企业都在追求快速成长与基业长青，华为、小米、温氏等企业成功，核心在于通过股权激励与合伙人机制，将人才与企业的长期价值深度绑定。股权让核心人才从“打工者”变为“所有者”，极大激发了创造力与责任感。合伙人制则凝聚了内部骨干与外部生态伙伴，形成了稳固的战略同盟。这不仅在创业期以有限资源吸引顶尖人才，更在成长期通过利益共享驱动持续创新与扩张，成为企业突破增长瓶颈、实现长治久安的战略支点。所以卓越企业都有一个关键成功因素：合伙人与股权机制。本文来谈谈企业12大股权激励的分析对比，希望能帮助创业者、企业家走向快速成长与基业长期之路。

　　Enterprises are pursuing rapid growth and long-term sustainability. The success of companies such as Huawei, Xiaomi, and Wen's lies in deeply linking talent with the long-term value of the enterprise through equity incentives and partnership mechanisms. Equity has transformed core talents from "workers" to "owners", greatly stimulating creativity and sense of responsibility. The partnership system consolidates internal backbone and external ecological partners, forming a stable strategic alliance. This not only attracts top talents with limited resources during the start-up period, but also drives continuous innovation and expansion through benefit sharing during the growth period, becoming a strategic pivot for enterprises to break through growth bottlenecks and achieve long-term stability. So excellent companies all have a key success factor: partners and equity mechanisms. This article discusses the analysis and comparison of the 12 major equity incentives for enterprises, hoping to help entrepreneurs and entrepreneurs embark on a path of rapid growth and long-term foundation.

　　PART 01

　　PART 01

　　非上市公司股权激励

　　Equity incentives for non listed companies

　　相对于上市公司，非上市公司实施股权激励计划最大的问题是股权来源的不确定性和难度比较大，我国现行的法律法规不允许企业留置或回购股权，只能由现有股东提供，所以实施股权激励计划必定直接与现有股东利益相冲突。其次，非上市公司在设置股权激励考核和定价标准时，相关参照指标没有上市公司的全面、透明，可能导致较严重的分歧而使得股权激励计划失去效用。再者，我国还没有明确的法律条文规范非上市公司股权激励的相关事项，如有不慎将会触犯到相关的法律法规，产生很大的经营风险。目前，非上市公司多参照上市公司实施现状，采用如下几种股权激励方式。

　　Compared to listed companies, the biggest problem with implementing equity incentive plans for non listed companies is the uncertainty and difficulty of equity sources. China's current laws and regulations do not allow companies to retain or repurchase equity, and can only be provided by existing shareholders. Therefore, implementing equity incentive plans will inevitably directly conflict with the interests of existing shareholders. Secondly, when non listed companies set assessment and pricing standards for equity incentives, the relevant reference indicators may not be as comprehensive and transparent as those of listed companies, which may lead to serious disagreements and render the equity incentive plan ineffective. Furthermore, there are no clear legal provisions in China to regulate the relevant matters of equity incentives for non listed companies. Any negligence may violate relevant laws and regulations, resulting in significant business risks. At present, non listed companies mostly adopt the following equity incentive methods based on the implementation status of listed companies.

　　1. 【股权期权】

　　1. [Equity Options]

　　实施股权期权激励计划关键点：

　　Key points of implementing equity option incentive plan:

　　1.非上市公司股东人数：获得股权期权的总人数以及公司原有股东的人数总计不能超过50人(有限责任公司)或200人(股份有限公司)。

　　1. Number of shareholders of non listed companies: The total number of shareholders who have obtained equity options and the total number of existing shareholders of the company cannot exceed 50 (limited liability company) or 200 (limited liability company).

　　2.未来一定期限（含三个概念）：

　　2. A certain period in the future (including three concepts):

　　一是股权激励计划的有效期，一般不超过10年，自股东大会通过股权激励计划之日起计算；

　　One is the validity period of the equity incentive plan, generally not exceeding 10 years, calculated from the date of approval of the equity incentive plan by the shareholders' meeting;

　　二是行权限制期，即股权授予日至股权生效日的期限；

　　The second is the exercise restriction period, which refers to the period from the date of equity grant to the effective date of equity;

　　三是行权有效期，即股权限制期满后至股权终止日的时间。

　　The third is the effective period of exercise, which is the time from the expiration of the equity restriction period to the termination date of the equity.

