确定激励价格和数量是激励机制设计中的关键环节之一，直接影响到激励效果的好坏。对于企业家来说，合理地制定激励价格和数量，可以更好地激发员工的积极性和创造性，提高企业的竞争力。以下将从确定激励价格和数量的方法以及需考虑的因素展开，供企业家参考。

　　Determining the incentive price and quantity is one of the key links in the design of incentive mechanisms, which directly affects the effectiveness of incentives. For entrepreneurs, setting reasonable incentive prices and quantities can better stimulate employees' enthusiasm and creativity, and improve the competitiveness of the enterprise. The following will elaborate on methods for determining incentive prices and quantities, as well as factors to consider, for entrepreneurs' reference.

　　一、激励价格激励价格即激励对象获得每一激励份额所支付的对价。对于公众公司而言，其股价公开透明，激励价格也受到相关法规的约束，例如《上市公司股权激励管理办法（2018修正）》规定上市公司在授予激励对象限制性股票时，其授予价格不得低于股票票面金额，且原则上不得低于下列价格较高者：①股权激励计划草案公布前1 个交易日的公司股票交易均价的50%；②股权激励计划草案公布前20个交易日、60个交易日或120个交易日的公司股票交易均价之一的50%；上市公司在授予激励对象股票期权时，其行权价格不得低于股票票面金额，且原则上不得低于下列价格较高者：①股权激励计划草案公布前1 个交易日的公司股票交易均价；②股权激励计划草案公布前20 个交易日、60 个交易日或者120 个交易日的公司股票交易均价之一。又如《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）》规定挂牌公司实施股权激励计划的，限制性股票的授予价格原则上不得低于有效的市场参考价的50%；股票期权的行权价格原则上不得低于有效的市场参考价。

　　1、 Incentive price refers to the consideration paid by the incentive object for obtaining each incentive share. For public companies, their stock prices are open and transparent, and incentive prices are also subject to relevant regulations. For example, the "Management Measures for Equity Incentives of Listed Companies (2018 Amendment)" stipulate that when a listed company grants restricted stocks to incentive recipients, the grant price shall not be lower than the face value of the stock, and in principle shall not be lower than the higher of the following prices: ① 50% of the average trading price of the company's stock on the trading day before the announcement of the draft equity incentive plan; ② 50% of the average trading price of the company's stock for the 20 trading days, 60 trading days, or 120 trading days prior to the announcement of the draft equity incentive plan; When a listed company grants stock options to incentive recipients, the exercise price shall not be lower than the face value of the stock, and in principle shall not be lower than the higher of the following prices: ① the average trading price of the company's stock on the trading day before the announcement of the draft equity incentive plan; ② One of the average trading prices of the company's stocks for the 20 trading days, 60 trading days, or 120 trading days prior to the announcement of the draft equity incentive plan. For example, the "Regulatory Guidelines for Non listed Public Companies No. 6- Regulatory Requirements for Equity Incentives and Employee Stock Ownership Plans (Trial)" stipulate that for listed companies implementing equity incentive plans, the grant price of restricted stocks shall not be lower than 50% of the effective market reference price in principle; The exercise price of stock options shall generally not be lower than the effective market reference price.

　　而非公众公司由于不受这些规定限制，其股权激励价格由公司自行决定，定价方式更加灵活，通常有以下四种方式：

　　As non-public companies are not subject to these regulations, their equity incentive prices are determined by the company itself, and the pricing method is more flexible, usually in the following four ways:

　　1.? 零对价指激励对象以无偿或极低的对价（如总价1元的象征性价格）获得激励股权。实务中，零对价的股权激励往往会在公司实际控制人以自有股权向创始团队或关键高层管理人员授予股权时出现，这些激励对象通常已经对公司投入了大量的初始资本，包括但不限于时间、精力和资金，他们的个人利益与公司的未来发展已紧密相连，通过该等极具吸引力的价格，奖励和留住对公司有重要贡献的核心人物。

　　1. Zero consideration refers to the incentive object obtaining incentive equity for free or at a very low consideration (such as a symbolic price of 1 yuan). In practice, zero consideration equity incentives often appear when the actual controller of a company grants equity to the founding team or key senior management personnel with their own equity. These incentive objects have usually invested a large amount of initial capital in the company, including but not limited to time, energy, and funds, and their personal interests are closely linked to the future development of the company. Through such attractive prices, core figures who have made important contributions to the company are rewarded and retained.

