无论公司处于何种阶段，人才始终是推动公司发展的核心因素。股权激励作为一种有效的留才和激励机制，正被越来越多的公司所采纳。那么，公司究竟在何时实施股权激励更为恰当？所处不同阶段的公司又应当如何选择适宜的股权激励模式？以下是一些结合实务经验的总结，供企业家参考。

　　No matter what stage a company is in, talent is always the core factor driving its development. Equity incentives, as an effective talent retention and incentive mechanism, are being adopted by more and more companies. So, when is it more appropriate for a company to implement equity incentives? How should companies at different stages choose appropriate equity incentive models? Here are some summaries based on practical experience for entrepreneurs to refer to.

　　一、常见的股权激励模式

　　1、 Common equity incentive models

　　目前，境内公司使用比较广泛并且具有代表性的股权激励模式主要分为两大类：权益结算类（即实股激励）、现金结算类（即虚股激励）。

　　At present, the equity incentive models widely used and representative by domestic companies are mainly divided into two categories: equity settlement (i.e. real stock incentives) and cash settlement (i.e. virtual stock incentives).

　　（一）权益结算类

　　（1） Equity settlement category

　　常见模式如股票期权、限制性股票、业绩股票，该类模式的主要优点是能够让激励对象获得实际的股权，从而增强他们的归属感并激发其积极参与公司事务的意愿。此外，该类激励模式通常不需要公司支付大量现金，相反却能够带来现金流入，以缓解公司或相关股东的资金压力。然而，这类激励模式的主要缺点是会引起公司股本结构的变动，不仅涉及相对繁琐的工商变更程序，还导致原有股东持股比例的稀释。

　　Common models such as stock options, restricted stocks, and performance stocks have the main advantage of allowing incentive recipients to obtain actual equity, thereby enhancing their sense of belonging and stimulating their willingness to actively participate in company affairs. In addition, this type of incentive model usually does not require the company to pay a large amount of cash, but can instead bring in cash inflows to alleviate the financial pressure on the company or related shareholders. However, the main disadvantage of this type of incentive model is that it can cause changes in the company's share capital structure, which not only involves relatively cumbersome procedures for industrial and commercial changes, but also leads to dilution of the original shareholder shareholding ratio.

　　1. 股票期权（含股权期权，下同）

　　1. Stock options (including equity options, the same below)

　　指公司授予激励对象在未来一定期限内以预先确定的价格和条件，购买公司一定数量股票的权利。在行权条件达成后，激励对象有权行使这种权利，也可以放弃这种权利。股票期权通常不得用于转让、质押或者偿还债务。股票期权的最终价值体现在行权时的价差上，该等权利的执行即为一种激励，是否起到完全的激励效果，则取决于相关持有者是否通过努力从而提升了公司股票价格，因为如果公司股票的未来市场价格低于行权价，则股票期权将毫无价值。

　　The company grants incentive recipients the right to purchase a certain number of shares of the company at a predetermined price and conditions within a certain period of time in the future. After the exercise conditions are met, the incentive object has the right to exercise this right or may waive this right. Stock options are usually not allowed to be transferred, pledged, or used to repay debts. The ultimate value of stock options is reflected in the price difference at the time of exercise, and the exercise of such rights is a form of incentive. Whether it has a complete incentive effect depends on whether the relevant holders have worked hard to increase the company's stock price, because if the future market price of the company's stock is lower than the exercise price, the stock option will be worthless.

　　2.限制性股票（含限制性股权，下同）

　　2. Restricted stocks (including restricted equity, the same below)

　　指公司为了实现某一特定目标，无偿将一定数量的股票赠予或者以较低的价格授予激励对象，在公司和/或激励对象实现预定目标后，激励对象方才有权获得限制性股票的完全支配权，即“股票解锁”。如果公司和/或激励对象未能实现预定目标，或发生激励对象在股票解锁前离开公司等情形的，相应限制性股票将被回购。授予激励对象限制性股票，需要在股权激励计划中规定激励对象获授股票的条件、禁售期限、解锁安排及解锁条件等事项。激励对象在获得限制性股票后即成为公司股东，享有相应的股东权利，但在限制性股票解锁前，激励对象无权通过任何方式支配或处置该等限制性股票。

　　Refers to a company giving a certain number of stocks to incentive recipients free of charge or at a lower price in order to achieve a specific goal. After the company and/or incentive recipients achieve the predetermined goal, the incentive recipients have the right to obtain full control of restricted stocks, that is, "stock unlocking". If the company and/or incentive recipients fail to achieve the predetermined goals, or if the incentive recipients leave the company before the stock is unlocked, the corresponding restricted stocks will be repurchased. Granting restricted stocks to incentive recipients requires specifying in the equity incentive plan the conditions, lock up period, unlocking arrangements, and unlocking conditions for the incentive recipients to receive the stocks. The incentive object becomes a shareholder of the company and enjoys corresponding shareholder rights after obtaining restricted stocks, but before the unlocking of restricted stocks, the incentive object has no right to dispose of or control such restricted stocks in any way.

