破的战略方向；（3）形成整体利益导向的企业文化：打破“各自为战”的思维，推动跨部门协作，形成以整体利益为导向的企业文化。

　　The key to the effectiveness of this mechanism lies in its three core functions: (1) alignment of interests: linking the returns of executives and core employees to the growth of company value, rather than solely focusing on short-term performance or departmental interests; (2) Behavioral guidance: By setting clear exercise conditions and assessment indicators, guide the team to focus on the strategic direction that the enterprise needs to break through the most; (3) Forming a corporate culture guided by overall interests: Breaking the mindset of "fighting on its own", promoting cross departmental collaboration, and forming a corporate culture guided by overall interests.

　　例如，微软曾因部门割裂、战略模糊陷入发展瓶颈。2014年纳德拉接任CEO后，将高管股权激励的考核指标进行了重大调整，从原先与Windows销量挂钩转变为更加注重Azure云服务增长及跨部门合作指标（如要求Azure与LinkedIn的数据整合进度达标）。这一改革促使高管团队迅速聚焦云战略，接下来的三年里，Azure云服务市占率从8%升至20%，显著增强了微软在云计算领域的竞争力，并为公司的整体转型奠定了坚实的基础。对此，纳德拉曾总结到：“股权激励不是奖励过去的功劳，而是投资未来的共识。当我们把Azure增长写入每位高管的股权契约时，微软才真正成为‘一个团队’。”

　　For example, Microsoft once fell into a development bottleneck due to departmental fragmentation and strategic ambiguity. After Nadella took over as CEO in 2014, he made significant adjustments to the performance indicators for executive equity incentives, shifting from being linked to Windows sales to focusing more on Azure cloud service growth and cross departmental collaboration indicators (such as requiring Azure and LinkedIn to meet data integration progress standards). This reform prompted the executive team to quickly focus on cloud strategy, and over the next three years, the market share of Azure cloud services increased from 8% to 20%, significantly enhancing Microsoft's competitiveness in the cloud computing field and laying a solid foundation for the company's overall transformation. Nadella once summarized this as follows: "Equity incentives are not about rewarding past achievements, but about investing in future consensus. When we write Azure growth into every executive's equity contract, Microsoft truly becomes' one team '. ”

　　3、适当缓解公司的资金压力

　　3. Moderately alleviate the company's financial pressure

　　股权激励所具备的直接融资功能常常被大家所忽视。事实上，在实施限制性股票、员工持股计划（ESOP）或股票期权行权时，企业可通过设定认购价格或行权价，引导员工出资参与，从而实现内部资金募集。虽然员工出资通常低于市场估值水平，但对处于成长期、特别是资金紧张的科创企业而言，这是一笔成本相对较低、附带人才绑定效应的重要资金来源。

　　The direct financing function of equity incentives is often overlooked by many. In fact, when implementing restricted stocks, employee stock ownership plans (ESOPs), or stock option exercises, companies can guide employees to invest and participate by setting subscription or exercise prices, thereby achieving internal fundraising. Although employee contributions are usually lower than market valuation levels, for science and technology innovation companies in the growth stage, especially those with tight funds, this is an important source of funding with relatively low costs and accompanying talent binding effects.

　　此外，企业还可将原本需以现金支付给核心员工的高额薪酬（如年终奖金、绩效工资等），转化为股权或期权激励。这种方式不仅有助于节省现金流，还能将这部分资金用于业务发展的关键领域，有效缓解初创阶段的资金压力。

　　In addition, companies can also convert high salaries (such as year-end bonuses, performance-based pay, etc.) that originally needed to be paid in cash to core employees into equity or option incentives. This approach not only helps to save cash flow, but also allows these funds to be used in key areas of business development, effectively alleviating the financial pressure in the start-up stage.

　　例如，某生物医药公司在Pre-IPO阶段，急需资金完成关键性III期临床试验。公司设计了一项面向核心研发和管理层的限制性股票计划。员工需以每股20元（低于前轮融资价格，但高于早期融资价格）的价格认购股票。该计划成功募集了5000万元人民币。这笔资金直接解决了公司关键时期的资金需求，加速了产品上市进程，且公司避免了融资周期过长且不确定性高、可能影响临床试验进度的风险。

　　For example, a biopharmaceutical company urgently needs funds to complete a critical Phase III clinical trial during the Pre IPO phase. The company has designed a restricted stock plan for core R&D and management. Employees are required to subscribe to stocks at a price of 20 yuan per share (lower than the front wheel financing price but higher than the early financing price). The plan successfully raised 50 million RMB. This funding directly addresses the company's critical period funding needs, accelerates the product launch process, and avoids the risks of long financing cycles and high uncertainty that may affect clinical trial progress.

　　4、在企业发展的关键时期稳定核心团队

　　4. Stabilize the core team during critical periods of enterprise development

　　相比于短期的薪资或奖金，股权激励是一种更深层次、更持久的激励方式。它不仅关注当下的业绩表现，更强调其与企业长期发展的绑定关系。这种机制鼓励员工着眼于长远发展，形成“命运共同体”，与企业共进退。

　　Compared to short-term salary or bonuses, equity incentives are a deeper and more enduring form of motivation. It not only focuses on current performance, but also emphasizes its binding relationship with the long-term development of the enterprise. This mechanism encourages employees to focus on long-term development, form a "community of shared destiny", and advance and retreat together with the enterprise.

　　特别是在公司上市、重组或战略转型等关键阶段，合理的股权激励安排尤为重要。此时，核心团队的稳定性和执行力直接关系到战略目标的实现。通过增加激励数量及激励范围，企业可以有效提高核心人才离职成本，确保企业在关键时期核心团队的稳定性。

　　Especially in critical stages such as company listing, restructuring, or strategic transformation, reasonable equity incentive arrangements are particularly important. At this point, the stability and execution ability of the core team are directly related to the achievement of strategic goals. By increasing the number and scope of incentives, companies can effectively increase the cost of core talent turnover and ensure the stability of the core team during critical periods.

　　例如，华为在经历2000年互联网泡沫破裂、2008年金融危机、2018年美国打压危机时，均果断推出了新的或更大规模的股权激励，有效地稳定了团队并激发了团队战斗力，不仅使企业化险为夷，更在危机中锻造出更强大的组织韧性与增长机会。再如，多数科创企业早期或上市筹备期前实施的股权激励，确保了其在上市申报期等关键时期核心团队的稳定性。

　　For example, when Huawei experienced the bursting of the Internet foam in 2000, the financial crisis in 2008, and the U.S. crackdown crisis in 2018, it resolutely introduced new or larger scale equity incentives, effectively stabilizing the team and stimulating its combat effectiveness, which not only saved the enterprise from danger, but also forged stronger organizational resilience and growth opportunities in the crisis. For example, the equity incentives implemented by most science and technology innovation companies in the early stages or before the IPO preparation period ensure the stability of their core teams during critical periods such as the IPO application period.

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