　　3.确定的价格和条件：即行权日购买股权的价格以及行权的条件。

　　3. Determined price and conditions: the price for purchasing equity on the exercise date and the conditions for exercising.

　　4.权利：股权期权是公司赠与激励对象的一种权利，而不是一种义务。

　　4. Rights: Equity options are a right granted by a company to incentive recipients, rather than an obligation.

　　股权期权激励的利弊：

　　The advantages and disadvantages of equity option incentives:

　　● 一方面，股权期权激励降低委托代理成本，提供关键人员(团队)稳定性；

　　On the one hand, equity option incentives reduce agency costs and provide stability for key personnel (teams);

　　● 另一方面，分散股权引起管理或经济纠纷，也可能发生相关人员短期经营行为影响公司长远发展。

　　On the other hand, dispersed equity may lead to management or economic disputes, and short-term business behavior of relevant personnel may also affect the long-term development of the company.

　　股权期权模式比较适合初始资本投入较少，资本增值较快，在资本增值过程中人力资本增值效果明显的公司。

　　The equity option model is more suitable for companies with less initial capital investment, faster capital appreciation, and significant human capital appreciation during the capital appreciation process.

　　2. 【限制性股权】

　　2. [Restricted Equity]

　　实施限制性股权激励计划关键点：

　　Key points of implementing restricted equity incentive plan:

　　1.业绩目标：一般选择公司的某项战略目标后作为业绩目标。

　　1. Performance goals: Generally, a company's strategic goal is selected as the performance goal.

　　2.授予价格：授予价格一般是无偿赠送或远低于公司价值的价格。

　　2. Grant price: The grant price is generally a free gift or a price far below the company's value.

　　3.限制权利：股权出售受到限制，如时间限制，且不得转让，公司有权收回或回购受限股权。

　　3. Restricted rights: The sale of equity is subject to restrictions, such as time limits, and cannot be transferred. The company has the right to reclaim or repurchase the restricted equity.

　　限制性股权激励的利弊：

　　The advantages and disadvantages of restricted equity incentives:

　　● 一方面限制性股权激励有利于促进激励对象集中精力以实现长期战略目标，激励成本较低，对被激励者激励对象而言，风险也较低。

　　On the one hand, restrictive equity incentives are conducive to promoting the focus of incentive recipients on achieving long-term strategic goals, with lower incentive costs and lower risks for the incentivized recipients.

　　● 另一方面，实现战略目标的成本和手段不经济性导致偏离激励初衷。

　　On the other hand, the uneconomical cost and means of achieving strategic goals lead to a deviation from the original motivation.

　　限制性股权这种模式比较适合于发展比较稳定的大型公司，采用限制性股权这种模式更能体现风险和收益对称，激励和约束的平衡。

　　The restricted equity model is more suitable for large companies with stable development. Adopting the restricted equity model can better reflect the symmetry of risk and return, as well as the balance between incentives and constraints.

　　3. 【业绩股权】

　　3. [Performance Equity]

　　实施业绩股权计划关键点：

　　Key points for implementing the performance-based equity plan:

　　实施业绩股权计划关键点是“公司事先规定的业绩指标”。在业绩股权激励模式中，通常很多公司以净资产收益率(ROE)作为考核标准。在这种模式中，公司和激励对象通常以书面形式事先约定业绩股权奖励的基线。ROE达到某一标准时，公司即按约定实施业绩股权激励，激励对象得到股权；ROE每增加一定比例，公司采用相应比例或累进的形式增加股权激励数量。

　　The key to implementing a performance-based equity plan is the "performance indicators predetermined by the company". In the performance equity incentive model, many companies usually use the return on equity (ROE) as the assessment standard. In this model, the company and incentive recipients usually agree in writing on the baseline for performance equity rewards in advance. When ROE reaches a certain standard, the company implements performance equity incentives as agreed, and the incentive recipients receive equity; For every increase in ROE by a certain percentage, the company will increase the number of equity incentives in a corresponding proportion or progressive form.

