正确选择激励对象是充分发挥股权激励作用、实现激励效果的重要一环。选择错误的激励对象不仅可能无法实现公司与员工共赢的效果，还可能会影响公司未来的融资与上市、产生清退的困扰等。激励对象如何选？以下是一些可供考量的选择因素，供企业家参考。

　　The correct selection of incentive targets is an important part of fully utilizing the role of equity incentives and achieving incentive effects. Choosing the wrong incentive targets may not only fail to achieve a win-win situation between the company and employees, but may also affect the company's future financing and listing, and cause difficulties in liquidation. How to choose incentive targets? Here are some selection factors to consider for entrepreneurs to refer to.

　　一、激励对象的选择范围现行《公司法》及新《公司法》均未对股权激励对象的选择范围作出规定，原则上，只要是不被禁止持股的人员都可以成为激励对象。实务中，非公众公司通常参照上市公司及挂牌公司的标准选择股权激励对象，以上市公司为例，《上市公司股权激励管理办法》第八条规定，激励对象可以包括上市公司的董事、高级管理人员、核心技术人员或者核心业务人员，以及公司认为应当激励的对公司经营业绩和未来发展有直接影响的其他员工，但不应当包括独立董事和监事。外籍员工任职上市公司董事、高级管理人员、核心技术人员或者核心业务人员的，可以成为激励对象。单独或合计持有上市公司5%以上股份的股东或实际控制人及其配偶、父母、子女，不得成为激励对象。下列人员也不得成为激励对象：（一）最近12个月内被证券交易所认定为不适当人选；（二）最近12个月内被中国证监会及其派出机构认定为不适当人选；（三）最近12个月内因重大违法违规行为被中国证监会及其派出机构行政处罚或者采取市场禁入措施；（四）具有《公司法》规定的不得担任公司董事、高级管理人员情形的；（五）法律法规规定不得参与上市公司股权激励的；（六）中国证监会认定的其他情形。

　　1、 The current Company Law and the new Company Law do not specify the scope of selection for equity incentive objects. In principle, any person who is not prohibited from holding shares can become an incentive object. In practice, non-public companies usually select equity incentive targets based on the standards of listed companies and listed companies. Taking listed companies as an example, Article 8 of the "Management Measures for Equity Incentives of Listed Companies" stipulates that incentive targets can include directors, senior management personnel, core technical personnel or core business personnel of listed companies, as well as other employees who the company believes should be incentivized and have a direct impact on the company's business performance and future development, but should not include independent directors and supervisors. Foreign employees who serve as directors, senior management personnel, core technical personnel, or core business personnel of listed companies can become incentive targets. Shareholders or actual controllers who individually or collectively hold more than 5% of the shares of a listed company, as well as their spouses, parents, and children, shall not be eligible for incentives. The following individuals shall not be eligible for incentives: (1) Those who have been identified as unsuitable candidates by the stock exchange within the past 12 months; （2） Being identified as an inappropriate candidate by the China Securities Regulatory Commission and its dispatched agencies within the past 12 months; （3） Within the past 12 months, due to significant violations of laws and regulations, the China Securities Regulatory Commission and its dispatched agencies have imposed administrative penalties or taken market entry bans; （4） Those who are not allowed to serve as directors or senior management personnel of the company according to the provisions of the Company Law; （5） Those who are prohibited by laws and regulations from participating in equity incentives of listed companies; （6） Other circumstances recognized by the China Securities Regulatory Commission.

　　从可选的范围来看，对于各类非公众公司，建议优先从董事、高级管理人员、核心技术人员或者核心业务人员，以及公司认为应当激励的对公司经营业绩和未来发展有直接影响的其他员工中来选择激励对象，这些人员是经实践证实有益于公司长远发展的股权激励对象。

　　From the perspective of optional scope, for various non-public companies, it is recommended to prioritize selecting incentive objects from directors, senior management personnel, core technical personnel or core business personnel, as well as other employees who the company believes should be incentivized and have a direct impact on the company's business performance and future development. These personnel are equity incentive objects that have been proven to be beneficial to the company's long-term development through practice.

　　需特别提示注意的是，非公众公司的股权激励对象不必然需要与公司存在劳动关系，例如董事与公司间为聘用关系而无劳动关系的，也可以成为激励对象。但是，与公司不存在劳动关系而仅有劳务关系的顾问成为激励对象的，可能会导致公司在融资或申报上市过程中被重点关注如下问题：该类人员担任顾问而不与公司建立劳动关系的原因、是否存在违反现所在单位相关规定或前单位竞业限制约定的情形、是否与公司存在关联关系或潜在利益输送安排等。因此，非公众公司拟将该等顾问作为激励对象的，需结合前述因素审慎考虑。

　　It should be noted that equity incentive recipients of non-public companies do not necessarily need to have a labor relationship with the company. For example, directors who have an employment relationship with the company but no labor relationship can also become incentive recipients. However, if consultants who do not have a labor relationship with the company but only have a labor relationship become incentive targets, it may lead to the company being focused on the following issues during the financing or listing process: the reasons why such personnel serve as consultants without establishing a labor relationship with the company, whether there are any violations of relevant regulations of the current unit or non compete agreements of the previous unit, whether there is a related relationship or potential benefit transfer arrangement with the company. Therefore, non-public companies intending to use such consultants as incentive targets should carefully consider the aforementioned factors.

