非公众公司在实施股权激励时，激励股权来源主要有股权转让和增资两种，不同激励股权来源对公司股权结构、认购价款流转路径和缴税义务等方面将产生不同影响。以下是这两种激励股权来源的对比和分析，供企业家参考。

　　When non-public companies implement equity incentives, the main sources of incentive equity are equity transfer and capital increase. Different sources of incentive equity will have different impacts on the company's equity structure, subscription price circulation path, and tax obligations. The following is a comparison and analysis of these two sources of incentive equity for entrepreneurs' reference.

　　一、股权转让指激励对象通过受让现有股东持有的公司股权的方式来获得激励股权，激励股权来源通常为实际控制人、创始团队或其他拟出让公司股权的公司现有股东。该种方式的交易双方为现有股东与激励对象，激励对象需将激励股权认购价款直接支付至拟转让股权的现有股东，现有股东根据转让所得缴纳所得税。若现有股东为自然人的，根据《关于完善股权激励和技术入股有关所得税政策的通知》（财税(2016)101号）的规定，实施股权激励的公司为个人所得税扣缴义务人。

　　1、 Equity transfer refers to the incentive object obtaining incentive equity by acquiring the company's equity held by existing shareholders. The source of incentive equity is usually the actual controller, founding team, or other existing shareholders of the company who intend to transfer the company's equity. The parties involved in this transaction are existing shareholders and incentive recipients. The incentive recipients are required to directly pay the subscription price of the incentive equity to the existing shareholders who intend to transfer the equity. The existing shareholders will pay income tax based on the transfer income. If the existing shareholders are natural persons, according to the Notice on Improving the Income Tax Policies Related to Equity Incentives and Technology Investment (Caishui (2016) No. 101), the company implementing equity incentives is the individual income tax withholding agent.

　　对作为激励股权来源的现有股东而言，他们可以通过取得激励对象的认购款缓解自己的资金压力，但激励股权的转让价格通常会低于公司股权同期的公允价格，其主要目的仍在于激励员工而非助力现有股东变现。对于未出让股权的其他股东而言，股权转让方式的优点是不会稀释其股权比例，但因低于公司股权同期公允价格实施的股权激励可能产生的股份支付处理将会对公司当期净利润产生一定影响。

　　For existing shareholders who are the source of incentive equity, they can alleviate their financial pressure by obtaining subscription funds from incentive targets. However, the transfer price of incentive equity is usually lower than the fair price of the company's equity during the same period, and its main purpose is still to motivate employees rather than to help existing shareholders realize their assets. For other shareholders who have not yet transferred their equity, the advantage of equity transfer is that it will not dilute their equity ratio. However, the share based payment treatment that may arise from equity incentives implemented below the fair price of the company's equity during the same period will have a certain impact on the company's current net profit.

　　需要提示注意的是，新《公司法》新增当股东转让已认缴但未届出资期限的股权时，若受让方未按期足额实缴的，由转让方承担补充责任的规定，即若转让的激励股权在转让时尚未完全实缴的，作为出让方的现有股东对激励对象的实缴义务承担补充责任。鉴于此，我们建议在激励计划和激励协议中明确激励对象的实缴义务以及对应的违约责任，包括但不限于出让方有权回购未履行实缴义务部分的股权；或者根据激励对象的支付能力和激励股权定价机制，提前完成股权实缴，具体如，当出让方不存在出资压力的，可以先完成实缴后再转让给激励对象；当出让方存在一定出资压力的，可以适当调整激励对价，要求激励对象先将对价中的实缴出资款支付至公司账户，再完成后续转让手续。

　　It should be noted that the new Company Law has added a provision that when a shareholder transfers their subscribed but not yet due equity, if the transferee fails to pay in full and on time, the transferor shall bear supplementary responsibility. That is, if the transferred incentive equity is not fully paid in at the time of transfer, the existing shareholders of the transferor shall bear supplementary responsibility for the actual payment obligation of the incentive object. In view of this, we suggest clarifying the actual payment obligations and corresponding breach of contract responsibilities of the incentive objects in the incentive plan and incentive agreement, including but not limited to the transferor's right to repurchase the equity that has not fulfilled the actual payment obligations; Alternatively, based on the payment ability of the incentive object and the incentive equity pricing mechanism, the equity payment can be completed in advance. Specifically, if the transferor does not have capital pressure, the payment can be completed first and then transferred to the incentive object; When the transferor has certain investment pressure, the incentive consideration can be adjusted appropriately, requiring the incentive object to first pay the actual capital contribution in the consideration to the company's account, and then complete the subsequent transfer procedures.

　　二、增资指激励对象通过认购公司新增注册资本的方式来获得激励股权，该方式的交易双方为激励对象和公司，激励对象需将激励股权认购价款直接支付至公司，除部分地区税务局另有规定外，激励对象一般不涉及缴税义务。

　　2、 Capital increase refers to the incentive object obtaining incentive equity by subscribing to the newly added registered capital of the company. The two parties involved in this transaction are the incentive object and the company. The incentive object needs to directly pay the subscription price of the incentive equity to the company. Unless otherwise stipulated by some local tax bureaus, the incentive object generally does not have tax obligations.

　　对于公司而言，公司直接取得激励股权认购价款，可以增加公司资金储备，有利于公司进行业务拓展。对于公司现有股东而言，通过增资实施股权激励将导致现有股东股权比例被动稀释，且低于公司股权同期公允价格实施的股权激励仍可能产生股份支付从而影响公司当期净利润。

　　For companies, obtaining the incentive stock subscription price directly can increase their capital reserves and facilitate business expansion. For existing shareholders of the company, implementing equity incentives through capital increase will result in passive dilution of their equity ratio, and equity incentives implemented at a price lower than the fair price of the company's equity during the same period may still generate share based payments, thereby affecting the company's current net profit.

