在激烈的市场竞争中，中小企业面临着核心人才流失、团队积极性不足的普遍困境。相较于大企业的品牌与薪酬优势，股权激励成为中小企业绑定人才、激发动力的重要工具。但中小企业资源有限、股权结构简单、发展节奏灵活，难以照搬上市公司的标准化方案，需聚焦“低成本、易落地、强适配” 原则，实现从设计到落地的精准推进。

　　In the fierce market competition, small and medium-sized enterprises face the common dilemma of core talent loss and insufficient team motivation. Compared to the brand and salary advantages of large enterprises, equity incentives have become an important tool for small and medium-sized enterprises to bind talents and stimulate motivation. However, small and medium-sized enterprises have limited resources, simple equity structures, and flexible development rhythms, making it difficult to simply copy the standardized plans of listed companies. They need to focus on the principles of "low cost, easy implementation, and strong adaptation" to achieve precise promotion from design to implementation.

　　一、中小企业股权激励的核心设计要素（适配版）

　　1、 Core design elements of equity incentives for small and medium-sized enterprises (adapted version)

　　中小企业股权激励的关键在于“不贪大、不复杂”，需结合自身规模、行业特性与发展阶段，聚焦以下核心要素：

　　The key to equity incentives for small and medium-sized enterprises lies in "not being greedy for size and complexity", which needs to be combined with their own scale, industry characteristics, and development stage, focusing on the following core elements:

　　1. 明确激励目标：小而精的 “靶向定位”

　　1. Clear incentive goals: small but precise "targeted positioning"

　　中小企业无需追求“绑定全员” 的宏大目标，应聚焦阶段性核心需求：

　　Small and medium-sized enterprises do not need to pursue the grand goal of "binding all employees", but should focus on phased core needs:

　　成长期企业（如科技、初创型）：目标多为“留住核心技术 / 销售人才，冲刺业务突破”（如完成新产品研发、开拓区域市场）；

　　Growth stage enterprises (such as technology and startups): The goal is often to "retain core technology/sales talents and strive for business breakthroughs" (such as completing new product research and development and expanding regional markets);

　　成熟期企业（如贸易、服务型）：目标侧重“稳定核心团队，维持业绩增长”（如保持年度营收增速、控制客户流失率）；

　　Mature enterprises (such as trade and service-oriented enterprises): The goal focuses on "stabilizing the core team and maintaining performance growth" (such as maintaining annual revenue growth rate and controlling customer churn rate);

　　转型期企业（如传统制造）：目标聚焦“激励创新人才，推动业务转型”（如数字化改造落地、新业务线盈利）。

　　Transition period enterprises (such as traditional manufacturing): The goal is to focus on "inspiring innovative talents and promoting business transformation" (such as digital transformation landing and new business line profitability).

　　2. 锁定激励对象：少而精的 “核心圈”

　　2. Lock in incentive targets: a small but refined "core circle"

　　中小企业人力结构简单，激励对象需严格聚焦“不可替代者”，避免 “福利化” 分配：

　　The human resources structure of small and medium-sized enterprises is simple, and the incentive targets need to strictly focus on the "irreplaceable" and avoid "welfare oriented" distribution:

　　核心层：创始人团队、总经理、技术 / 销售负责人（占激励总额的 40%-50%）；

　　Core layer: Founder team, General Manager, Technical/Sales Manager (accounting for 40% -50% of the total incentive amount);

　　骨干层：核心程序员、资深销售、关键运营岗（占激励总额的30%-40%）；

　　Backbone layer: core programmers, senior sales, key operations positions (accounting for 30% -40% of the total incentive amount);

　　潜力层：高潜力新人（如管培生、技术新秀），可预留 5%-10% 额度分期授予。

　　Potential layer: High potential newcomers (such as management trainees and technical newcomers) can reserve 5% -10% of the quota for installment grants.