　　实践中，还存在将与公司不存在劳动关系、劳务关系的外部人员如客户、供应商关键人员作为激励对象的情形。我们理解，激励对象应为对公司有一定历史贡献或未来贡献的人员，外部人员原则上不应作为公司的激励对象。从上市申报案例来看，对于将外部人员作为激励对象的公司，监管部门往往会关注是否存在利益输送的情形，如以低价股权换取高利润业务等，对于此等质疑则通常需结合激励股权定价依据、业务定价公允性等方面进行解释。因此，非公众公司拟将该等外部人员作为激励对象的，需结合前述因素审慎考虑。

　　In practice, there are also situations where external personnel who do not have labor or service relationships with the company, such as key personnel from customers and suppliers, are used as incentive targets. We understand that the incentive targets should be individuals who have made certain historical or future contributions to the company, and external personnel should not be considered as incentive targets for the company in principle. From the perspective of listing application cases, for companies that use external personnel as incentive objects, regulatory authorities often pay attention to whether there is a situation of interest transfer, such as exchanging low-priced equity for high profit business. For such doubts, they usually need to be explained in conjunction with the pricing basis of incentive equity and the fairness of business pricing. Therefore, non-public companies intending to use such external personnel as incentive targets should carefully consider the aforementioned factors.

　　从不可选的范围来看，由于《公司法》未对激励对象的选择范围作出禁止性规定，非公众公司较上市公司及挂牌公司相比具有更多的选择空间。除此之外，根据法律法规规定不得持股的人员不得成为股权激励对象，如在职公务员、现役军人等，详见前文：所有人都能当股东吗？。

　　From the perspective of non optional scope, due to the lack of prohibitive provisions on the selection range of incentive objects in the Company Law, non-public companies have more choice space compared to listed companies. In addition, individuals who are not allowed to hold shares according to laws and regulations are not eligible to become equity incentive targets, such as current civil servants, active military personnel, etc. Please refer to the previous text: Can everyone be a shareholder?.

　　二、激励对象选择的考量因素在确定激励对象的选择范围后，对具体人员的选择建议考量下列因素：

　　2、 After determining the scope of incentive object selection, it is recommended to consider the following factors when selecting specific personnel:

　　1. 任职的岗位与职责根据公司具体岗位及职责对公司运营和战略实施的重要性，优先考虑那些对公司业绩和成功至关重要的岗位人员。例如，董事、高级管理人员由于影响着公司发展方向，因此往往是优先考虑到的激励对象。对于掌握公司核心技术和业务的人员，对其进行激励将对公司的具体经营产生更为直接的效果，也会间接鼓励其他员工力争上游。除此之外，执行层面的员工也可以作为股权激励的储备对象，以提高一线员工的工作积极性。

　　1. Based on the importance of specific positions and responsibilities to the company's operations and strategic implementation, priority should be given to personnel in positions that are crucial to the company's performance and success. For example, directors and senior management are often the preferred incentive targets due to their influence on the company's development direction. Motivating personnel who master the core technology and business of the company will have a more direct effect on the company's specific operations and indirectly encourage other employees to strive for excellence. In addition, employees at the executive level can also serve as reserve objects for equity incentives to enhance the work enthusiasm of frontline employees.

　　2. 对公司的贡献和价值相较于历史的贡献和价值，为了更好实现“激励”的目的，提高员工的绩效，建议侧重于选择可能在未来对公司有较大贡献和价值的人员，以激发其工作潜力。对于公司有重大历史贡献和价值的人员，也可以作为激励对象，以作为对其的回报且有利于在员工中树立榜样的形象。

　　2. Compared to historical contributions and values, in order to better achieve the purpose of "motivation" and improve employee performance, it is recommended to focus on selecting personnel who may have significant contributions and values to the company in the future, in order to stimulate their work potential. For personnel who have made significant historical contributions and value to the company, they can also be used as incentive targets as a reward and to establish an exemplary image among employees.

　　3. 忠诚度和稳定性由于股权激励具有长期性，且激励对象对于其他员工具有一定示范性，因此需要激励对象对公司具有较高的忠诚度。员工在公司的工作年限可以作为考量因素，长期服务的员工往往对公司有较高的忠诚度；对于就职年限不长的员工，则可以通过其日常工作态度、对公司战略和文化的认同程度等方面来评估。公司往往期待激励对象在公司的任职具有稳定性，但从另一个角度，对于那些对公司发展较为重要、有一定离职可能性且其离职将对公司造成较大影响的员工，实际上公司可以通过股权激励的方式来强化其在公司的稳定性。

　　3. Loyalty and stability: Due to the long-term nature of equity incentives and the demonstrative nature of incentive targets for other employees, it is necessary for incentive targets to have high loyalty to the company. The length of time employees have worked in the company can be considered as a factor, and employees who have served for a long time often have higher loyalty to the company; For employees who have not been employed for a long time, their evaluation can be based on their daily work attitude, level of identification with company strategy and culture, and other aspects. Companies often expect incentive targets to have stability in their employment, but from another perspective, for employees who are important to the company's development, have a certain possibility of leaving, and whose departure will have a significant impact on the company, companies can actually strengthen their stability in the company through equity incentives.

