股权激励是激发员工积极性、加强团队凝聚力和提高经营效率的重要手段。在股权激励的实施过程中，激励对象可以直接持有公司股权，也可以通过持股平台间接持有公司股权。公司可根据激励目标、员工类别和预期效果，结合实际情况选择最合适的激励载体。以下是一些可供考量的选择因素，供企业家参考。

　　Equity incentives are an important means to stimulate employee motivation, strengthen team cohesion, and improve business efficiency. In the implementation process of equity incentives, incentive recipients can directly hold company equity or indirectly hold company equity through shareholding platforms. The company can choose the most suitable incentive carrier based on the incentive goals, employee categories, and expected effects, combined with the actual situation. Here are some selection factors to consider for entrepreneurs to refer to.

　　一、直接持股直接持股即激励对象以个人名义直接持有公司股权，具体如下图所示：

　　1、 Direct shareholding refers to the incentive object directly holding company equity in their personal name, as shown in the following figure:

　　1. 优势（1）可行使股东权利，激励效果明显激励对象通过直接持股可以取得股东身份，有权参与公司治理并行使相应的股东权利，直观的感受自身行为对公司利益的影响，通过与公司利益的紧密绑定，更有助于激发其工作积极性和创造力。（2）减持便捷，符合条件可享受税收优惠若公司未来拟登陆资本市场，直接持股的激励对象在锁定期届满后便可在二级市场减持，退出渠道通畅。同时，根据《关于上市公司股息红利差别化个人所得税政策有关问题的通知》和《关于继续实施全国中小企业股份转让系统挂牌公司股息红利差别化个人所得税政策的公告》的相关规定，持股超过一定期限的激励对象在缴纳股息红利所得税时还可以享受一定减免，具体如下：

　　1. Advantage (1): It is feasible to exercise shareholder rights, and the incentive effect is obvious. The incentive object can obtain shareholder status through direct shareholding, have the right to participate in corporate governance and exercise corresponding shareholder rights, and intuitively feel the impact of their own behavior on the company's interests. By closely binding with the company's interests, it is more conducive to stimulating their work enthusiasm and creativity. (2) Reducing holdings is convenient and eligible for tax incentives. If the company plans to enter the capital market in the future, incentive recipients who directly hold shares can reduce their holdings in the secondary market after the lock up period expires, and the exit channel is smooth. At the same time, according to the relevant provisions of the "Notice on Issues Concerning Differentiated Personal Income Tax Policies for Dividends and Dividends of Listed Companies" and the "Announcement on Continuing to Implement Differentiated Personal Income Tax Policies for Dividends and Dividends of Listed Companies on the National Equities Exchange and Quotations", incentive recipients who hold shares for more than a certain period of time can also enjoy certain reductions and exemptions when paying dividend income tax, as follows:

　　2. 劣势（1）增加公司的管理成本对于公司而言，如果直接持有公司股权的激励对象人数较多，公司集中管理难度将会成倍增加，例如，当激励对象因离职等原因导致持股情况频繁变动的，公司将不得不办理工商登记变更手续并履行相关内部决策程序，对公司的高效运营产生不利影响。（2）增加股权分散的风险直接持股可能导致公司股权过于分散，影响公司的控制权稳定。比如，当众多激励对象与公司创始人的意见发生分歧时，通过股东会投反对票可能会阻碍公司快速形成有效决策。又如，若公司未能对激励股权设置限售规定或激励股权已经解除限售的，激励对象将有权通过股权转让的方式为公司引入新的股东，这可能导致公司股权结构的变动不受创始团队控制，包括但不限于引入不适格股东影响公司IPO进程、引入存在竞业限制的人员影响公司业务拓展等。除股东因出资瑕疵导致失权外，新《公司法》和现行《公司法》均未规定股东强制除名/失权的其他制度，即在公司与激励对象出现不可调和的矛盾时，公司较难形成有效股东会决议强制要求激励对象退出公司。（3）激励人数有限需要特别注意的是，对于非公众公司而言，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。向特定对象发行证券累计超过200人的将被视为《证券法》的公开发行，需报经国务院证券监督管理机构或者国务院授权的部门注册。公司在确定直接持股的激励对象数量时需注意符合法律法规的上限规定。