　　需要提示注意的是，若现有股东中包含投资人的，通常会在投资协议中约定反稀释条款，即公司不得以低于当期投资人投资/增资于公司时相应的每单位购买价格进行增资扩股，否则公司或控股股东应当对投资人进行股权补偿或现金补偿，若股权激励的价格低于前述每单位购买价格的，将会触发反稀释条款并引发相关方的补偿义务。鉴于此，若公司拟进行股权激励的，应当在引入投资人的投资协议中明确公司实施股权激励时不适用反稀释条款，或在实施股权激励前取得投资人的书面豁免。

　　It should be noted that if the existing shareholders include investors, anti dilution clauses are usually stipulated in the investment agreement, which means that the company shall not increase capital or expand shares at a price lower than the corresponding purchase price per unit when the current investor invests/increases capital in the company. Otherwise, the company or controlling shareholder should compensate the investor with equity or cash. If the price of equity incentives is lower than the aforementioned purchase price per unit, it will trigger anti dilution clauses and trigger compensation obligations for relevant parties. In view of this, if the company intends to implement equity incentives, it should specify in the investment agreement introducing investors that anti dilution clauses are not applicable when the company implements equity incentives, or obtain written exemptions from investors before implementing equity incentives.

　　此外，若现有股东中包含国有股东的，通过增资方式实施股权激励稀释现有股东股权的，还应当根据国有股权管理的相关规定履行相应的国资监管程序。

　　In addition, if there are state-owned shareholders among the existing shareholders and equity incentives are implemented through capital increase to dilute the existing shareholders' equity, corresponding state-owned asset supervision procedures should also be carried out in accordance with relevant regulations on state-owned equity management.

　　三、考虑事项1.?股权结构公司应充分考虑现有的股权结构以及计划用于激励的股权份额，无论是通过增资还是股权转让的方式，都会在不同程度上引起现有股东持股比例的变化，进而可能导致部分股东持股比例跨越关键节点（详见前文：什么是创始人必知的六大股权生命线？），因此公司需要审慎评估这些变化对股权结构和企业控制权的影响。

　　3、 Consideration 1: Equity Structure: The company should fully consider the existing equity structure and the planned equity shares for incentives. Whether through capital increase or equity transfer, it will cause changes in the existing shareholders' shareholding ratios to varying degrees, which may lead to some shareholders' shareholding ratios crossing key nodes (see previous section: What are the six essential equity lifelines that founders must know?). Therefore, the company needs to carefully evaluate the impact of these changes on the equity structure and corporate control.

　　2.?现有股东权利公司应充分考虑现有股东在不同激励方案下的权利行使并履行必要程序，例如有限责任公司股东对外转让股权时，其他股东在同等条件下享有的优先购买权；公司融资交易中约定反稀释条款时，投资人享有的补偿权；国有股东股权被动稀释时，公司应当履行的评估程序。公司应当提前与现有股东进行充分沟通，就上述权利的豁免或调整达成一致，就必要程序进行前置沟通，避免在激励方案实施过程中出现障碍或纠纷。

　　2. The existing shareholder rights company should fully consider the exercise of the rights of existing shareholders under different incentive schemes and perform necessary procedures, such as the preemptive right enjoyed by other shareholders under the same conditions when shareholders of a limited liability company transfer their equity to others; The compensation right enjoyed by investors when anti dilution clauses are agreed upon in company financing transactions; The evaluation procedures that the company should follow when state-owned shareholders' equity is passively diluted. The company should communicate fully with existing shareholders in advance to reach an agreement on the exemption or adjustment of the above-mentioned rights, and conduct pre communication on necessary procedures to avoid obstacles or disputes in the implementation of incentive plans.

　　3.?资金流向公司应综合考虑未来发展需求、现有股东的资金状况和需求，以确定合适的款项流向。在权衡各种因素时，亦需充分考虑内部和外部因素，确保激励方案既公平合理，又能够有效推动公司目标的实现。

　　3. The company should comprehensively consider future development needs, the financial situation and needs of existing shareholders, in order to determine the appropriate flow of funds. When weighing various factors, it is also necessary to fully consider internal and external factors to ensure that incentive plans are both fair and reasonable, and can effectively promote the achievement of company goals.

　　4.?税务影响公司应考虑股权激励的税务成本因素，例如在股权转让方案下出让方需就转让所得履行相应的缴税义务，低于公司净资产或同期公允价值进行股权转让的，仍存在被主管税务机关进行纳税调整的风险，相比之下增资模式通常不涉及激励对象的即时缴税义务。

　　4. Tax impact: Companies should consider the tax cost factors of equity incentives. For example, under the equity transfer plan, the transferor needs to fulfill corresponding tax obligations on the transfer income. If the equity transfer is lower than the company's net assets or fair value during the same period, there is still a risk of being subject to tax adjustments by the competent tax authorities. In contrast, the capital increase model usually does not involve immediate tax obligations for the incentive object.

　　总结综上，非公众公司在设计股权激励计划时，应综合自身的具体状况、战略目标，以及此次激励的目标和拟激励对象的需求，全面考虑股权结构、现有股东权益、资金流动性和税务影响等多方面的因素，选择股权转让、增资或二者结合的激励方案，使得股权激励能够真正发挥激励作用，推动企业的发展。

　　In summary, non-public companies should consider their specific situation, strategic goals, as well as the goals of the incentive and the needs of the intended incentive recipients when designing equity incentive plans. They should comprehensively consider various factors such as equity structure, existing shareholder equity, liquidity of funds, and tax impact, and choose incentive plans that involve equity transfer, capital increase, or a combination of both, so that equity incentives can truly play an incentive role and promote the development of the enterprise.

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