　　4. 员工个人的激励需求员工个人对激励方式的需求也直接影响股权激励的效果。由于股权激励强调未来的利益，且多数股权激励计划中，员工需要以较低的价格而非无偿取得股权，因此，对于一些对现金流需求较高，甚至有房贷、车贷等资金压力的员工，股权激励并不一定合适，对于这类员工则可以绩效奖励等方式进行激励。而对于对短期经济利益要求不高，但期待有更高归属感、荣誉感的员工，进行股权激励将产生更好的效果。因此，要使股权激励对公司、对员工都发挥最佳的效果，公司需要在确定激励对象前与其进行充分沟通，了解各方需求。

　　4. The individual motivation needs of employees also directly affect the effectiveness of equity incentives. Due to the emphasis on future benefits in equity incentives, and the fact that in most equity incentive plans, employees need to acquire equity at a lower price rather than for free, equity incentives may not be suitable for some employees who have high cash flow needs and even financial pressures such as mortgages and car loans. For such employees, performance rewards can be used as incentives. For employees who do not have high demands for short-term economic benefits but expect a higher sense of belonging and honor, implementing equity incentives will produce better results. Therefore, in order for equity incentives to have the best effect on both the company and its employees, the company needs to have sufficient communication with them and understand the needs of all parties before determining the incentive targets.

　　三、激励对象的选择人数通过划范围、选人员，已经可以形成激励对象的初步名单，但公司还需结合下列因素，适当增减或平衡激励对象的人选，以确定激励对象的最终名单。

　　3、 The initial list of incentive targets can be formed by delineating the scope and selecting personnel, but the company still needs to consider the following factors to appropriately increase, decrease or balance the selection of incentive targets in order to determine the final list of incentive targets.

　　首先，激励对象人数占比不宜过大，否则会影响激励效果。股权激励本身应当具有稀缺性，才会使激励对象有更强烈的责任感和使命感，更有动力为公司的成功而奋斗。如果太多员工分享这一激励，个别员工可能会感到自己的努力对公司整体表现的影响微乎其微，从而减弱他们的工作动力和归属感。激励对象人数较少时，每个对象可能获得的股权份额也相对较大，激励效果更集中，能更好地激发其积极性和工作动力。此外，较少的激励对象有助于建立更紧密的合作关系，增强激励对象对公司的认同感和归属感。判断激励对象人数占比是否过大，没有一个确定的数字标准，而需要综合行业特点等因素来判断。例如，对于劳动密集型、组织架构简单的制造行业公司，股权激励的效果往往不明显，在此类公司中，对于普通的一线员工，可以通过增加基础工薪的方式来提高其劳动热情和创造力；而对于人力资本型、行业竞争力大的传媒行业公司，则可能有更多的对象适合通过股权激励的方式使其与公司绑定。

　　Firstly, the proportion of incentive targets should not be too large, otherwise it will affect the incentive effect. Equity incentives themselves should have scarcity in order to give incentive recipients a stronger sense of responsibility and mission, and more motivation to strive for the success of the company. If too many employees share this motivation, individual employees may feel that their efforts have little impact on the overall performance of the company, thereby weakening their work motivation and sense of belonging. When the number of incentive targets is small, each target may receive a relatively large share of equity, resulting in a more concentrated incentive effect and better stimulation of their enthusiasm and work motivation. In addition, having fewer incentive recipients can help establish closer cooperative relationships and enhance their sense of identification and belonging to the company. There is no fixed numerical standard for determining whether the proportion of incentive targets is too large, and it requires a comprehensive assessment of industry characteristics and other factors. For example, for labor-intensive manufacturing companies with simple organizational structures, the effect of equity incentives is often not significant. In such companies, ordinary frontline employees can increase their labor enthusiasm and creativity by increasing their basic salary; For media companies with human capital and strong industry competitiveness, there may be more suitable targets to bind them to the company through equity incentives.

