股权激励是刺激公司业绩提升的一个重要手段。然而，要真正实现这一目标，合理设置业绩指标至关重要。业绩指标的设置不仅关乎激励机制的有效性，更直接影响着公司的发展方向和未来前景。那么，业绩指标应该如何设置？以下是一些可供考量的因素，供企业家参考。

　　Equity incentives are an important means of stimulating the improvement of company performance. However, to truly achieve this goal, it is crucial to set reasonable performance indicators. The setting of performance indicators is not only related to the effectiveness of incentive mechanisms, but also directly affects the development direction and future prospects of the company. So, how should performance indicators be set? Here are some factors to consider for entrepreneurs to refer to.

　　一、业绩指标应具有的特点公司的股权激励计划中，科学、合理的业绩指标应当具有如下特点：

　　1、 In a company's equity incentive plan, scientific and reasonable performance indicators should have the following characteristics:

　　1. 客观性与可量化。业绩指标应当基于可观测、可验证的数据而设置，能够通过具体数值进行衡量，具有一定可比性，即可以横向与其他同行业公司相比，或纵向与公司自身历史数据相比。2. 相关性与挑战性。业绩指标应当与公司战略和长期目标紧密相关，同时具有一定的挑战性，即具有一定难度但仍可达成，能够引导员工行为与公司发展同步，有利于促进公司竞争力的提升。这意味着业绩指标不应脱离实际、过于理想化，以避免给员工带来过大的压力、造成负面影响。3. 透明性与公平性。业绩指标的评价标准和过程应当公开，确保信息对所有相关人员可见。对所有激励对象公正，确保努力得到合理评价。4. 适应性与综合性。业绩指标应能够适应外部市场环境的变化和公司内部战略的调整，存在不同考核期的，应根据实际情况评估并设置不同的业绩指标。业绩指标还应综合考虑财务、市场、管理等多方面因素，在不同角度下综合考量确定。

　　1. Objectivity and quantifiability. Performance indicators should be set based on observable and verifiable data, which can be measured by specific numerical values and have a certain comparability, that is, they can be compared horizontally with other companies in the same industry or vertically with the company's own historical data. 2. Relevance and Challenge. Performance indicators should be closely related to the company's strategy and long-term goals, while also having a certain level of challenge, that is, having a certain degree of difficulty but still achievable, which can guide employee behavior to synchronize with the company's development and promote the improvement of the company's competitiveness. This means that performance indicators should not be divorced from reality or overly idealized, in order to avoid putting too much pressure on employees and causing negative impacts. 3. Transparency and fairness. The evaluation criteria and process of performance indicators should be made public to ensure that the information is visible to all relevant personnel. Be fair to all incentive recipients and ensure that their efforts are reasonably evaluated. 4. Adaptability and comprehensiveness. Performance indicators should be able to adapt to changes in the external market environment and adjustments to the company's internal strategy. If there are different assessment periods, different performance indicators should be evaluated and set according to the actual situation. Performance indicators should also take into account various factors such as finance, market, and management, and be determined from different perspectives.

　　二、业绩指标的类型对于非公众公司，现行《公司法》及新《公司法》均未明确对股权激励业绩指标的具体要求，但上市公司和挂牌公司适用的相关规定可以为非公众公司所参考。

　　2、 For non-public companies, the current Company Law and the new Company Law do not specify the specific requirements for equity incentive performance indicators. However, the relevant regulations applicable to listed companies and listed companies can be used as a reference for non-public companies.

　　《上市公司股权激励管理办法》第十条规定，激励对象为董事、高级管理人员的，上市公司应当设立绩效考核指标作为激励对象行使权益的条件；第十一条规定，绩效考核指标应当包括公司业绩指标和激励对象个人绩效指标。相关指标应当客观公开、清晰透明，符合公司的实际情况，有利于促进公司竞争力的提升。上市公司可以公司历史业绩或同行业可比公司相关指标作为公司业绩指标对照依据，公司选取的业绩指标可以包括净资产收益率、每股收益、每股分红等能够反映股东回报和公司价值创造的综合性指标，以及净利润增长率、主营业务收入增长率等能够反映公司盈利能力和市场价值的成长性指标。以同行业可比公司相关指标作为对照依据的，选取的对照公司不少于3家。激励对象个人绩效指标由上市公司自行确定。

　　Article 10 of the Measures for the Administration of Equity Incentives of Listed Companies stipulates that if the incentive objects are directors or senior management personnel, the listed company shall establish performance evaluation indicators as a condition for the incentive objects to exercise their rights and interests; Article 11 stipulates that performance evaluation indicators should include company performance indicators and individual performance indicators of incentive targets. The relevant indicators should be objective, open, clear and transparent, in line with the actual situation of the company, and conducive to promoting the improvement of the company's competitiveness. Listed companies can use their historical performance or relevant indicators of comparable companies in the same industry as the basis for comparing their performance indicators. The performance indicators selected by the company can include comprehensive indicators such as return on equity, earnings per share, and dividends per share that can reflect shareholder returns and company value creation, as well as growth indicators such as net profit growth rate and main business revenue growth rate that can reflect the company's profitability and market value. Select no less than 3 comparison companies based on relevant indicators of comparable companies in the same industry. The individual performance indicators of incentive targets are determined by the listed company itself.