　　2. Disadvantage (1) Increased management costs for the company. For the company, if there are a large number of incentive objects directly holding the company's equity, the difficulty of centralized management will increase exponentially. For example, if the incentive objects frequently change their shareholding due to reasons such as resignation, the company will have to handle the procedures for industrial and commercial registration changes and fulfill relevant internal decision-making procedures, which will have a negative impact on the efficient operation of the company. (2) The risk of increasing equity diversification through direct shareholding may lead to excessive diversification of the company's equity, affecting the stability of the company's control. For example, when there are disagreements between the opinions of many incentive targets and the company founder, voting against them through the shareholders' meeting may hinder the company from quickly forming effective decisions. For example, if the company fails to set restrictions on the sale of incentive equity or if the incentive equity has been released from restrictions, the incentive recipient will have the right to introduce new shareholders to the company through equity transfer, which may result in changes in the company's equity structure that are not controlled by the founding team, including but not limited to the introduction of unqualified shareholders affecting the company's IPO process, the introduction of personnel with non compete restrictions affecting the company's business expansion, etc. Except for shareholders who lose their rights due to defects in their capital contributions, neither the new Company Law nor the current Company Law provide for other systems for compulsory expulsion/loss of rights of shareholders. That is, when there is an irreconcilable conflict between the company and the incentive object, it is difficult for the company to form an effective shareholder meeting resolution to force the incentive object to withdraw from the company. (3) Special attention should be paid to the limited number of incentivized individuals. For non-public companies, 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. Issuing securities to a specific target with a cumulative total of more than 200 people will be considered as a public offering under the Securities Law and must be registered with the securities regulatory authority under the State Council or a department authorized by the State Council. When determining the number of incentive targets for direct shareholding, companies should pay attention to complying with the upper limit provisions of laws and regulations.

　　3. 适用的激励对象类型通过直接持股方式激励的员工不宜过多，激励对象通常适用于公司的高级管理人员、核心技术人员以及对公司发展有重大贡献的少数核心员工。在确认直接持股的激励对象范围前，公司应对激励对象的工作能力及职业操守进行深入了解和细致评估，确保该等直接持股的激励对象对公司的发展方向、未来规划和战略目标与创始团队保持基本一致的认识和期待。

　　3. The types of incentive objects applicable should not be too many employees who are directly incentivized through shareholding. Incentive objects are usually suitable for senior management personnel, core technical personnel, and a small number of core employees who have made significant contributions to the development of the company. Before confirming the scope of incentive targets for direct shareholding, the company should conduct a thorough understanding and detailed evaluation of the work ability and professional ethics of the incentive targets to ensure that they have a fundamentally consistent understanding and expectation of the company's development direction, future plans, and strategic goals with the founding team.

　　二、间接持股间接持股指激励对象通过持股平台间接持有公司股权，实务中，常用的持股平台主要包括有限责任公司、有限合伙企业两类，具体如下图所示：

　　2、 Indirect shareholding is an incentive for indirect stock index holders to indirectly hold company equity through shareholding platforms. In practice, commonly used shareholding platforms mainly include limited liability companies and limited partnership enterprises, as shown in the following figure:

　　1. 优势（1）保持公司控制权稳定通过间接持股的方式，创始人可通过控制持股平台来增强对公司的控制权，并进一步主导持股平台表决权的行使。比如，以公司作为持股平台的，持股超过50%即可取得相对控制权，持股超过67%即享有绝对控制权；新《公司法》实施后，持股平台也可以通过设置特别表决权股的方式，使创始人以较少的股权享有对持股平台具有控制力的投票权；如以有限合伙企业作为持股平台的，创始人仅需持有较少的合伙份额并担任普通合伙人便可实现对持股平台的控制，在该等情形下，尽管创始人作为普通合伙人需对合伙企业承担无限责任，但若该合伙企业仅作为员工持股平台的载体而无其他经营安排的，其整体风险相对可控。如创始人仍希望进一步降低无限责任风险的，可以考虑通过再设立一个夹层公司担任普通合伙人来实现。（2）便于统一管理及风险隔离当激励对象因离职等原因需要退出股权激励计划时，间接持股的安排仅需在持股平台内部调整股权结构或合伙份额，操作简单快捷，不会直接影响公司的股权结构。就两种持股平台对比而言，有限合伙企业比有限责任公司更具有人合性，合伙人之间的权利义务关系、收益分配方式、入伙退伙程序等均可以通过合伙协议自行约定。除此之外，实践中往往通过合伙协议授予执行事务合伙人较大权限，除法定保留事项外，执行事务合伙人有权单独处理绝大部分合伙事务，包括但不限于授权其办理退伙事项并签署变更所需文件的权利，激励对象进出程序灵活，这样的设置使得有限合伙企业持股平台更有利于公司及创始人加强对持股平台的控制和对激励对象的约束。此外，当激励对象与公司发生争议时，直接持股的形式极容易演变为股东诉讼，而设置持股平台的作用，在于这道“防火墙”可以使得该等诉讼或纠纷能够在持股平台内解决，从而达到风险隔离的效果。（3）上市时不直接受锁定规则限制新《公司法》及现行《公司法》均规定，公司公开发行股份前已发行的股份，自公司股票在证券交易所上市交易之日起一年内不得转让，即若公司存在上市计划且在上市之前已实施股权激励的，直接持股股东（含激励对象）锁定期至少为1年，实际控制人及其一致行动人的近亲属、董监高的锁定期根据不同上市板块规则执行。而现行监管规则对激励对象减持其持有的持股平台股权或份额未进行限制，即不适用直接持股法定锁定期1年的规则，但激励对象有其他特殊身份，或进行自愿性承诺的除外。（4）扩大股权激励人数当公司激励对象人数众多时，间接持股的方式可以通过搭设多个持股平台，突破直接持股时的股东人数上限。

　　1. Advantage (1) Maintaining stable control of the company. Through indirect shareholding, founders can enhance their control over the company by controlling the shareholding platform and further lead the exercise of voting rights on the platform. For example, if a company serves as a holding platform, holding more than 50% of the shares will grant relative control, while holding more than 67% will grant absolute control; After the implementation of the new Company Law, shareholding platforms can also establish special voting rights shares to enable founders to enjoy voting rights that control the shareholding platform with less equity; If a limited partnership enterprise is used as the holding platform, the founder only needs to hold a small number of partnership shares and serve as a general partner to achieve control over the holding platform. In such a situation, although the founder as a general partner needs to bear unlimited liability for the partnership enterprise, if the partnership enterprise only serves as a carrier for employee holding platforms without other business arrangements, its overall risk is relatively controllable. If the founder still wishes to further reduce the risk of unlimited liability, it may be considered to establish another mezzanine company as a general partner to achieve this. (2) For the convenience of unified management and risk isolation, when the incentive object needs to withdraw from the equity incentive plan due to reasons such as resignation, the arrangement of indirect shareholding only requires adjusting the equity structure or partnership shares within the shareholding platform. The operation is simple and fast, and will not directly affect the company's equity structure. Compared to limited liability companies, limited partnerships are more humane in terms of the two types of shareholding platforms. The rights and obligations between partners, the distribution of profits, and the procedures for joining and leaving the partnership can all be agreed upon through the partnership agreement. In addition, in practice, the executing partner is often granted greater authority through a partnership agreement. Except for legally reserved matters, the executing partner has the right to independently handle the vast majority of partnership affairs, including but not limited to the right to authorize them to handle withdrawal matters and sign necessary documents for changes. The incentive objects have flexible entry and exit procedures, which makes the limited partnership enterprise's shareholding platform more conducive to the company and founders strengthening their control over the shareholding platform and constraining the incentive objects. In addition, when there is a dispute between the incentive object and the company, the form of direct shareholding is prone to evolve into shareholder litigation. The role of setting up a shareholding platform is that this "firewall" can enable such litigation or disputes to be resolved within the shareholding platform, thereby achieving the effect of risk isolation. (3) Both the new Company Law and the current Company Law stipulate that shares issued by a company before its public offering shall not be transferred within one year from the date of listing on the stock exchange. If the company has a listing plan and has implemented equity incentives before listing, the lock up period for direct shareholders (including incentive recipients) shall be at least one year. The lock up period for the close relatives, directors, and supervisors of the actual controller and its concerted action persons shall be executed according to the rules of different listing sectors. The current regulatory rules do not restrict incentive recipients from reducing their holdings of equity or shares in the holding platform, that is, the rule of a one-year statutory lock up period for direct shareholding does not apply, except for incentive recipients with other special identities or voluntary commitments. (4) Expanding the number of equity incentives: When a company has a large number of incentive targets, indirect shareholding can be achieved by setting up multiple shareholding platforms to break through the upper limit of direct shareholding.