　　其次，激励对象人数应在不同的层级和部门中相对平衡。平衡的激励对象分布能够确保公司内部的公平性，避免因激励对象人数过于集中，使员工认为某些部门或层级的员工被过度优待而产生不满。平衡的激励对象分布也将促进公司的全面发展，充分激发各个层级、不同部门员工的积极性和创造力，有助于优化公司的组织结构和运营流程。平衡的激励对象分布还有助于公司培养和储备人才，通过激励不同层级和部门的员工，公司可以发现和培养潜在的领导人才，为未来的人才需求做好准备。

　　Secondly, the number of incentive targets should be relatively balanced among different levels and departments. A balanced distribution of incentive targets can ensure fairness within the company and avoid dissatisfaction among employees who believe that certain departments or levels of employees are being excessively treated due to the concentration of incentive targets. A balanced distribution of incentive targets will also promote the comprehensive development of the company, fully stimulate the enthusiasm and creativity of employees at all levels and departments, and help optimize the company's organizational structure and operational processes. A balanced distribution of incentive targets also helps the company cultivate and reserve talents. By motivating employees at different levels and departments, the company can discover and cultivate potential leadership talents, preparing for future talent needs.

　　最后，激励对象人数应当符合相关法规对股东人数的限制。对于非公众公司而言，现行《公司法》及新《公司法》均规定，有限责任公司应当由50个以下股东出资设立，股份有限公司的发起人不得超过200人。激励对象与既有股东人数合计不应超过相关法规对股东人数的限制。但是，这一问题也可以通过设立持股平台、使全体激励对象基于持股平台而被计为一名股东而解决，详见前文：激励载体怎么选，直接持股还是间接持股？。此外，根据现行证券监管规则，拟上市/挂牌的公司还需注意股权结构穿透后股东总人数不得超过200人，而符合证券法律规定、全国中小企业股份转让系统相关规则的员工持股平台方可不作穿透。|

　　Finally, the number of incentive recipients should comply with the restrictions on the number of shareholders set by relevant regulations. For non-public companies, both the current Company Law and the new Company Law stipulate that a limited liability company should be established with contributions from no more than 50 shareholders, and the number of initiators for a joint stock limited company should not exceed 200. The total number of incentive targets and existing shareholders should not exceed the limit on the number of shareholders set by relevant regulations. However, this issue can also be solved by establishing a shareholding platform, where all incentive recipients are counted as one shareholder based on the shareholding platform. For details, please refer to the previous section: How to choose the incentive carrier, direct shareholding or indirect shareholding?. In addition, according to the current securities regulatory rules, companies planning to go public/list must also pay attention to the fact that the total number of shareholders after the penetration of the equity structure shall not exceed 200, and employee shareholding platforms that comply with securities laws and regulations and relevant rules of the National Equities Exchange and Quotations system may not be penetrated. |

　　总结

　　summary

　　方式：划范围；非公众公司考虑因素：1.建议选择:董事、高级管理人员、核心技术人员或者核心业务人员，以及公司认为应当激励的对公司经营业绩和未来发展有直接影响的其他员工2.谨慎选择:独立董事、监事、外部人员(如客户供应商)3.不得选择:不得持股的对象(如禁止持股的公务员等)

　　Method: Scope delineation; Non public company considerations: 1. Suggested choices: directors, senior management, core technical personnel, or core business personnel, as well as other employees that the company believes should be incentivized and have a direct impact on the company's business performance and future development. 2. Cautious choices: independent directors, supervisors, external personnel (such as customers and suppliers). 3. Not allowed to choose: objects that are not allowed to hold shares (such as civil servants who are prohibited from holding shares)

　　方式：选人员；非公众公司考虑因素：1.任职的岗位与职责2.对公司的贡献和价值3.忠诚度和稳定性4.员工个人的激励需求

　　Method: Select personnel; Non public company considerations: 1. Position and responsibilities 2. Contribution and value to the company 3. Loyalty and stability 4. Personal motivation needs of employees

　　方式：定人数；非公众公司考虑因素：1.激励对象人数占比不宜过大激励对象人数应在不同的层级和部门中相对平衡激励对象人数应当符合相关法规对股东人数的限制

　　Method: Fixed number of people; Non public company considerations: 1. The proportion of incentive objects should not be too large. The number of incentive objects should be relatively balanced among different levels and departments. The number of incentive objects should comply with the restrictions on the number of shareholders in relevant regulations

　　综上所述，选择合适的股权激励对象是一项关键而复杂的任务，需要通过划定选择范围、考量相关因素，并结合人数限制等来综合确定。通过精心筛选激励对象，公司能够激发员工的积极性和创造力，提升团队凝聚力和工作效率，进而促进公司的长期稳定发展。

　　In summary, selecting suitable equity incentive targets is a crucial and complex task that requires a comprehensive determination by defining the selection scope, considering relevant factors, and taking into account personnel limitations. By carefully selecting incentive targets, companies can stimulate employees' enthusiasm and creativity, enhance team cohesion and work efficiency, and promote the long-term stable development of the company.