　　注意：避免“全员持股”，否则易导致激励失效，还可能引发股权纠纷。

　　Attention: Avoid "full shareholding" as it may lead to ineffective incentives and potential equity disputes.

　　3. 选择激励模式：低成本的 “灵活方案”

　　3. Choose incentive mode: low-cost "flexible plan"

　　中小企业现金流有限、股权流动性弱，优先选择“不稀释实际控制权、操作简单” 的模式：

　　Small and medium-sized enterprises with limited cash flow and weak equity liquidity should prioritize the model of "not diluting actual control rights and simple operation":

　　企业类型：科技 / 初创型   |   适配模式：虚拟股 / 增值权   |   核心优势：无需工商登记，仅享分红 / 增值收益   |   案例场景：软件公司激励核心程序员，绑定项目收益

　　Enterprise Type: Technology/Start up | Adaptation Mode: Virtual Stocks/Value added Rights | Core Advantage: No need for business registration, only enjoy dividends/value-added income | Case Scenario: Software company incentivizes core programmers, binds project income

　　企业类型：贸易 / 服务型   |   适配模式：干股（分红权）   |   核心优势：直接与利润挂钩，激励短期业绩   |   案例场景：建材贸易公司激励销售团队，提升营收

　　Enterprise Type: Trade/Service | Adaptation Mode: Dry Stock (Dividend Rights) | Core Advantage: Directly Linked to Profit, Motivates Short term Performance | Case Scenario: Building Materials Trading Company Motivates Sales Team, Increases Revenue

　　企业类型：有上市计划型   |   适配模式：期权（非上市）   |   核心优势：绑定长期价值，成本低   |   案例场景：硬件公司预留期权，吸引研发负责人

　　Enterprise type: Planned for listing | Adaptation mode: Options (non listed) | Core advantage: Binding long-term value, low cost | Case scenario: Hardware company reserves options to attract R&D leaders

　　4. 确定数量与价格：平衡 “激励与稀释”

　　4. Determine quantity and price: balance "incentives and dilution"

　　总量控制：中小企业总股本通常较小（如 100 万 - 1000 万股），激励总额度建议不超过总股本的 15%，避免过度稀释创始人股权；

　　Total amount control: The total share capital of small and medium-sized enterprises is usually small (such as 1 million to 10 million shares), and it is recommended that the total incentive amount not exceed 15% of the total share capital to avoid excessive dilution of founder equity;

　　个量分配：按“岗位价值 + 贡献度” 差异化分配，例如技术负责人可获 3%-5%，核心销售可获 1%-2%；

　　Individual allocation: Differentiated allocation based on "job value+contribution", for example, technical leaders can receive 3% -5%, and core sales can receive 1% -2%;

　　定价逻辑：无需复杂估值，非上市公司可按“净资产定价”（如每股净资产 1.2 元）或 “协商定价”（参考近 1-2 年净利润，按 5-8 倍 PE 简化计算），核心是 “员工认可、企业可承受”。

　　Pricing logic: Without the need for complex valuation, non listed companies can be priced based on "net assets" (such as 1.2 yuan per share of net assets) or "negotiated pricing" (referring to the net profit of the past 1-2 years, calculated at 5-8 times PE), with the core being "employee recognition and enterprise affordability".

　　5. 设定考核与退出：避免 “后续纠纷”

　　5. Setting assessment and exit: avoiding "subsequent disputes"

　　（1）业绩考核：指标需“量化、易落地”，拒绝宏观目标：

　　(1) Performance evaluation: Indicators need to be "quantified and easy to implement", rejecting macro goals:

　　公司层面：成长期企业可设“年度营收增长 15%”“净利润突破 500 万”；成熟期企业可设 “客户留存率≥85%”；

　　At the company level: Growth stage enterprises can set "annual revenue growth of 15%" and "net profit exceeding 5 million"; Mature enterprises can set a customer retention rate of ≥ 85%;

　　个人层面：销售岗设“个人业绩完成率≥90%”，技术岗设 “项目交付准时率≥100%”。

　　At the individual level, the sales position should have a "personal performance completion rate of ≥ 90%", and the technical position should have a "project delivery on-time rate of ≥ 100%".