　　2. 劣势（1）退出通道不畅间接持股虽有其优势，但也存在无法回避的劣势。对于激励对象而言，间接持有的公司股权在公司IPO时虽不适用直接持股的法定锁定期，但由于其无法在二级市场减持，因此其流动性和退出通常较直接持股更为狭窄。但对公司而言，这种持股模式可以较好的鼓励激励对象更加专注于激励股权带来的分红收益，促使激励对象积极提升公司利润，支持和执行公司成本控制措施以及各项制度，有助于公司的长期健康发展。（2）可能涉及双重缴税选择以公司作为持股平台的，若激励对象通过转让持股平台直接持有的公司股权实现变现的，就转让所得需要双重征税，税收负担较直接持股和以有限合伙企业间接持股（详见前文：创始人如何选择持股方式？）更重。

　　2. Disadvantage (1) The exit channel is not smooth. Although indirect shareholding has its advantages, there are also unavoidable disadvantages. For incentive recipients, although indirect holdings of company equity are not subject to the statutory lock up period for direct holdings during the company's IPO, their liquidity and exit are usually narrower than direct holdings because they cannot reduce their holdings in the secondary market. But for companies, this shareholding model can effectively encourage incentive recipients to focus more on the dividend income brought by incentive equity, encourage incentive recipients to actively improve company profits, support and implement cost control measures and various systems, and contribute to the long-term healthy development of the company. (2) Double taxation may be involved in choosing the company as the holding platform. If the incentive object realizes realization by transferring the company's equity directly held by the holding platform, the transfer income needs to be subject to double taxation, and the tax burden is heavier than direct shareholding and indirect shareholding in a limited partnership enterprise (see previous section: How do founders choose shareholding methods?).

　　3. 适用场景间接持股的激励方式通常适用于公司的中高层管理人员、业务骨干以及其他优秀员工，在符合各持股平台人数上限的情况下，可以通过搭设多个持股平台激励更多的员工。

　　3. The incentive method of indirect shareholding is usually applicable to the middle and senior management, business backbone, and other outstanding employees of the company. In the case of meeting the upper limit of the number of employees on each shareholding platform, more employees can be incentivized by setting up multiple shareholding platforms.

　　总结

　　summary

　　股权流动性：直接持股，较高；间接持股，较低；

　　Equity liquidity: direct shareholding, relatively high; Indirect shareholding, relatively low;

　　锁定期：直接持股，公司上市后至少一年；间接持股，除另有约定、承诺或具有其他需锁定的身份外，减持其持有的持股平台股权或份额无限制。；

　　Lock up period: direct shareholding, at least one year after the company goes public; Indirect shareholding, unless otherwise agreed, promised, or has other identity that needs to be locked, has no restrictions on reducing the equity or shares of the shareholding platform it holds.;

　　管理难度：直接持股，股权分散，较难管理;激励对象股权变动将直接改变公司股权结构；间接持股，便于统一管理与约束，保持公司控制权较稳定;激励对象股权变动不直接改变公司股权结构；

　　Management difficulty: Direct shareholding, dispersed equity, difficult to manage; The equity change of the incentive object will directly change the company's equity structure; Indirect shareholding facilitates unified management and restraint, maintaining stable control over the company; The equity change of the incentive object does not directly change the company's equity structure;

　　税收：直接持股，个人所得税；间接持股，以公司作为持股平台涉及双重税收；

　　Taxation: direct shareholding, personal income tax; Indirect shareholding, using the company as a shareholding platform involves double taxation;

　　适用场景：直接持股，高级管理人员、核心技术人员以及对公司发展有重大贡献的少数核心员工；间接持股，中高层管理人员、业务骨干以及其他优秀员工；

　　Applicable scenarios: direct shareholding, senior management, core technical personnel, and a small number of core employees who have made significant contributions to the company's development; Indirect shareholding, middle and senior management personnel, business backbone, and other outstanding employees;