　　2.? 根据注册资本定价指激励对象以1元/注册资本或1元/股的对价获得激励股权。这种定价方式在初创企业中较为常见，尤其是公司还未产生收入的情况下，激励对象以有限的激励成本取得激励股权，一定程度上激发他们对公司贡献的积极性。但这一定价往往没有反映出公司成立后经营状况的潜在变化，可能会导致激励对象对公司价值的误判。

　　2. Pricing based on registered capital refers to the incentive object obtaining incentive equity at a consideration of 1 yuan/registered capital or 1 yuan/share. This pricing method is quite common in startups, especially when the company has not yet generated revenue. The incentive recipients obtain incentive equity with limited incentive costs, which to some extent stimulates their enthusiasm to contribute to the company. However, this fixed price often does not reflect the potential changes in the company's operating conditions after its establishment, which may lead to misjudgment of the company's value by incentive recipients.

　　3.? 根据净资产定价指激励对象以公司每一激励份额对应的净资产为基础，适当上浮或下浮确定的对价获得激励股权。这种定价方式常见于具有一定规模的公司，能够直观的反映公司激励股权的账面价值，但局限性在于未能反映因公司发展预期而产生的未来价值。

　　3. According to net asset pricing, the incentive object obtains incentive equity based on the net assets corresponding to each incentive share of the company, and the consideration is appropriately adjusted upwards or downwards. This pricing method is common in companies with a certain scale, which can intuitively reflect the book value of the company's incentive equity, but its limitation is that it fails to reflect the future value generated by the company's development expectations.

　　4.? 根据同期公允价值定价指激励对象以公司最近引入的外部投资人的增资价格为基础，适当下浮确定的对价获得激励股权。采用这种定价方式，可以确保激励对象对公司股权的价值有一个清晰的认识，从而更好地体会到股权激励的实际价值。然而，这种方法的缺点在于，激励价格往往较高，可能会给激励对象带来较大的经济压力，影响激励对象认购积极性。

　　4. Pricing based on fair value during the same period refers to the incentive object obtaining incentive equity based on the recently introduced external investors' capital increase price of the company, and appropriately lowering the determined consideration. By adopting this pricing method, it can ensure that the incentive recipients have a clear understanding of the value of the company's equity, thereby better experiencing the actual value of equity incentives. However, the disadvantage of this method is that the incentive price is often high, which may bring significant economic pressure to the incentive recipients and affect their subscription enthusiasm.

　　二、激励数量激励数量指激励对象获授的激励股权数量，包括总量和个量。公众公司受《上市公司股权激励管理办法（2018修正）》以及各板块上市规则、新三板挂牌规则规定限制，沪深主板、科创板/创业板和北交所/新三板的上市/挂牌公司全部在有效期内的股权激励计划所涉及的标的股票总数分别累计不得超过该公司股本总额的10%、20%、30%；且非经股东大会特别批准，任何一名激励对象累计获得股票不得超过该公司股本总额的1%。而对于非公众公司而言，现行《公司法》和新《公司法》均未对股权激励的数量作出限制。

　　2、 The incentive quantity refers to the number of incentive equity granted to the incentive object, including the total amount and individual amount. Public companies are subject to the "Management Measures for Equity Incentives of Listed Companies (2018 Amendment)" and the listing rules of various sectors, as well as the listing rules of the New Third Board. The total number of target stocks involved in the equity incentive plans of all listed/listed companies on the Shanghai and Shenzhen Main Board, Science and Technology Innovation Board/Growth Enterprise Board, and Beijing Stock Exchange/New Third Board during the validity period shall not exceed 10%, 20%, and 30% of the total share capital of the company, respectively; And without special approval from the shareholders' meeting, any incentive recipient shall not accumulate more than 1% of the total share capital of the company. For non-public companies, neither the current Company Law nor the new Company Law imposes restrictions on the number of equity incentives.

　　1.? 总量公司在制定股权激励计划时，应充分考虑股权结构稳定性，避免触及股权比例的关键节点（详见前文：什么是创始人必知的六大股权生命线？）。具体而言，公司需要仔细评估和管理历次股权激励的规模，每一轮激励的总量应当根据当时激励目标及拟激励人员的情况综合决定。同时，由于早期股权激励方案可能会因后续投资者加入导致激励股份被稀释，公司应在发展初期就预留一定的空间，以适应未来的融资需求。

　　When formulating equity incentive plans, the total amount company should fully consider the stability of the equity structure and avoid touching on the key nodes of equity ratio (see previous text: What are the six essential equity lifelines that founders must know?). Specifically, the company needs to carefully evaluate and manage the scale of each equity incentive, and the total amount of each round of incentives should be determined comprehensively based on the current incentive goals and the situation of the proposed incentive personnel. Meanwhile, as early equity incentive plans may result in dilution of incentive shares due to subsequent investors joining, the company should reserve a certain amount of space in the early stages of development to meet future financing needs.