　　《非上市公众公司监管指引第6号——股权激励和员工持股计划的监管要求（试行）》第一条第六款规定，激励对象为董事、高级管理人员的，挂牌公司应当设立绩效考核指标作为激励对象行使权益的条件。绩效考核指标应当包括公司业绩指标和激励对象个人绩效指标。相关指标应当客观公开、清晰透明，符合公司的实际情况，有利于促进公司竞争力的提升。

　　According to Article 1, Paragraph 6 of the "Regulatory Guidelines for Non listed Public Companies No. 6- Regulatory Requirements for Equity Incentives and Employee Stock Ownership Plans (Trial)", if the incentive objects are directors and senior management personnel, the listed company shall establish performance evaluation indicators as a condition for the incentive objects to exercise their rights and interests. Performance evaluation indicators should include company performance indicators and individual performance indicators of incentive targets. The relevant indicators should be objective, open, clear and transparent, in line with the actual situation of the company, and conducive to promoting the improvement of the company's competitiveness.

　　参考上述规定及相关公开案例，公司层面业绩指标的类型主要包括：

　　Referring to the above regulations and relevant public cases, the types of performance indicators at the company level mainly include:

　　1. 反映公司盈利能力和市场价值的成长性指标。如净利润、营业收入、主营业务收入等。此类考核指标能够真实反映公司的经营情况、盈利能力和成长性、主要经营成果和市场占有能力等，是衡量公司经营效益的主要指标，据此设定的业绩考核目标有助于提升公司竞争能力，调动员工工作积极性。对于具体指标，还可根据实际需要进行条件限定。例如，科大国创（300520）在《2024年限制性股票激励计划（草案）》中，为公司层面设定的业绩考核指标为“数字化应用业务板块营业收入”，这与本次选择的激励对象即“对公司数字化应用业务板块经营业绩和未来发展有重要影响的员工”和推动数字化应用业务的激励目的密切相关。

　　1. Growth indicators that reflect the company's profitability and market value. Such as net profit, operating income, main business income, etc. This type of performance evaluation index can truly reflect the company's operating situation, profitability and growth potential, main operating results and market share, etc. It is the main indicator to measure the company's operating efficiency. The performance evaluation objectives set based on this can help enhance the company's competitiveness and mobilize work enthusiasm. Specific indicators can also be subject to conditional limitations according to actual needs. For example, in the "2024 Restricted Stock Incentive Plan (Draft)" of Keda Guochuang (300520), the performance evaluation indicator set for the company level is "Digital Application Business Unit Operating Revenue", which is closely related to the selected incentive targets, namely "employees who have a significant impact on the company's digital application business unit operating performance and future development", and the incentive purpose of promoting digital application business.

　　2. 反映股东回报和公司价值创造的综合性指标。如净资产收益率、每股收益、每股分红等。此类考核指标能够反映股东权益的收益水平情况，可以衡量公司运用自有资本的效率。从股权激励的最终目的来看，此类激励指标与股东价值回报关系更紧密，某种程度上也有助于增强投资者对公司的信心，提升公司的市场形象。

　　2. A comprehensive indicator reflecting shareholder returns and company value creation. Such as return on equity, earnings per share, dividends per share, etc. This type of assessment indicator can reflect the level of return on shareholder equity and measure the efficiency of a company's use of its own capital. From the ultimate goal of equity incentives, such incentive indicators are more closely related to shareholder value return, and to some extent, help enhance investors' confidence in the company and improve its market image.

　　3. 反映特定行业或业务需求的实操性指标。例如，医药制造业上市公司贝达药业（300558）在《2023年限制性股票激励计划（草案）》中，设定的业绩指标包括获受理的IND（新药临床试验申请）数量、获受理的NDA（新药注册上市申请）/BLA（生物制品许可申请）数量；计算机制造业上市公司龙腾光电（688055）在《2021年限制性股票激励计划（草案）》中，设定的业绩指标包括知识产权累计获得数；水上运输业上市公司上港集团（600018）在2021年公告的《A股限制性股票激励计划（草案）》中，设定的业绩指标包括母港集装箱吞吐量。此类考核指标对员工业务实操具有很强的指导性，但此类指标通常作为辅助性而非主要的考核指标，用于限定业绩考核的底线。