　　本文由 山东股权激励  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 about Shandong Equity Incentive Friendship Dedication 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.　　股权激励是激发员工积极性、加强团队凝聚力和提高经营效率的重要手段。在股权激励的实施过程中，激励对象可以直接持有公司股权，也可以通过持股平台间接持有公司股权。公司可根据激励目标、员工类别和预期效果，结合实际情况选择最合适的激励载体。以下是一些可供考量的选择因素，供企业家参考。

　　Equity incentives are an important means to stimulate employee motivation, strengthen team cohesion, and improve business efficiency. In the implementation process of equity incentives, incentive recipients can directly hold company equity or indirectly hold company equity through shareholding platforms. The company can choose the most suitable incentive carrier based on the incentive goals, employee categories, and expected effects, combined with the actual situation. Here are some selection factors to consider for entrepreneurs to refer to.

　　一、直接持股直接持股即激励对象以个人名义直接持有公司股权，具体如下图所示：

　　1、 Direct shareholding refers to the incentive object directly holding company equity in their personal name, as shown in the following figure:

　　1. 优势（1）可行使股东权利，激励效果明显激励对象通过直接持股可以取得股东身份，有权参与公司治理并行使相应的股东权利，直观的感受自身行为对公司利益的影响，通过与公司利益的紧密绑定，更有助于激发其工作积极性和创造力。（2）减持便捷，符合条件可享受税收优惠若公司未来拟登陆资本市场，直接持股的激励对象在锁定期届满后便可在二级市场减持，退出渠道通畅。同时，根据《关于上市公司股息红利差别化个人所得税政策有关问题的通知》和《关于继续实施全国中小企业股份转让系统挂牌公司股息红利差别化个人所得税政策的公告》的相关规定，持股超过一定期限的激励对象在缴纳股息红利所得税时还可以享受一定减免，具体如下：

　　1. Advantage (1): It is feasible to exercise shareholder rights, and the incentive effect is obvious. The incentive object can obtain shareholder status through direct shareholding, have the right to participate in corporate governance and exercise corresponding shareholder rights, and intuitively feel the impact of their own behavior on the company's interests. By closely binding with the company's interests, it is more conducive to stimulating their work enthusiasm and creativity. (2) Reducing holdings is convenient and eligible for tax incentives. If the company plans to enter the capital market in the future, incentive recipients who directly hold shares can reduce their holdings in the secondary market after the lock up period expires, and the exit channel is smooth. At the same time, according to the relevant provisions of the "Notice on Issues Concerning Differentiated Personal Income Tax Policies for Dividends and Dividends of Listed Companies" and the "Announcement on Continuing to Implement Differentiated Personal Income Tax Policies for Dividends and Dividends of Listed Companies on the National Equities Exchange and Quotations", incentive recipients who hold shares for more than a certain period of time can also enjoy certain reductions and exemptions when paying dividend income tax, as follows:

　　2. 劣势（1）增加公司的管理成本对于公司而言，如果直接持有公司股权的激励对象人数较多，公司集中管理难度将会成倍增加，例如，当激励对象因离职等原因导致持股情况频繁变动的，公司将不得不办理工商登记变更手续并履行相关内部决策程序，对公司的高效运营产生不利影响。（2）增加股权分散的风险直接持股可能导致公司股权过于分散，影响公司的控制权稳定。比如，当众多激励对象与公司创始人的意见发生分歧时，通过股东会投反对票可能会阻碍公司快速形成有效决策。又如，若公司未能对激励股权设置限售规定或激励股权已经解除限售的，激励对象将有权通过股权转让的方式为公司引入新的股东，这可能导致公司股权结构的变动不受创始团队控制，包括但不限于引入不适格股东影响公司IPO进程、引入存在竞业限制的人员影响公司业务拓展等。除股东因出资瑕疵导致失权外，新《公司法》和现行《公司法》均未规定股东强制除名/失权的其他制度，即在公司与激励对象出现不可调和的矛盾时，公司较难形成有效股东会决议强制要求激励对象退出公司。（3）激励人数有限需要特别注意的是，对于非公众公司而言，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。向特定对象发行证券累计超过200人的将被视为《证券法》的公开发行，需报经国务院证券监督管理机构或者国务院授权的部门注册。公司在确定直接持股的激励对象数量时需注意符合法律法规的上限规定。