　　业绩股权激励的利弊：

　　The advantages and disadvantages of performance-based equity incentives:

　　● 一方面，从本质上讲，业绩股权是一种“奖金”延迟发放，具有长期激励的效果；对于激励对象而言，其工作绩效与所获激励之间的联系是直接而紧密的；对于股东而言，业绩股权激励模式对激励对象有严格的业绩目标约束，权、责、利的对称性较好，激励目的明确，能形成股东与激励对象双赢的格局。

　　On the one hand, fundamentally speaking, performance-based equity is a type of delayed bonus that has a long-term incentive effect; For incentive recipients, the relationship between their job performance and the incentives they receive is direct and close; For shareholders, the performance equity incentive model has strict performance target constraints on the incentive objects, with good symmetry of rights, responsibilities, and benefits, clear incentive purposes, and can form a win-win situation for shareholders and incentive objects.

　　● 另一方面，激励时限较短，激励成本较高，对公司现金流形成一定的压力。

　　On the other hand, the incentive period is short, the incentive cost is high, and it puts certain pressure on the company's cash flow.

　　业绩股权激励模式只对公司的业绩目标进行考核，因此比较适合业绩稳定型的非上市公司及其集团公司、子公司。

　　The performance equity incentive model only assesses the company's performance goals, making it more suitable for non listed companies, their group companies, and subsidiaries with stable performance.

　　图片4. 【股权增值权】

　　Image 4. [Equity Appreciation Rights]

　　实施股权增值权激励计划关键点：

　　Key points of implementing the equity appreciation right incentive plan:

　　1.一定时期和条件：即规定时间内获得规定数量及一定比例的股权股价上升所带来的收益，条件为相关政策规定的约束性条件及完成一定业绩目标的激励性条件，且不低于20%需在任期考核合格后兑现.

　　1. Certain period and conditions: Refers to the benefits brought by obtaining a specified amount and a certain proportion of equity stock price increase within a specified time, subject to binding conditions stipulated by relevant policies and incentive conditions for achieving certain performance goals, and not less than 20% must be realized after passing the term assessment

　　2.股权兑现和权力：股权增值权的兑现只针对股权的升值部分;股权增值权的授予对象不拥有这些股权的所有权，自然也不拥有表决权、配股权。

　　2. Equity redemption and rights: The redemption of equity appreciation rights only applies to the appreciation portion of equity; The recipients of equity appreciation rights do not own the ownership of these shares, nor do they have voting rights or distribution rights.

　　股权增值权激励的利弊：

　　The advantages and disadvantages of equity appreciation rights incentives:

　　● 一方面，相对于股权期权模式，股权增值权模式更为简单，易于操作，也不会对公司所有权产生稀释，对授予对象成本压力较小。

　　On the one hand, compared to the equity option model, the equity appreciation right model is simpler, easier to operate, and does not dilute the ownership of the company, resulting in less cost pressure on the grant recipients.

　　● 另一方面，由于等不到对等的股权，激励效果比较差，而分配股权增值权的资金会给公司带来现金流压力。

　　On the other hand, due to the inability to wait for equivalent equity, the incentive effect is relatively poor, and the allocation of funds for equity appreciation rights will bring cash flow pressure to the company.

　　这一模式比较适合现金流量比较充裕且比较稳定的非上市公司。

　　This model is more suitable for non listed companies with abundant and stable cash flow.

　　PART 02

　　PART 02

　　实施股权激励计划的影响

　　The impact of implementing equity incentive plans

　　股权激励制度在国外被誉为是公司送给经理人的一副“金手铐”，这一比喻形象地说明了股权激励制度对经理人可以产生既激励又约束的双重作用。它对企业的影响长远来说是比较积极和正面的，主要体现在：

　　The equity incentive system is known abroad as a pair of "golden handcuffs" given by companies to managers, which vividly illustrates the dual role of equity incentive system in motivating and restraining managers. Its long-term impact on enterprises is relatively positive and constructive, mainly reflected in:

　　对企业的影响

　　The impact on enterprises

　　1

　　one

　　有利于更好地吸引并留住核心人力资本。

　　Beneficial for better attracting and retaining core human capital.