　　本文由   济南股权顶层架构设计  友情奉献.更多有关的知识请点击  http://www.daoshangbao.com/   真诚的态度.为您提供为全面的服务.更多有关的知识我们将会陆续向大家奉献.敬请期待.正确选择激励对象是充分发挥股权激励作用、实现激励效果的重要一环。选择错误的激励对象不仅可能无法实现公司与员工共赢的效果，还可能会影响公司未来的融资与上市、产生清退的困扰等。激励对象如何选？以下是一些可供考量的选择因素，供企业家参考。

　　This article is a friendly contribution from the top-level equity structure design of Jinan For more related knowledge, please click http://www.daoshangbao.com/ Sincere attitude To provide you with comprehensive services We will gradually contribute more relevant knowledge to everyone Coming soon. The correct selection of incentive targets is an important part of fully utilizing the role of equity incentives and achieving incentive effects. Choosing the wrong incentive targets may not only fail to achieve a win-win situation between the company and employees, but may also affect the company's future financing and listing, and cause difficulties in liquidation. How to choose incentive targets? Here are some selection factors to consider for entrepreneurs to refer to.

　　一、激励对象的选择范围现行《公司法》及新《公司法》均未对股权激励对象的选择范围作出规定，原则上，只要是不被禁止持股的人员都可以成为激励对象。实务中，非公众公司通常参照上市公司及挂牌公司的标准选择股权激励对象，以上市公司为例，《上市公司股权激励管理办法》第八条规定，激励对象可以包括上市公司的董事、高级管理人员、核心技术人员或者核心业务人员，以及公司认为应当激励的对公司经营业绩和未来发展有直接影响的其他员工，但不应当包括独立董事和监事。外籍员工任职上市公司董事、高级管理人员、核心技术人员或者核心业务人员的，可以成为激励对象。单独或合计持有上市公司5%以上股份的股东或实际控制人及其配偶、父母、子女，不得成为激励对象。下列人员也不得成为激励对象：（一）最近12个月内被证券交易所认定为不适当人选；（二）最近12个月内被中国证监会及其派出机构认定为不适当人选；（三）最近12个月内因重大违法违规行为被中国证监会及其派出机构行政处罚或者采取市场禁入措施；（四）具有《公司法》规定的不得担任公司董事、高级管理人员情形的；（五）法律法规规定不得参与上市公司股权激励的；（六）中国证监会认定的其他情形。

　　1、 The current Company Law and the new Company Law do not specify the scope of selection for equity incentive objects. In principle, any person who is not prohibited from holding shares can become an incentive object. In practice, non-public companies usually select equity incentive targets based on the standards of listed companies and listed companies. Taking listed companies as an example, Article 8 of the "Management Measures for Equity Incentives of Listed Companies" stipulates that incentive targets can include directors, senior management personnel, core technical personnel or core business personnel of listed companies, as well as other employees who the company believes should be incentivized and have a direct impact on the company's business performance and future development, but should not include independent directors and supervisors. Foreign employees who serve as directors, senior management personnel, core technical personnel, or core business personnel of listed companies can become incentive targets. Shareholders or actual controllers who individually or collectively hold more than 5% of the shares of a listed company, as well as their spouses, parents, and children, shall not be eligible for incentives. The following individuals shall not be eligible for incentives: (1) Those who have been identified as unsuitable candidates by the stock exchange within the past 12 months; （2） Being identified as an inappropriate candidate by the China Securities Regulatory Commission and its dispatched agencies within the past 12 months; （3） Within the past 12 months, due to significant violations of laws and regulations, the China Securities Regulatory Commission and its dispatched agencies have imposed administrative penalties or taken market entry bans; （4） Those who are not allowed to serve as directors or senior management personnel of the company according to the provisions of the Company Law; （5） Those who are prohibited by laws and regulations from participating in equity incentives of listed companies; （6） Other circumstances recognized by the China Securities Regulatory Commission.

　　从可选的范围来看，对于各类非公众公司，建议优先从董事、高级管理人员、核心技术人员或者核心业务人员，以及公司认为应当激励的对公司经营业绩和未来发展有直接影响的其他员工中来选择激励对象，这些人员是经实践证实有益于公司长远发展的股权激励对象。

　　From the perspective of optional scope, for various non-public companies, it is recommended to prioritize selecting incentive objects from directors, senior management personnel, core technical personnel or core business personnel, as well as other employees who the company believes should be incentivized and have a direct impact on the company's business performance and future development. These personnel are equity incentive objects that have been proven to be beneficial to the company's long-term development through practice.

　　需特别提示注意的是，非公众公司的股权激励对象不必然需要与公司存在劳动关系，例如董事与公司间为聘用关系而无劳动关系的，也可以成为激励对象。但是，与公司不存在劳动关系而仅有劳务关系的顾问成为激励对象的，可能会导致公司在融资或申报上市过程中被重点关注如下问题：该类人员担任顾问而不与公司建立劳动关系的原因、是否存在违反现所在单位相关规定或前单位竞业限制约定的情形、是否与公司存在关联关系或潜在利益输送安排等。因此，非公众公司拟将该等顾问作为激励对象的，需结合前述因素审慎考虑。

　　It should be noted that equity incentive recipients of non-public companies do not necessarily need to have a labor relationship with the company. For example, directors who have an employment relationship with the company but no labor relationship can also become incentive recipients. However, if consultants who do not have a labor relationship with the company but only have a labor relationship become incentive targets, it may lead to the company being focused on the following issues during the financing or listing process: the reasons why such personnel serve as consultants without establishing a labor relationship with the company, whether there are any violations of relevant regulations of the current unit or non compete agreements of the previous unit, whether there is a related relationship or potential benefit transfer arrangement with the company. Therefore, non-public companies intending to use such consultants as incentive targets should carefully consider the aforementioned factors.