　　3. Practical indicators that reflect specific industry or business needs. For example, in the 2023 Restricted Stock Incentive Plan (Draft), listed pharmaceutical manufacturing company Beida Pharmaceutical (300558) sets performance indicators including the number of IND (New Drug Clinical Trial Applications) accepted, the number of NDA (New Drug Registration and Listing Applications)/BLA (Biological Product Licensing Applications) accepted; Longteng Optoelectronics (688055), a listed company in the computer manufacturing industry, has set performance indicators including cumulative acquisition of intellectual property rights in the 2021 Restricted Stock Incentive Plan (Draft); In the 2021 announcement of the "A-share Restricted Stock Incentive Plan (Draft)" by Shanghai Port Group (600018), a listed company in the water transportation industry, the performance indicators set include the container throughput of the home port. This type of assessment indicator has strong guidance for employees' practical business operations, but it is usually used as an auxiliary rather than the main assessment indicator to limit the bottom line of performance evaluation.

　　公司在设定具体业绩指标时，可以选取不同的业绩指标相组合，要求同时满足多个指标要求的才符合条件。例如，中炬高新（600872）在《2024年限制性股票激励计划（草案）》中，为第一个解除限售期设置的业绩考核条件为：（1）以2023年为基准，2024年营业收入增长率不低于12%；（2）2024年营业利润率不低于15%；（3）2024年净资产收益率不低于14%。但考虑到指标过多可能增加达成目标的难度、挫伤员工积极性，建议业绩指标不宜超过三个，或规定多个指标只要满足其中一到两个即可。

　　When setting specific performance indicators, companies can choose different combinations of performance indicators, and only those that meet multiple indicator requirements at the same time are eligible. For example, in the "2024 Restricted Stock Incentive Plan (Draft)" of Zhongju High tech (600872), the performance evaluation conditions set for the first lifting of the lock up period are: (1) based on 2023, the growth rate of operating income in 2024 shall not be less than 12%; (2) The operating profit margin for 2024 shall not be less than 15%; (3) The return on equity for 2024 shall not be less than 14%. However, considering that having too many indicators may increase the difficulty of achieving goals and dampen employee motivation, it is recommended that performance indicators should not exceed three, or that multiple indicators only need to meet one or two of them.

　　个人绩效考核层面，则可根据公司现行员工绩效考核制度执行，根据员工完成的工作量、工作质量、客户满意度、出勤率等综合评分或评级，以满足特定的分数或评级要求为取得激励股权的前提条件，或确定最终能实际取得的股份数量比例。

　　At the level of individual performance evaluation, it can be implemented according to the current employee performance evaluation system of the company. Based on the comprehensive evaluation or rating of employees' completed workload, work quality, customer satisfaction, attendance rate, etc., meeting specific score or rating requirements is a prerequisite for obtaining incentive equity, or determining the actual proportion of shares that can be obtained in the end.

　　三、业绩指标的数值选定业绩指标的类型后，业绩指标的数值通常可根据以下一种或几种方式确定：

　　3、 After selecting the type of performance indicator, the value of the performance indicator can usually be determined in one or more of the following ways:

　　1. 明确具体的业绩指标数值。常见表述如某考核年度净利润不低于具体金额、某考核年度净资产收益率不低于具体比例等。该等具体的指标金额需要公司根据行业发展特点、公司本身发展阶段和实际情况，经过合理经营预测并兼顾激励计划的激励作用，综合考量确定。

　　1. Clearly define the specific performance indicator values. Common expressions include that the net profit for a certain assessment year is not less than a specific amount, and the return on net assets for a certain assessment year is not less than a specific proportion. The specific indicator amount needs to be determined by the company based on the characteristics of industry development, the company's own development stage, and actual situation, through reasonable business forecasting and taking into account the incentive effect of the incentive plan, and comprehensive consideration.

　　2. 明确相较此前的增长率。常见表述如以激励计划发布前一年的净利润为基数，各考核年度净利润增长率不低于特定比例等。该等增长率指标能够以公司实际经营情况为基础，除同样需经合理预测并兼顾激励作用外，还可清晰体现公司追求的发展趋势，对投资人的积极影响更为直观。

　　2. Clearly indicate the growth rate compared to before. Common expressions include using the net profit of the year before the release of the incentive plan as the base, and ensuring that the net profit growth rate for each assessment year is not less than a specific proportion. These growth rate indicators can be based on the actual operating situation of the company. In addition to reasonable forecasting and considering incentive effects, they can also clearly reflect the development trend pursued by the company, and have a more intuitive positive impact on investors.