　　2.? 个量公司授予每个激励对象的份额应根据自身的实际情况和激励对象的人数，制定每个激励对象授予股份的配比。为达到最大程度激发激励对象激励性的目的，公司可以采取动态授予机制，根据时间节点或业绩指标分阶段发放激励份额，或通过实施多次激励计划，灵活调整激励力度和时间安排，确保激励计划的持续性，避免一次性分配造成的利益固化。

　　2. The proportion of shares granted to each incentive recipient by a company should be determined based on its actual situation and the number of incentive recipients. To achieve the goal of maximizing the motivation of incentive targets, companies can adopt a dynamic grant mechanism, issuing incentive shares in stages based on time nodes or performance indicators, or flexibly adjusting incentive intensity and time arrangements through the implementation of multiple incentive plans to ensure the sustainability of incentive plans and avoid the solidification of benefits caused by one-time distribution.

　　三、注意事项公司在确定股权激励的价格和数量时，需考虑以下四个因素：

　　3、 When determining the price and quantity of equity incentives, companies need to consider the following four factors:

　　1.? 股份支付公司以低于同期公允市场价格的金额将股权授予给激励对象时，应当将市场价格和授予价格之间的差额计提管理成本，即确认股份支付。若公司激励价格较低、激励数量较大的，对应的股份支付成本也将增加，从而影响公司当期净利润。若公司拟进行IPO申报的且因激励计划导致在报告期内进行股份支付处理的，对公司申报财务数据将产生影响。

　　When a share based payment company grants equity to incentive recipients at a price lower than the fair market price of the same period, the difference between the market price and the grant price should be recognized as management costs, that is, share based payments. If the company's incentive price is low and the incentive quantity is large, the corresponding share based payment cost will also increase, thereby affecting the company's current net profit. If the company intends to apply for an IPO and the incentive plan results in the processing of share based payments during the reporting period, it will have an impact on the financial data of the company's application.

　　2.? 激励对象经济成本包括激励对象支付的激励对价以及由此产生的税负成本，且低于公司净资产或同期公允价值进行股权转让的，存在被主管税务机关进行纳税调整的风险。公司应当考虑拟激励对象的期望、需求和普遍资金实力，设定合理的激励价格和激励数量，或制定分期付款等支付方案。

　　2. If the economic cost of the incentive object includes the incentive consideration paid by the incentive object and the resulting tax burden cost, and the equity transfer is lower than the company's net assets or fair value during the same period, there is a risk of tax adjustment by the competent tax authority. The company should consider the expectations, needs, and general financial strength of the intended incentive recipients, set reasonable incentive prices and quantities, or develop payment plans such as installment payments.

　　3.? 股权结构公司应考虑股权的集中度、创始股东的持股比例以及企业规模，结合激励对象的岗位、人数和激励目标来确定激励的价格和数量，以确保激励计划的有效性和股权结构的稳定性。此外，还需兼顾原股东的利益，确保激励方案的公平性和合理性，防止股权过度稀释。

　　3. Equity structure: Companies should consider the concentration of equity, the shareholding ratio of founding shareholders, and the size of the enterprise, and determine the price and quantity of incentives based on the positions, number of people, and incentive goals of the incentive targets to ensure the effectiveness of the incentive plan and the stability of the equity structure. In addition, it is necessary to take into account the interests of the original shareholders, ensure the fairness and rationality of the incentive plan, and prevent excessive dilution of equity.

　　4.? 激励持续性通常而言，同次激励方案中的激励价格应保持一致，即“同股同价”；在公司不亏损的前提下，后期的激励价格应高于早期的激励价格，以鼓励激励对象长期的业绩提升。此外，公司应根据不同激励对象的特点和目标，制定出具有持续性的激励方案；通过少量多次、针对性强的激励方案，可以更好地维持员工的积极性和忠诚度。

　　4. Generally speaking, the incentive prices in the same incentive plan should remain consistent, that is, "same stock, same price"; On the premise that the company does not incur losses, the incentive price in the later stage should be higher than that in the early stage to encourage long-term performance improvement of the incentive targets. In addition, companies should develop sustainable incentive plans based on the characteristics and goals of different incentive targets; By implementing a small number of targeted incentive plans, employees' motivation and loyalty can be better maintained.

　　总结

　　summary

　　合理控制激励股权的价格和数量，是股权激励成功的关键。企业在实施股权激励时，应充分考虑公司、激励对象和其他股东的需求，制定具有发展性和持续性的激励计划。

　　Reasonably controlling the price and quantity of incentive equity is the key to the success of equity incentives. When implementing equity incentives, enterprises should fully consider the needs of the company, incentive recipients, and other shareholders, and develop incentive plans that are both developmental and sustainable.

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