　　企业每个部门都有相应的核心人力资本。授予核心人力资本以股权或期权，能够提供较好的内部竞争氛围，激励人力资本最大限度地供给。同时，由于股权和期权强调未来，公司能够留住绩效高、能力强的核心人力资本。

　　Each department of the enterprise has corresponding core human capital. Granting equity or options to core human capital can provide a better internal competitive atmosphere and incentivize the maximum supply of human capital. At the same time, due to the emphasis on the future in equity and options, the company is able to retain core human capital with high performance and strong capabilities.

　　2

　　two

　　充分刺激和调动经理人积极性和创造力。

　　Fully stimulate and mobilize the enthusiasm and creativity of managers.

　　股权激励计划将经理人的利益与企业的盈利捆绑在一起，使经理人自发自觉地为企业创造利润，最大化地贡献自己的才智。

　　The equity incentive plan binds the interests of managers with the profits of the enterprise, enabling managers to spontaneously and consciously create profits for the enterprise and maximize their talents.

　　3

　　three

　　有效降低企业经营成本并利润。

　　Effectively reduce business operating costs and profits.

　　国内外的实践证明，实施股权激励计划后，经理人的主人意识增强，工作积极性均会大幅提高，往往能够通过积极的管理有效地降低企业经营成本并提高利润。

　　Practice at home and abroad has proven that after implementing equity incentive plans, managers' sense of ownership is enhanced, and their work enthusiasm is greatly improved. Often, through active management, they can effectively reduce business operating costs and increase profits.

　　对现有股东的影响

　　Impact on existing shareholders

　　1

　　one

　　稀释股权，降低现股东持股比例

　　Dilute equity and reduce the current shareholder's shareholding ratio

　　期权的授予其结果必然使现股东的股权得到稀释，是原先相对集中的股权变为分散，现股东的控制权在一定程度上将会削弱。

　　The grant of options will inevitably dilute the equity of current shareholders, causing the previously relatively concentrated equity to become dispersed, and the control of current shareholders will be weakened to a certain extent.

　　2

　　two

　　引入监督，经营管理和利润分配的透明化及民主程度要求提高

　　Introduce supervision, increase transparency and democracy in business management and profit distribution requirements

　　根据我国公司法规定，公司股东(不论持股比例多少)依法享有资产收益、参与重大决策和选择管理者等权利，具体而言，股东还享有：股东会表决权、查阅公司章程、文件和财务报告、会计帐簿的权利、分红权、以及对其他股东出让股权的优先认购权等诸多权利。

　　According to the Company Law of our country, shareholders of a company (regardless of their shareholding ratio) have the right to enjoy asset returns, participate in major decisions, and choose managers in accordance with the law. Specifically, shareholders also have many rights, such as the right to vote at shareholder meetings, the right to inspect the company's articles of association, documents and financial reports, accounting books, the right to dividends, and the right of first refusal to subscribe to other shareholders' shares.

　　因此，股权分散化导致的结果必然是对现有股东的经营管理带来监督。在此情况下，公司的经营管理及利润分配等都应当走向规范化、透明化，重大事项的决策应当民主化。以往“家长制”、“一言堂”的管理模式需要逐步改变。

　　Therefore, the result of equity diversification is inevitably supervision over the management of existing shareholders. In this situation, the company's management and profit distribution should be standardized and transparent, and decision-making on major issues should be democratic. The previous management models of "parental system" and "one-man hall" need to be gradually changed.

　　3

　　three

　　带来潜在的纠纷风险

　　Bring potential dispute risks

　　既然股权由集中转为分散，股东对公司经营管理、持续发展的思路就有可能出现分歧，股东之间出现矛盾并导致纠纷的风险就大大提高。

　　Since the equity has shifted from centralized to decentralized, shareholders may have divergent views on the company's management and sustainable development, which greatly increases the risk of conflicts and disputes among shareholders.