　　3. 设定数值区间。业绩指标可以设定特定的数值区间，实现目标指标的方可以取得全部激励股权，达到最低指标但未实现目标指标的可以取得相应减少比例的激励股权。例如，富创精密（688409）在《2024年限制性股票激励计划（草案）》中，为2024年考核年度设定的净利润目标值为4亿元、触发值为2.5亿元，当2024年实际净利润A≥4亿元时，公司层面归属比例X=100%；当4亿元＞A≥3.5亿元时，X=45%；当3.5亿元＞A≥3亿元时，X=33%；当3亿元＞A≥2.5亿元时，X=26%；当A<2.5亿元时，X=0%。同时，激励对象个人层面绩效考核要求也设定了区间，对于激励对象考核结果的五个档次A+、A、B、C、D，实现B及以上级别的个人层面归属比例为100%，考核评级为C的可归属比例为80%，考核评级为D则个人层面归属比例为0%。综合上述，激励对象当年实际归属的限制性股票数量=个人当年计划归属的数量×公司层面归属比例×个人层面归属比例。当年因考核原因不能归属或不能完全归属的限制性股票则作废失效。

　　3. Set a numerical range. Performance indicators can be set within specific numerical ranges. Only those who achieve the target indicators can obtain all incentive equity, while those who meet the minimum indicators but fail to achieve the target indicators can obtain corresponding reduced incentive equity. For example, in the "2024 Restricted Stock Incentive Plan (Draft)", Fuchuang Precision (688409) sets a net profit target value of 400 million yuan and a trigger value of 250 million yuan for the 2024 assessment year. When the actual net profit A in 2024 is ≥ 400 million yuan, the company level attribution ratio X=100%; When 400 million yuan>A ≥ 350 million yuan, X=45%； When 350 million yuan>A ≥ 300 million yuan, X=33%； When 300 million yuan>A ≥ 250 million yuan, X=26%； When A<250 million yuan, X=0%。 At the same time, the requirements for individual level performance evaluation of incentive objects have also been set within a range. For the five levels A+, A, B, C, and D of incentive object evaluation results, the personal level attribution ratio for level B and above is 100%, the attributable ratio for evaluation rating C is 80%, and the personal level attribution ratio for evaluation rating D is 0%. Based on the above, the actual number of restricted stocks that the incentive object belongs to in the current year is equal to the number of planned shares that the individual plans to belong to in the current year multiplied by the company's ownership ratio multiplied by the individual's ownership ratio. Restricted stocks that cannot be attributed or fully attributed due to assessment reasons in the past shall be invalidated.

　　4. 设定参考下限。根据公司的发展重点和关注方向，可以在主要业绩目标外，设计一定的辅助参考下限，如同行业指标、主营业务比重、研发支出占营业收入比重等。例如，青山纸业（600103）在《2024年限制性股票激励计划（草案）》中，为第一个解除限售期设定的业绩考核条件为：（1）以2021-2023年净资产收益率均值为基数，2024年净资产收益率增长率不低于9%，且不低于同行业均值或对标企业75分位值水平；（2）以2021-2023年净利润均值为基数，2024年的净利润增长率不低于15%，且不低于同行业均值或对标企业75分位值水平；（3）2024年主营业务收入占营业收入比重不低于95%。

　　4. Set a reference lower limit. Based on the company's development focus and direction of attention, certain auxiliary reference limits can be designed in addition to the main performance goals, such as industry indicators, proportion of main business, and proportion of R&D expenditure to operating income. For example, in the "2024 Restricted Stock Incentive Plan (Draft)", Qingshan Paper Industry (600103) sets the following performance evaluation conditions for the first release of the lock up period: (1) based on the average net asset return rate from 2021 to 2023, the growth rate of net asset return rate in 2024 shall not be less than 9%, and shall not be lower than the industry average or the 75th percentile level of the benchmark enterprise; (2) Based on the average net profit from 2021 to 2023, the net profit growth rate in 2024 shall not be less than 15%, and shall not be lower than the industry average or the 75th percentile level of benchmark enterprises; (3) The proportion of main business revenue to operating revenue in 2024 shall not be less than 95%.

　　总结综上所述，业绩指标可以选取如净利润等反映公司盈利能力和市场价值的成长性指标、如净资产收益率等反映股东回报和公司价值创造的综合性指标、或其他反映特定行业或业务需求的实操性指标。在具体业绩指标数值设置方面，可以选取具体数字、增长率，设定区间或下限要求，经过合理经营预测并兼顾激励计划的激励作用，综合考量确定最终的业绩指标。

　　In summary, performance indicators can be selected as growth indicators that reflect the company's profitability and market value, such as net profit, comprehensive indicators that reflect shareholder returns and company value creation, such as return on equity, or other practical indicators that reflect specific industry or business needs. In terms of setting specific performance indicators, specific numbers and growth rates can be selected, and intervals or lower limit requirements can be set. After reasonable business forecasting and considering the incentive effect of incentive plans, the final performance indicators can be determined by comprehensive consideration.

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