　　3.业绩股票

　　3. Performance stocks

　　指公司预先确定一个合理的业绩目标和一个科学的绩效评估体系，如果激励对象经过努力后实现了该目标，则公司授予其一定数量的股票或提取一定比例的奖励基金购买股票后授予该激励对象。如果激励对象业绩目标未实现，或发生非正常离职等情况时，其未兑现部分的业绩股票将予以取消。业绩股票与限制性股票的主要区别在于，前者只有在完成公司确定的业绩目标之后，公司才会授予一定数量的股票；而后者是公司事先无偿将一定数量的股票赠予或者以较低的价格授予激励对象，只有实现预定目标，激励对象才可将限制性股票抛售或转让并从中获利。

　　Refers to the company's predetermined reasonable performance goals and a scientific performance evaluation system. If the incentive object achieves the goals through hard work, the company grants them a certain number of stocks or extracts a certain proportion of incentive funds to purchase stocks and then grants the incentive object. If the performance target of the incentive object is not achieved or abnormal resignation occurs, the outstanding performance stocks will be cancelled. The main difference between performance stocks and restricted stocks is that the former only grants a certain number of stocks to the company after achieving the performance goals set by the company; The latter is when the company gives a certain number of stocks as gifts or grants them to incentive recipients at a lower price in advance, and only when the predetermined goals are achieved can the incentive recipients sell or transfer restricted stocks and profit from them.

　　（二）现金结算类

　　（2） Cash settlement category

　　常用模式如股票增值权、股票分红权，该类模式的主要优点在于不影响公司现有的股本结构，缺点是公司需要大量现金进行支付。因该类激励模式可实现经济性收益与股东权益类权利的分离，不受实体股东人数限制，常见于激励对象众多的“独角兽”企业。

　　Common models such as stock appreciation rights and stock dividend rights have the main advantage of not affecting the company's existing share capital structure, but the disadvantage is that the company requires a large amount of cash for payment. This type of incentive model can achieve the separation of economic benefits and shareholder equity rights, without being limited by the number of physical shareholders, and is commonly used in "unicorn" enterprises with a large number of incentive targets.

　　1. 股票增值权

　　1. Stock appreciation rights

　　指公司授予激励对象在未来一定时期和约定条件下，获得规定数量的股票价格（价值）上升所带来收益的权利。被授权人在约定条件下行权，公司按照行权日与授权日二级市场股票的差价（或事先约定的方式确定的公司股票价格/价值的差价）乘以授权股票数量，发放给被授权人现金。拥有股票增值权的激励对象并不拥有现实股票的所有权（即不拥有该等股票对应的表决权，股票增值权通常也不能用于转让、质押或者偿还债务等）。股票增值权的行权期设定一般较长，有助于约束激励对象短期行为，激励对象获得的收益由公司用现金支付，其实质是奖金的延期支付。

　　Refers to the right granted by a company to incentive recipients to receive a specified amount of stock price (value) increase in the future under agreed conditions. The authorized person exercises the right under the agreed conditions, and the company distributes cash to the authorized person based on the price difference between the exercise date and the secondary market stock on the authorization date (or the price/value difference of the company's stock determined in advance) multiplied by the number of authorized stocks. The incentive object with stock appreciation rights does not own the actual ownership of the stock (i.e. does not have the corresponding voting rights for the stock, and stock appreciation rights cannot usually be used for transfer, pledge, or debt repayment). The exercise period of stock appreciation rights is generally set to be relatively long, which helps to constrain the short-term behavior of incentive objects. The income obtained by incentive objects is paid by the company in cash, which is essentially a deferred payment of bonuses.

　　2. 股票收益权

　　2. Stock return rights

　　指公司授予激励对象在未来一定时期和约定条件下，获得规定数量的股票对应的分红权，该种模式能够让激励对象清晰地看到自己参与的激励计划在财务上的影响。与股票增值权类似，拥有股票收益权的激励对象并不拥有现实股票的所有权，其实质仍是奖金的延期支付。

　　Refers to the company granting incentive recipients the right to receive dividends corresponding to a specified number of stocks in a certain period of time and under agreed conditions in the future. This model allows incentive recipients to clearly see the financial impact of their participation in incentive plans. Similar to stock appreciation rights, incentive recipients with stock return rights do not own actual stocks, and their essence is still deferred payment of bonuses.