　　PART 03

　　PART 03

　　上市公司股权激励

　　Equity incentives for listed companies

　　5. 【股票期权模式】

　　5. [Stock Option Model]

　　是指股份公司赋予激励对象(如经理人员)购买本公司股票的选择权。具有这种选择权的人，可以在规定的时期内以事先确定的价格(行权价)购买公司一定数量的股票(此过程称为行权)，也可以放弃购买股票的权利，但股票期权本身不可转让。

　　It refers to the option granted by a joint-stock company to incentive recipients (such as managers) to purchase the company's stocks. People with this option can purchase a certain number of shares of the company at a predetermined price (exercise price) within a specified period of time (this process is called exercise), or they can waive the right to purchase shares, but stock options themselves are non transferable.

　　图片6.【虚拟股票模式】

　　Image 6. [Virtual Stock Mode]

　　是指公司授予激励对象一种“虚拟”的股票，如果实现公司的业绩目标，则被授予者可以据此享受一定数量的分红，但没有所有权和表决权，不能转让和出售，在离开公司时自动失效。在虚拟股票持有人实现既定目标条件下，公司支付给持有人收益时，既可以支付现金、等值的股票，也可以支付等值的股票和现金相结合。虚拟股票是通过其持有者分享企业剩余索取权，将他们的长期收益与企业效益挂钩。

　　It refers to a type of "virtual" stock granted by a company to incentive recipients. If the company's performance goals are achieved, the awardee can enjoy a certain amount of dividends based on this, but without ownership and voting rights, it cannot be transferred or sold, and will automatically become invalid when leaving the company. Under the predetermined target conditions of virtual stockholders, when the company pays the returns to the holders, it can either pay cash, equivalent stock, or a combination of equivalent stock and cash. Virtual stocks link their long-term returns to the company's profitability by allowing their holders to share residual claims on the company.

　　7.【股票增值权模式】

　　7. [Stock Appreciation Rights Model]

　　是指公司授予经营者一种权利，如果经营者努力经营企业，在规定的期限内，公司股票价格上升或公司业绩上升，经营者就可以按一定比例获得这种由股价上扬或业绩提升所带来的收益，收益为行权价与行权日二级市场股价之间的差价或净资产的增值，激励对象不用为行权支付现金，行权后由公司支付现金，股票或股票和现金的组合。

　　It refers to the right granted by a company to an operator. If the operator strives to operate the enterprise and the company's stock price or performance rises within a specified period of time, the operator can receive a certain proportion of the benefits brought by the rise in stock price or performance. The benefits are the difference between the exercise price and the secondary market stock price on the exercise date or the increase in net assets. The incentive object does not need to pay cash for the exercise. After the exercise, the company will pay cash, stocks or a combination of stocks and cash.

　　8.【业绩股票激励】

　　8. [Performance Stock Incentives]

　　模式指公司在年初确定一个合理的年度业绩目标，如果激励对象经过卓有成效的努力后，在年末实现了公司预定的年度业绩目标，则公司给予激励对象一定数量的股票，或奖励其一定数量的奖金来购买本公司的股票。业绩股票在锁定一定年限以后才可以兑现。因此，这种激励模式是根据被激励者完成业绩目标的情况，以普通股作为长期激励形式支付给经营者的激励机制。从本质上讲，业绩股票是一种“奖金”的延迟发放，但它弥补了一般意义上的奖金的缺点。其具有长期激励的效果，一方面，业绩股票与一般奖金不同，它不是当年就发放完毕，还要看今后几年的业绩情况;另一方面，如果企业效益好，其股价在二级市场会持续上涨，就会使激励效果进一步增大。

　　Mode refers to the company setting a reasonable annual performance target at the beginning of the year. If the incentive object achieves the company's predetermined annual performance target by the end of the year after effective efforts, the company will give the incentive object a certain amount of stocks or reward them with a certain amount of bonus to purchase the company's stocks. Performance stocks can only be redeemed after being locked in for a certain period of time. Therefore, this incentive model is a long-term incentive mechanism paid to managers in the form of common stocks based on the performance goals achieved by the incentivized individuals. Essentially, performance stocks are a form of delayed bonus distribution, but they compensate for the shortcomings of general bonuses. It has a long-term incentive effect. On the one hand, performance stocks are different from general bonuses. They are not distributed in the same year, but also depend on the performance in the next few years; On the other hand, if the company's performance is good, its stock price will continue to rise in the secondary market, which will further increase the incentive effect.