　　实践中，还存在将与公司不存在劳动关系、劳务关系的外部人员如客户、供应商关键人员作为激励对象的情形。我们理解，激励对象应为对公司有一定历史贡献或未来贡献的人员，外部人员原则上不应作为公司的激励对象。从上市申报案例来看，对于将外部人员作为激励对象的公司，监管部门往往会关注是否存在利益输送的情形，如以低价股权换取高利润业务等，对于此等质疑则通常需结合激励股权定价依据、业务定价公允性等方面进行解释。因此，非公众公司拟将该等外部人员作为激励对象的，需结合前述因素审慎考虑。

　　In practice, there are also situations where external personnel who do not have labor or service relationships with the company, such as key personnel from customers and suppliers, are used as incentive targets. We understand that the incentive targets should be individuals who have made certain historical or future contributions to the company, and external personnel should not be considered as incentive targets for the company in principle. From the perspective of listing application cases, for companies that use external personnel as incentive objects, regulatory authorities often pay attention to whether there is a situation of interest transfer, such as exchanging low-priced equity for high profit business. For such doubts, they usually need to be explained in conjunction with the pricing basis of incentive equity and the fairness of business pricing. Therefore, non-public companies intending to use such external personnel as incentive targets should carefully consider the aforementioned factors.

　　从不可选的范围来看由于《公司法》未对激励对象的选择范围作出禁止性规定，非公众公司较上市公司及挂牌公司相比具有更多的选择空间。除此之外，根据法律法规规定不得持股的人员不得成为股权激励对象，如在职公务员、现役军人等，详见前文：所有人都能当股东吗？

　　From the perspective of non optional scope, due to the lack of prohibitive provisions on the selection range of incentive objects in the Company Law, non-public companies have more choice space compared to listed companies. In addition, individuals who are not allowed to hold shares according to laws and regulations are not eligible to become equity incentive targets, such as current civil servants, active military personnel, etc. Please refer to the previous text: Can everyone be a shareholder?

　　二、激励对象选择的考量因素在确定激励对象的选择范围后，对具体人员的选择建议考量下列因素：

　　2、 After determining the scope of incentive object selection, it is recommended to consider the following factors when selecting specific personnel:

　　1. 任职的岗位与职责根据公司具体岗位及职责对公司运营和战略实施的重要性，优先考虑那些对公司业绩和成功至关重要的岗位人员。例如，董事、高级管理人员由于影响着公司发展方向，因此往往是优先考虑到的激励对象。对于掌握公司核心技术和业务的人员，对其进行激励将对公司的具体经营产生更为直接的效果，也会间接鼓励其他员工力争上游。除此之外，执行层面的员工也可以作为股权激励的储备对象，以提高一线员工的工作积极性。

　　1. Based on the importance of specific positions and responsibilities to the company's operations and strategic implementation, priority should be given to personnel in positions that are crucial to the company's performance and success. For example, directors and senior management are often the preferred incentive targets due to their influence on the company's development direction. Motivating personnel who master the core technology and business of the company will have a more direct effect on the company's specific operations and indirectly encourage other employees to strive for excellence. In addition, employees at the executive level can also serve as reserve objects for equity incentives to enhance the work enthusiasm of frontline employees.

　　2. 对公司的贡献和价值相较于历史的贡献和价值，为了更好实现“激励”的目的，提高员工的绩效，建议侧重于选择可能在未来对公司有较大贡献和价值的人员，以激发其工作潜力。对于公司有重大历史贡献和价值的人员，也可以作为激励对象，以作为对其的回报且有利于在员工中树立榜样的形象。

　　2. Compared to historical contributions and values, in order to better achieve the purpose of "motivation" and improve employee performance, it is recommended to focus on selecting personnel who may have significant contributions and values to the company in the future, in order to stimulate their work potential. For personnel who have made significant historical contributions and value to the company, they can also be used as incentive targets as a reward and to establish an exemplary image among employees.

　　3. 忠诚度和稳定性由于股权激励具有长期性，且激励对象对于其他员工具有一定示范性，因此需要激励对象对公司具有较高的忠诚度。员工在公司的工作年限可以作为考量因素，长期服务的员工往往对公司有较高的忠诚度；对于就职年限不长的员工，则可以通过其日常工作态度、对公司战略和文化的认同程度等方面来评估。公司往往期待激励对象在公司的任职具有稳定性，但从另一个角度，对于那些对公司发展较为重要、有一定离职可能性且其离职将对公司造成较大影响的员工，实际上公司可以通过股权激励的方式来强化其在公司的稳定性。

　　3. Loyalty and stability: Due to the long-term nature of equity incentives and the demonstrative nature of incentive targets for other employees, it is necessary for incentive targets to have high loyalty to the company. The length of time employees have worked in the company can be considered as a factor, and employees who have served for a long time often have higher loyalty to the company; For employees who have not been employed for a long time, their evaluation can be based on their daily work attitude, level of identification with company strategy and culture, and other aspects. Companies often expect incentive targets to have stability in their employment, but from another perspective, for employees who are important to the company's development, have a certain possibility of leaving, and whose departure will have a significant impact on the company, companies can actually strengthen their stability in the company through equity incentives.