　　2. Disadvantage (1) Increased management costs for the company. For the company, if there are a large number of incentive objects directly holding the company's equity, the difficulty of centralized management will increase exponentially. For example, if the incentive objects frequently change their shareholding due to reasons such as resignation, the company will have to handle the procedures for industrial and commercial registration changes and fulfill relevant internal decision-making procedures, which will have a negative impact on the efficient operation of the company. (2) The risk of increasing equity diversification through direct shareholding may lead to excessive diversification of the company's equity, affecting the stability of the company's control. For example, when there are disagreements between the opinions of many incentive targets and the company founder, voting against them through the shareholders' meeting may hinder the company from quickly forming effective decisions. For example, if the company fails to set restrictions on the sale of incentive equity or if the incentive equity has been released from restrictions, the incentive recipient will have the right to introduce new shareholders to the company through equity transfer, which may result in changes in the company's equity structure that are not controlled by the founding team, including but not limited to the introduction of unqualified shareholders affecting the company's IPO process, the introduction of personnel with non compete restrictions affecting the company's business expansion, etc. Except for shareholders who lose their rights due to defects in their capital contributions, neither the new Company Law nor the current Company Law provide for other systems for compulsory expulsion/loss of rights of shareholders. That is, when there is an irreconcilable conflict between the company and the incentive object, it is difficult for the company to form an effective shareholder meeting resolution to force the incentive object to withdraw from the company. (3) Special attention should be paid to the limited number of incentivized individuals. For non-public companies, 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. Issuing securities to a specific target with a cumulative total of more than 200 people will be considered as a public offering under the Securities Law and must be registered with the securities regulatory authority under the State Council or a department authorized by the State Council. When determining the number of incentive targets for direct shareholding, companies should pay attention to complying with the upper limit provisions of laws and regulations.

　　3. 适用的激励对象类型通过直接持股方式激励的员工不宜过多，激励对象通常适用于公司的高级管理人员、核心技术人员以及对公司发展有重大贡献的少数核心员工。在确认直接持股的激励对象范围前，公司应对激励对象的工作能力及职业操守进行深入了解和细致评估，确保该等直接持股的激励对象对公司的发展方向、未来规划和战略目标与创始团队保持基本一致的认识和期待。

　　3. The types of incentive objects applicable should not be too many employees who are directly incentivized through shareholding. Incentive objects are usually suitable for senior management personnel, core technical personnel, and a small number of core employees who have made significant contributions to the development of the company. Before confirming the scope of incentive targets for direct shareholding, the company should conduct a thorough understanding and detailed evaluation of the work ability and professional ethics of the incentive targets to ensure that they have a fundamentally consistent understanding and expectation of the company's development direction, future plans, and strategic goals with the founding team.

　　二、间接持股间接持股指激励对象通过持股平台间接持有公司股权，实务中，常用的持股平台主要包括有限责任公司、有限合伙企业两类，具体如下图所示：

　　2、 Indirect shareholding is an incentive for indirect stock index holders to indirectly hold company equity through shareholding platforms. In practice, commonly used shareholding platforms mainly include limited liability companies and limited partnership enterprises, as shown in the following figure:

　　1. 优势（1）保持公司控制权稳定通过间接持股的方式，创始人可通过控制持股平台来增强对公司的控制权，并进一步主导持股平台表决权的行使。比如，以公司作为持股平台的，持股超过50%即可取得相对控制权，持股超过67%即享有绝对控制权；新《公司法》实施后，持股平台也可以通过设置特别表决权股的方式，使创始人以较少的股权享有对持股平台具有控制力的投票权；如以有限合伙企业作为持股平台的，创始人仅需持有较少的合伙份额并担任普通合伙人便可实现对持股平台的控制，在该等情形下，尽管创始人作为普通合伙人需对合伙企业承担无限责任，但若该合伙企业仅作为员工持股平台的载体而无其他经营安排的，其整体风险相对可控。如创始人仍希望进一步降低无限责任风险的，可以考虑通过再设立一个夹层公司担任普通合伙人来实现。（2）便于统一管理及风险隔离当激励对象因离职等原因需要退出股权激励计划时，间接持股的安排仅需在持股平台内部调整股权结构或合伙份额，操作简单快捷，不会直接影响公司的股权结构。就两种持股平台对比而言，有限合伙企业比有限责任公司更具有人合性，合伙人之间的权利义务关系、收益分配方式、入伙退伙程序等均可以通过合伙协议自行约定。除此之外，实践中往往通过合伙协议授予执行事务合伙人较大权限，除法定保留事项外，执行事务合伙人有权单独处理绝大部分合伙事务，包括但不限于授权其办理退伙事项并签署变更所需文件的权利，激励对象进出程序灵活，这样的设置使得有限合伙企业持股平台更有利于公司及创始人加强对持股平台的控制和对激励对象的约束。此外，当激励对象与公司发生争议时，直接持股的形式极容易演变为股东诉讼，而设置持股平台的作用，在于这道“防火墙”可以使得该等诉讼或纠纷能够在持股平台内解决，从而达到风险隔离的效果。（3）上市时不直接受锁定规则限制新《公司法》及现行《公司法》均规定，公司公开发行股份前已发行的股份，自公司股票在证券交易所上市交易之日起一年内不得转让，即若公司存在上市计划且在上市之前已实施股权激励的，直接持股股东（含激励对象）锁定期至少为1年，实际控制人及其一致行动人的近亲属、董监高的锁定期根据不同上市板块规则执行。而现行监管规则对激励对象减持其持有的持股平台股权或份额未进行限制，即不适用直接持股法定锁定期1年的规则，但激励对象有其他特殊身份，或进行自愿性承诺的除外。（4）扩大股权激励人数当公司激励对象人数众多时，间接持股的方式可以通过搭设多个持股平台，突破直接持股时的股东人数上限。

　　1. Advantage (1) Maintaining stable control of the company. Through indirect shareholding, founders can enhance their control over the company by controlling the shareholding platform and further lead the exercise of voting rights on the platform. For example, if a company serves as a holding platform, holding more than 50% of the shares will grant relative control, while holding more than 67% will grant absolute control; After the implementation of the new Company Law, shareholding platforms can also establish special voting rights shares to enable founders to enjoy voting rights that control the shareholding platform with less equity; If a limited partnership enterprise is used as the holding platform, the founder only needs to hold a small number of partnership shares and serve as a general partner to achieve control over the holding platform. In such a situation, although the founder as a general partner needs to bear unlimited liability for the partnership enterprise, if the partnership enterprise only serves as a carrier for employee holding platforms without other business arrangements, its overall risk is relatively controllable. If the founder still wishes to further reduce the risk of unlimited liability, it may be considered to establish another mezzanine company as a general partner to achieve this. (2) For the convenience of unified management and risk isolation, when the incentive object needs to withdraw from the equity incentive plan due to reasons such as resignation, the arrangement of indirect shareholding only requires adjusting the equity structure or partnership shares within the shareholding platform. The operation is simple and fast, and will not directly affect the company's equity structure. Compared to limited liability companies, limited partnerships are more humane in terms of the two types of shareholding platforms. The rights and obligations between partners, the distribution of profits, and the procedures for joining and leaving the partnership can all be agreed upon through the partnership agreement. In addition, in practice, the executing partner is often granted greater authority through a partnership agreement. Except for legally reserved matters, the executing partner has the right to independently handle the vast majority of partnership affairs, including but not limited to the right to authorize them to handle withdrawal matters and sign necessary documents for changes. The incentive objects have flexible entry and exit procedures, which makes the limited partnership enterprise's shareholding platform more conducive to the company and founders strengthening their control over the shareholding platform and constraining the incentive objects. In addition, when there is a dispute between the incentive object and the company, the form of direct shareholding is prone to evolve into shareholder litigation. The role of setting up a shareholding platform is that this "firewall" can enable such litigation or disputes to be resolved within the shareholding platform, thereby achieving the effect of risk isolation. (3) Both the new Company Law and the current Company Law stipulate that shares issued by a company before its public offering shall not be transferred within one year from the date of listing on the stock exchange. If the company has a listing plan and has implemented equity incentives before listing, the lock up period for direct shareholders (including incentive recipients) shall be at least one year. The lock up period for the close relatives, directors, and supervisors of the actual controller and its concerted action persons shall be executed according to the rules of different listing sectors. The current regulatory rules do not restrict incentive recipients from reducing their holdings of equity or shares in the holding platform, that is, the rule of a one-year statutory lock up period for direct shareholding does not apply, except for incentive recipients with other special identities or voluntary commitments. (4) Expanding the number of equity incentives: When a company has a large number of incentive targets, indirect shareholding can be achieved by setting up multiple shareholding platforms to break through the upper limit of direct shareholding.