　　（2）退出机制：提前约定所有场景，尤其是中小企业高频流动场景：

　　(2) Exit mechanism: pre agree on all scenarios, especially high-frequency flow scenarios for small and medium-sized enterprises:

　　正常退出（退休、伤残）：按当前净资产或约定价格回购，已兑现收益不收回

　　Normal exit (retirement, disability): repurchase based on current net assets or agreed price, with no recovery of realized income

　　非正常退出（主动离职、违纪）：未解锁部分无偿收回，已解锁部分按原价回购；

　　Abnormal withdrawal (voluntary resignation, violation of discipline): Ununlocked parts will be collected free of charge, and unlocked parts will be repurchased at the original price;

　　特殊退出（公司并购）：按并购估值折算现金支付，确保员工权益。

　　Special exit (company merger and acquisition): Cash payment converted based on the merger valuation to ensure employee rights.

　　二、中小企业股权激励的落地全流程（实操步骤）

　　2、 The full process of implementing equity incentives for small and medium-sized enterprises (practical steps)

　　1. 前期摸底：搞清楚 “需求与诉求”

　　1. Preliminary investigation: clarify "needs and demands"

　　企业端：梳理当前核心痛点（如人才流失、业绩停滞）、可投入的激励成本（如年度利润的 5%-10%）；

　　Enterprise side: Sort out the current core pain points (such as talent loss and stagnant performance), and the incentive costs that can be invested (such as 5% -10% of annual profit);

　　员工端：通过小范围访谈了解诉求（如部分老员工关注“稳定分红”，新人关注

　　Employee side: Conduct small-scale interviews to understand the demands (such as some senior employees paying attention to "stable dividends" and new employees paying attention)

　　“长期增值”），避免 “自说自话”。

　　Long term appreciation "), avoid" talking to oneself ".

　　2. 方案设计：出 “可落地的初稿”

　　2. Scheme design: Produce a "feasible initial draft"

　　结合上述要素形成方案初稿，重点明确“谁受益、拿多少、怎么拿、退出怎么算”；

　　Formulate a preliminary plan based on the above elements, with a focus on clarifying "who benefits, how much to take, how to take it, and how to calculate withdrawal";

　　初稿需与核心员工初步沟通，调整不合理条款（如某技术骨干认为考核指标过高，可适当降低短期目标，增加长期目标权重）。

　　The initial draft needs to be communicated with core employees to adjust unreasonable terms (if a technical backbone believes that the assessment indicators are too high, short-term goals can be appropriately lowered and long-term goals can be given more weight).

　　3. 合规备案：做 “风险隔离”

　　3. Compliance filing: Conduct "risk isolation"

　　非上市公司无需公开披露，但需履行内部程序：召开股东会，形成《股权激励方案决议》；

　　Non listed companies do not need to disclose publicly, but they need to follow internal procedures: convene a shareholders' meeting to form a "Resolution on Equity Incentive Plans";

　　签署书面协议：与激励对象签订《股权激励协议》，明确权利义务，避免口头承诺；

　　Sign a written agreement: Sign a "Equity Incentive Agreement" with the incentive object, clarify rights and obligations, and avoid verbal promises;

　　税务筹划：提前咨询税务部门，明确激励所得按“工资薪金所得” 计税，行权 / 分红时代扣代缴个税，避免税务风险。

　　Tax planning: Consult with the tax department in advance to clarify that incentive income is taxed based on "wage and salary income", and individual income tax is deducted and paid on behalf of others during the exercise/dividend period to avoid tax risks.