　　4. 员工个人的激励需求员工个人对激励方式的需求也直接影响股权激励的效果。由于股权激励强调未来的利益，且多数股权激励计划中，员工需要以较低的价格而非无偿取得股权，因此，对于一些对现金流需求较高，甚至有房贷、车贷等资金压力的员工，股权激励并不一定合适，对于这类员工则可以绩效奖励等方式进行激励。而对于对短期经济利益要求不高，但期待有更高归属感、荣誉感的员工，进行股权激励将产生更好的效果。因此，要使股权激励对公司、对员工都发挥最佳的效果，公司需要在确定激励对象前与其进行充分沟通，了解各方需求。

　　4. The individual motivation needs of employees also directly affect the effectiveness of equity incentives. Due to the emphasis on future benefits in equity incentives, and the fact that in most equity incentive plans, employees need to acquire equity at a lower price rather than for free, equity incentives may not be suitable for some employees who have high cash flow needs and even financial pressures such as mortgages and car loans. For such employees, performance rewards can be used as incentives. For employees who do not have high demands for short-term economic benefits but expect a higher sense of belonging and honor, implementing equity incentives will produce better results. Therefore, in order for equity incentives to have the best effect on both the company and its employees, the company needs to have sufficient communication with them and understand the needs of all parties before determining the incentive targets.

　　三、激励对象的选择人数通过划范围、选人员，已经可以形成激励对象的初步名单，但公司还需结合下列因素，适当增减或平衡激励对象的人选，以确定激励对象的最终名单。

　　3、 The initial list of incentive targets can be formed by delineating the scope and selecting personnel, but the company still needs to consider the following factors to appropriately increase, decrease or balance the selection of incentive targets in order to determine the final list of incentive targets.

　　首先，激励对象人数占比不宜过大，否则会影响激励效果。股权激励本身应当具有稀缺性，才会使激励对象有更强烈的责任感和使命感，更有动力为公司的成功而奋斗。如果太多员工分享这一激励，个别员工可能会感到自己的努力对公司整体表现的影响微乎其微，从而减弱他们的工作动力和归属感。激励对象人数较少时，每个对象可能获得的股权份额也相对较大，激励效果更集中，能更好地激发其积极性和工作动力。此外，较少的激励对象有助于建立更紧密的合作关系，增强激励对象对公司的认同感和归属感。判断激励对象人数占比是否过大，没有一个确定的数字标准，而需要综合行业特点等因素来判断。例如，对于劳动密集型、组织架构简单的制造行业公司，股权激励的效果往往不明显，在此类公司中，对于普通的一线员工，可以通过增加基础工薪的方式来提高其劳动热情和创造力；而对于人力资本型、行业竞争力大的传媒行业公司，则可能有更多的对象适合通过股权激励的方式使其与公司绑定。

　　Firstly, the proportion of incentive targets should not be too large, otherwise it will affect the incentive effect. Equity incentives themselves should have scarcity in order to give incentive recipients a stronger sense of responsibility and mission, and more motivation to strive for the success of the company. If too many employees share this motivation, individual employees may feel that their efforts have little impact on the overall performance of the company, thereby weakening their work motivation and sense of belonging. When the number of incentive targets is small, each target may receive a relatively large share of equity, resulting in a more concentrated incentive effect and better stimulation of their enthusiasm and work motivation. In addition, having fewer incentive recipients can help establish closer cooperative relationships and enhance their sense of identification and belonging to the company. There is no fixed numerical standard for determining whether the proportion of incentive targets is too large, and it requires a comprehensive assessment of industry characteristics and other factors. For example, for labor-intensive manufacturing companies with simple organizational structures, the effect of equity incentives is often not significant. In such companies, ordinary frontline employees can increase their labor enthusiasm and creativity by increasing their basic salary; For media companies with human capital and strong industry competitiveness, there may be more suitable targets to bind them to the company through equity incentives.