　　2. 劣势（1）退出通道不畅间接持股虽有其优势，但也存在无法回避的劣势。对于激励对象而言，间接持有的公司股权在公司IPO时虽不适用直接持股的法定锁定期，但由于其无法在二级市场减持，因此其流动性和退出通常较直接持股更为狭窄。但对公司而言，这种持股模式可以较好的鼓励激励对象更加专注于激励股权带来的分红收益，促使激励对象积极提升公司利润，支持和执行公司成本控制措施以及各项制度，有助于公司的长期健康发展。（2）可能涉及双重缴税选择以公司作为持股平台的，若激励对象通过转让持股平台直接持有的公司股权实现变现的，就转让所得需要双重征税，税收负担较直接持股和以有限合伙企业间接持股（详见前文：创始人如何选择持股方式？）更重。

　　2. Disadvantage (1) The exit channel is not smooth. Although indirect shareholding has its advantages, there are also unavoidable disadvantages. For incentive recipients, although indirect holdings of company equity are not subject to the statutory lock up period for direct holdings during the company's IPO, their liquidity and exit are usually narrower than direct holdings because they cannot reduce their holdings in the secondary market. But for companies, this shareholding model can effectively encourage incentive recipients to focus more on the dividend income brought by incentive equity, encourage incentive recipients to actively improve company profits, support and implement cost control measures and various systems, and contribute to the long-term healthy development of the company. (2) Double taxation may be involved in choosing the company as the holding platform. If the incentive object realizes realization by transferring the company's equity directly held by the holding platform, the transfer income needs to be subject to double taxation, and the tax burden is heavier than direct shareholding and indirect shareholding in a limited partnership enterprise (see previous section: How do founders choose shareholding methods?).

　　3. 适用场景间接持股的激励方式通常适用于公司的中高层管理人员、业务骨干以及其他优秀员工，在符合各持股平台人数上限的情况下，可以通过搭设多个持股平台激励更多的员工。

　　3. The incentive method of indirect shareholding is usually applicable to the middle and senior management, business backbone, and other outstanding employees of the company. In the case of meeting the upper limit of the number of employees on each shareholding platform, more employees can be incentivized by setting up multiple shareholding platforms.

　　总结

　　summary

　　股权流动性：直接持股，较高；间接持股，较低；

　　Equity liquidity: direct shareholding, relatively high; Indirect shareholding, relatively low;

　　锁定期：直接持股，公司上市后至少一年；间接持股，除另有约定、承诺或具有其他需锁定的身份外，减持其持有的持股平台股权或份额无限制。；

　　Lock up period: direct shareholding, at least one year after the company goes public; Indirect shareholding, unless otherwise agreed, promised, or has other identity that needs to be locked, has no restrictions on reducing the equity or shares of the shareholding platform it holds.;

　　管理难度：直接持股，股权分散，较难管理;激励对象股权变动将直接改变公司股权结构；间接持股，便于统一管理与约束，保持公司控制权较稳定;激励对象股权变动不直接改变公司股权结构；

　　Management difficulty: Direct shareholding, dispersed equity, difficult to manage; The equity change of the incentive object will directly change the company's equity structure; Indirect shareholding facilitates unified management and restraint, maintaining stable control over the company; The equity change of the incentive object does not directly change the company's equity structure;

　　税收：直接持股，个人所得税；间接持股，以公司作为持股平台涉及双重税收；

　　Taxation: direct shareholding, personal income tax; Indirect shareholding, using the company as a shareholding platform involves double taxation;

　　适用场景：直接持股，高级管理人员、核心技术人员以及对公司发展有重大贡献的少数核心员工；间接持股，中高层管理人员、业务骨干以及其他优秀员工；

　　Applicable scenarios: direct shareholding, senior management, core technical personnel, and a small number of core employees who have made significant contributions to the company's development; Indirect shareholding, middle and senior management personnel, business backbone, and other outstanding employees;

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