　　图片9.【管理层收购】

　　Picture 9. [Management Acquisition]

　　又称经理层融资收购，是指收购主体即目标公司的管理层或经理层利用杠杆融资购买本公司股份，从而改变公司股权结构、资产结构、治理结构，进而达到持股经营和重组公司的目的，并获得预期收益的一种收购方式。管理层收购主体一般是本公司的高层管理人员。收购资金来源分为两个部分，一是内部资金，即经理层本身提供的资金，二是外部资金，即通过债权融资或股权融资。收购主体在收购完成后成为公司的股东，从而直接或间接地成为公司的控股股东，达到经营权和控制权的高度统一。

　　Also known as management financing acquisition, it refers to a method of acquisition in which the acquiring entity, namely the management or management of the target company, uses leverage financing to purchase shares of the company, thereby changing the company's equity structure, asset structure, and governance structure, and achieving the goal of shareholding management and restructuring the company, and obtaining expected returns. The subject of management buyout is generally the senior management of the company. The source of acquisition funds can be divided into two parts: internal funds, which are provided by the management itself, and external funds, which are obtained through debt financing or equity financing. The acquiring entity becomes a shareholder of the company after the acquisition is completed, thereby directly or indirectly becoming the controlling shareholder of the company, achieving a high degree of unity between management and control.

　　图片10.【延期支付】

　　Picture 10. [Delayed Payment]

　　是指公司为激励对象设计一揽子薪酬收入计划，一揽子薪酬收入中有一部分属于股权收入，股权收入不在当年发放，而是按公司股票公平市场价折算成股票数量，并存于托管账户，在规定的年限期满后，以股票形式或根据届时股票市值以现金方式支付给激励对象。这实际上也是管理层直接持股的一种方式，只不过资金来源是管理人员的奖金而已。延期支付方式体现了有偿售予和逐步变现，以及风险与权益基本对等的特征，具有比较明显的激励效果。

　　It refers to the company designing a package of compensation income plan for incentive objects, in which a part of the package of compensation income belongs to equity income. Equity income is not distributed in the current year, but is converted into the number of stocks based on the fair market value of the company's stocks, stored in a custody account, and paid to incentive objects in the form of stocks or in cash based on the market value of the stocks at that time after the prescribed period expires. This is actually a way for management to directly hold shares, but the source of funds is just bonuses from management personnel. The deferred payment method reflects the characteristics of paid sale and gradual realization, as well as the basic equivalence of risk and equity, and has a relatively obvious incentive effect.

　　11.【储蓄购股】

　　11. [Savings for Stock Purchase]

　　储蓄—股票参与计划激励模式，无论股价上涨还是下跌，都有收益，当股价上涨时盈利更多，因此福利特征较为明显。为企业吸引和留住不同层次的高素质人才并向所有员工提供分享公司潜在收益的机会创造了条件，在一定程度上解决了公司高管人员和一般员工之间的利益不均衡问题。

　　The savings stock participation plan incentive model provides benefits regardless of whether the stock price rises or falls. When the stock price rises, there is more profit, so the welfare characteristics are more obvious. This creates conditions for enterprises to attract and retain high-quality talents at different levels and provide opportunities for all employees to share the potential benefits of the company, which to some extent solves the problem of imbalanced interests between company executives and general employees.

　　12.【限制性股票】

　　12. [Restricted Stocks]

　　所谓限制性是指出售这种股票的权利受到限制，亦即经理人对于股票的拥有权是受到一定条件限制的，比如说，限制期为三年。经理人员在得到限制性股票的时候，不需要付钱去购买，但他们在限制期内不得随意处置股票，如果在这个限制期内他们辞职或被开除了，股票就会因此而被没收。

　　The so-called restriction refers to the restriction of the right to sell such stocks, that is, the manager's ownership of the stocks is subject to certain conditions, such as a restriction period of three years. Managers do not need to pay to purchase restricted stocks when they receive them, but they are not allowed to dispose of the stocks at will during the restriction period. If they resign or are dismissed during this restriction period, the stocks will be confiscated as a result.

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