　　二、公司所处的发展阶段

　　2、 The development stage of the company

　　不同发展阶段的公司所面临的挑战和机遇不同，对员工的贡献度和希望通过股权激励实现的目标也会有所差异。因此，在合适的发展阶段选择与之匹配的股权激励模式便尤为重要。

　　Companies at different stages of development face different challenges and opportunities, and their contribution to employees and the goals they hope to achieve through equity incentives may also vary. Therefore, it is particularly important to choose a matching equity incentive model at the appropriate stage of development.

　　（一）初创期

　　（1） Start up period

　　创业初期公司规模较小，人才竞争压力也相对较小，但拥有较大的发展潜力。此时实施股权激励能够有效吸引和留住合伙人级别的关键人才，共同承担创业风险。在该阶段，由于公司现金流普遍紧张，应当避免现金结算类的激励工具，优先选择权益结算类工具中的限制性股票或股票期权模式，以激发关键人才积极参与并推动公司成长的主观能动性，同时还可以给公司发展带来一定的资金流入，缓解创业初期的资金压力。

　　In the early stages of entrepreneurship, the company has a small scale and relatively low competition pressure for talent, but it has great potential for development. At this time, implementing equity incentives can effectively attract and retain key talents at the partner level, and jointly bear entrepreneurial risks. At this stage, due to the generally tight cash flow of the company, incentive tools such as cash settlement should be avoided, and restricted stocks or stock option models in equity settlement tools should be preferred to stimulate the subjective initiative of key talents to actively participate and promote the growth of the company. At the same time, it can also bring certain capital inflows to the company's development and alleviate the financial pressure in the early stages of entrepreneurship.

　　（二）成长期

　　（2） Growth period

　　随着公司业务逐步扩张，市场竞争愈发激烈，人才成为关键发展要素之一。此时公司更希望通过股权激励保持核心团队的稳定性，提升员工积极性，激励员工为公司快速增长作出贡献，以增强公司整体竞争力。与初创阶段相比，公司在成长期的的资金压力虽有好转，但现金流仍应主要用于业务扩展和抢占市场份额中，因此，在该阶段，我们建议公司针对不同层级员工的需求，设定差异化的激励模式，例如对核心高管、核心技术人员，可以释放一定股权，采用权益结算类工具中的业绩股票或限制性股票为佳；对中层干部，采用现金结算类工具中的股票分红权或直接发放绩效奖金为佳。

　　As the company's business gradually expands and market competition becomes increasingly fierce, talent has become one of the key development factors. At this time, the company hopes to maintain the stability of the core team through equity incentives, enhance employee motivation, motivate employees to contribute to the rapid growth of the company, and enhance the overall competitiveness of the company. Compared with the start-up stage, although the financial pressure of the company has improved during the growth stage, cash flow should still be mainly used for business expansion and market share capture. Therefore, in this stage, we recommend that the company set differentiated incentive models based on the needs of employees at different levels. For example, for core executives and core technical personnel, a certain amount of equity can be released, and performance stocks or restricted stocks in equity settlement tools are preferred; For middle-level cadres, it is better to use cash settlement tools such as stock dividend rights or directly distribute performance bonuses.

　　（三）成熟期

　　（3） Mature period

　　公司发展到成熟期，已经拥有较大经营规模和一定行业地位，市场份额相对稳定，盈利能力强，现金流充裕。在此阶段，股权激励的主要功能应是维持企业活力，预防人才流失，助力公司可持续发展。因此，如公司暂时没有登陆境内资本市场计划的，我们建议优先选择现金结算类工具，此模式即可以通过现金对员工进行大规模激励，又能避免公司股权结构的变化；如公司存在明确的境内IPO计划的，我们则推荐使用权益结算类工具中的限制性股票，以防止因采用虚拟股激励等现金结算类工具而造成的公司股权结构不清晰，给公司上市造成实质法律障碍。

　　The company has reached a mature stage of development, with a large operating scale and a certain industry position, relatively stable market share, strong profitability, and abundant cash flow. At this stage, the main function of equity incentives should be to maintain the vitality of the enterprise, prevent talent loss, and support the sustainable development of the company. Therefore, if the company does not currently have plans to enter the domestic capital market, we recommend prioritizing cash settlement tools. This model can provide large-scale incentives to employees through cash while avoiding changes in the company's equity structure; If the company has a clear domestic IPO plan, we recommend using restricted stocks in equity settlement tools to prevent unclear equity structure caused by the use of virtual stock incentives and other cash settlement tools, which may create substantive legal barriers to the company's listing.