　　其次，激励对象人数应在不同的层级和部门中相对平衡。平衡的激励对象分布能够确保公司内部的公平性，避免因激励对象人数过于集中，使员工认为某些部门或层级的员工被过度优待而产生不满。平衡的激励对象分布也将促进公司的全面发展，充分激发各个层级、不同部门员工的积极性和创造力，有助于优化公司的组织结构和运营流程。平衡的激励对象分布还有助于公司培养和储备人才，通过激励不同层级和部门的员工，公司可以发现和培养潜在的领导人才，为未来的人才需求做好准备。

　　Secondly, the number of incentive targets should be relatively balanced among different levels and departments. A balanced distribution of incentive targets can ensure fairness within the company and avoid dissatisfaction among employees who believe that certain departments or levels of employees are being excessively treated due to the concentration of incentive targets. A balanced distribution of incentive targets will also promote the comprehensive development of the company, fully stimulate the enthusiasm and creativity of employees at all levels and departments, and help optimize the company's organizational structure and operational processes. A balanced distribution of incentive targets also helps the company cultivate and reserve talents. By motivating employees at different levels and departments, the company can discover and cultivate potential leadership talents, preparing for future talent needs.

　　最后，激励对象人数应当符合相关法规对股东人数的限制。对于非公众公司而言，现行《公司法》及新《公司法》均规定，有限责任公司应当由50个以下股东出资设立，股份有限公司的发起人不得超过200人。激励对象与既有股东人数合计不应超过相关法规对股东人数的限制。但是，这一问题也可以通过设立持股平台、使全体激励对象基于持股平台而被计为一名股东而解决，详见前文：激励载体怎么选，直接持股还是间接持股？。此外，根据现行证券监管规则，拟上市/挂牌的公司还需注意股权结构穿透后股东总人数不得超过200人，而符合证券法律规定、全国中小企业股份转让系统相关规则的员工持股平台方可不作穿透。|

　　Finally, the number of incentive recipients should comply with the restrictions on the number of shareholders set by relevant regulations. For non-public companies, both the current Company Law and the new Company Law stipulate that a limited liability company should be established with contributions from no more than 50 shareholders, and the number of initiators for a joint stock limited company should not exceed 200. The total number of incentive targets and existing shareholders should not exceed the limit on the number of shareholders set by relevant regulations. However, this issue can also be solved by establishing a shareholding platform, where all incentive recipients are counted as one shareholder based on the shareholding platform. For details, please refer to the previous section: How to choose the incentive carrier, direct shareholding or indirect shareholding?. In addition, according to the current securities regulatory rules, companies planning to go public/list must also pay attention to the fact that the total number of shareholders after the penetration of the equity structure shall not exceed 200, and employee shareholding platforms that comply with securities laws and regulations and relevant rules of the National Equities Exchange and Quotations system may not be penetrated. |

　　总结

　　summary

　　方式：划范围；非公众公司考虑因素：1.建议选择:董事、高级管理人员、核心技术人员或者核心业务人员，以及公司认为应当激励的对公司经营业绩和未来发展有直接影响的其他员工2.谨慎选择:独立董事、监事、外部人员(如客户供应商)3.不得选择:不得持股的对象(如禁止持股的公务员等)

　　Method: Scope delineation; Non public company considerations: 1. Suggested choices: directors, senior management, core technical personnel, or core business personnel, as well as other employees that the company believes should be incentivized and have a direct impact on the company's business performance and future development. 2. Cautious choices: independent directors, supervisors, external personnel (such as customers and suppliers). 3. Not allowed to choose: objects that are not allowed to hold shares (such as civil servants who are prohibited from holding shares)

　　方式：选人员；非公众公司考虑因素：1.任职的岗位与职责2.对公司的贡献和价值3.忠诚度和稳定性4.员工个人的激励需求

　　Method: Select personnel; Non public company considerations: 1. Position and responsibilities 2. Contribution and value to the company 3. Loyalty and stability 4. Personal motivation needs of employees

　　方式：定人数；非公众公司考虑因素：1.激励对象人数占比不宜过大激励对象人数应在不同的层级和部门中相对平衡激励对象人数应当符合相关法规对股东人数的限制

　　Method: Fixed number of people; Non public company considerations: 1. The proportion of incentive objects should not be too large. The number of incentive objects should be relatively balanced among different levels and departments. The number of incentive objects should comply with the restrictions on the number of shareholders in relevant regulations

　　综上所述，选择合适的股权激励对象是一项关键而复杂的任务，需要通过划定选择范围、考量相关因素，并结合人数限制等来综合确定。通过精心筛选激励对象，公司能够激发员工的积极性和创造力，提升团队凝聚力和工作效率，进而促进公司的长期稳定发展。

　　In summary, selecting suitable equity incentive targets is a crucial and complex task that requires a comprehensive determination by defining the selection scope, considering relevant factors, and taking into account personnel limitations. By carefully selecting incentive targets, companies can stimulate employees' enthusiasm and creativity, enhance team cohesion and work efficiency, and promote the long-term stable development of the company.

　　本文由   济南股权顶层架构设计  友情奉献.更多有关的知识请点击  http://www.daoshangbao.com/   真诚的态度.为您提供为全面的服务.更多有关的知识我们将会陆续向大家奉献.敬请期待.

　　This article is a friendly contribution from the top-level equity structure design of Jinan For more related knowledge, please click http://www.daoshangbao.com/ Sincere attitude To provide you with comprehensive services We will gradually contribute more relevant knowledge to everyone Coming soon.