　　（四）瓶颈期

　　（4） Bottleneck period

　　在公司经过高成长期及成熟期后，尤其是处于产业调整阶段的瓶颈期时，实股激励已不具有吸引力，公司应当优先通过现金激励的方式，激发员工为公司的创新和转型提供支持，帮助公司突破发展瓶颈。

　　After the company has gone through a period of high growth and maturity, especially during the bottleneck period of industrial adjustment, real stock incentives are no longer attractive. The company should prioritize cash incentives to stimulate employees to provide support for the company's innovation and transformation, and help the company break through development bottlenecks.

　　三、需要考虑的其他因素

　　3、 Other factors to consider

　　（一）盈利状况

　　（1） Profit situation

　　公司在不同的盈利状况和盈利预期下，需要审慎考虑是否实施股权激励以及选择何种股权激励方案。若公司拥有充足的现金流和资本积累，可以为股权激励提供财务支持，通过选择多种股权激励模式实现利益最大化；当公司盈利稳定但面临增长放缓的挑战时，实施股权激励可以成为激发员工潜能、推动创新和转型的有效手段，选择那些能够激励员工积极寻求改进和创新模式的股权激励方案；若盈利状况不佳或对预期盈利持悲观态度时，实施股权激励需要更加谨慎。

　　Companies need to carefully consider whether to implement equity incentives and which equity incentive plan to choose under different profit conditions and profit expectations. If the company has sufficient cash flow and capital accumulation, it can provide financial support for equity incentives and achieve maximum benefits by choosing multiple equity incentive models; When a company has stable profits but faces the challenge of slowing growth, implementing equity incentives can be an effective means to stimulate employee potential, promote innovation and transformation. Choose equity incentive plans that can motivate employees to actively seek improvement and innovation models; If the profit situation is poor or there is a pessimistic attitude towards expected profits, implementing equity incentives needs to be more cautious.

　　（二）法律监管环境

　　（2） Legal regulatory environment

　　现行法律法规对公众公司实施的股权激励已有较为明确的监管规则，沪深北各交易所及全国中小企业股份转让系统亦对公众公司以限制性股票、股票期权、员工持股计划等方式实行股权激励的实施条件、程序和操作要点进行了规范。

　　The current laws and regulations have clear regulatory rules for equity incentives implemented by public companies. The stock exchanges in Shanghai, Shenzhen, and North China, as well as the National Equities Exchange and Quotations system for small and medium-sized enterprises, have also standardized the implementation conditions, procedures, and operational points for equity incentives implemented by public companies through restricted stocks, stock options, employee stock ownership plans, and other means.

　　但对于非公众公司而言，实施股权激励则缺乏相应具有操作性的指引，主要适用《公司法》、《合伙企业法》等一般规定。实践中，大量非公众公司，尤其是科技型、创业型公司，普遍通过借鉴并改造上市公司的股权激励方式设计适合自身需求的股权激励方案，从实践操作来看，常见方式主要为权益结算类中的限制性股票和业绩股票两种。若非公众公司在股权激励方案有效期内拟进行新三板挂牌或IPO申报的，应结合相关监管规则设计符合拟上市板块要求的股权激励方案。

　　However, for non-public companies, the implementation of equity incentives lacks corresponding operational guidelines, mainly applicable to general provisions such as the Company Law and the Partnership Enterprise Law. In practice, a large number of non-public companies, especially technology and entrepreneurial companies, generally design equity incentive plans that are suitable for their own needs by drawing on and transforming the equity incentive methods of listed companies. From a practical perspective, the common methods mainly include restricted stocks and performance stocks in the equity settlement category. If a non-public company intends to list on the New Third Board or apply for IPO during the validity period of the equity incentive plan, it should design an equity incentive plan that meets the requirements of the proposed listing sector in accordance with relevant regulatory rules.

　　总结

　　summary

　　综上所述，公司在决定是否实施股权激励以及选择何种激励方案时，需要综合考虑自身的发展阶段、盈利状况、市场环境、员工结构以及财务能力等多方面因素。在符合法规法规的前提下，选择合适的激励时机与方式，有助于实现股权激励的最佳效果。

　　In summary, when deciding whether to implement equity incentives and what incentive plan to choose, companies need to comprehensively consider various factors such as their own development stage, profitability, market environment, employee structure, and financial ability. On the premise of complying with laws and regulations, choosing appropriate incentive timing and methods can help achieve the best results of equity incentives.

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