　　4. 宣导落地：讲清楚 “规则与价值”

　　4. Promotion and implementation: Clearly explain the "rules and values"

　　召开全员宣导会，用通俗语言解读方案（如“你今年完成业绩，可获得 2% 干股，按去年净利润 100 万算，能分 2 万，后续公司利润增长，分红还会涨”）；

　　Convene a staff promotion meeting and explain the plan in plain language (such as "If you achieve performance this year, you can receive 2% dry shares. Based on last year's net profit of 1 million, you can divide it into 20000. The company's profits will increase in the future, and dividends will also increase");

　　针对核心员工一对一沟通，解答疑虑（如“虚拟股虽不是实际股权，但能享受和股东一样的分红，且不用承担公司亏损风险”）。

　　One on one communication with core employees to address doubts (such as "virtual shares may not be actual equity, but they can enjoy the same dividends as shareholders and do not have to bear the risk of company losses").

　　5. 动态调整：随企业发展 “优化方案”

　　5. Dynamic adjustment: optimize the plan with the development of the enterprise

　　中小企业发展快，建议每 1-2 年复盘一次方案：若业绩超预期，可提高激励总额；若某岗位人才流失加剧，可增加该岗位激励额度；

　　Small and medium-sized enterprises are developing rapidly. It is recommended to review the plan every 1-2 years. If the performance exceeds expectations, the total incentive amount can be increased; If the talent loss of a certain position intensifies, the incentive amount for that position can be increased;

　　避免“一劳永逸”，例如某电商公司初期用干股激励销售，后期有融资计划，可转为期权激励，绑定员工与公司长期价值。

　　Avoid 'once and for all', for example, if an e-commerce company initially uses dry stock incentives to boost sales and later has financing plans, it can be converted into option incentives to bind employees to the long-term value of the company.

　　三、中小企业股权激励案例解析（2 个典型场景）

　　3、 Case Analysis of Equity Incentives for Small and Medium sized Enterprises (2 Typical Scenarios)

　　案例 1：科技型中小企业（20 人软件公司）—— 虚拟股激励

　　Case 1: Technology oriented Small and Medium sized Enterprises (20 person Software Company) - Virtual Stock Incentives

　　背景

　　background

　　某软件公司成立 3 年，核心业务是企业 SaaS 系统开发，面临 “核心程序员流失率高，新项目交付延迟” 的问题，年度净利润约 200 万，总股本 500 万股。

　　A software company has been established for 3 years, with its core business being enterprise SaaS system development. However, it faces the problem of "high turnover rate of core programmers and delayed delivery of new projects", with an annual net profit of approximately 2 million and a total share capital of 5 million shares.

　　方案设计

　　Design Proposal

　　激励目标：留住 3 名核心程序员 + 1 名技术主管，确保年内完成 2 个客户项目交付；

　　Incentive Goal: Retain 3 core programmers and 1 technical supervisor to ensure the completion of 2 customer project deliveries within the year;

　　激励对象：4 人（技术主管 1 人，核心程序员 3 人）；

　　Incentive targets: 4 people (1 technical supervisor, 3 core programmers);

　　激励模式：虚拟股（无工商登记，享分红+ 增值）；

　　Incentive mode: virtual stocks (without business registration, enjoy dividends+appreciation);

　　数量与价格：总额度10%（50 万股），技术主管 20 万股（4%），核心程序员各 10 万股（2%），定价 1 元 / 股（按净资产 1 元 / 股计算）；

　　Quantity and Price: The total quota is 10% (500000 shares), the technical director holds 200000 shares (4%), the core programmers each hold 100000 shares (2%), priced at 1 yuan/share (calculated based on net assets of 1 yuan/share);

　　考核指标：公司层面“项目按时交付率 100%”，个人层面 “代码通过率≥95%”；

　　Assessment indicators: At the company level, the project on-time delivery rate is 100%, and at the individual level, the code pass rate is ≥ 95%;

　　退出机制：主动离职则未分红部分收回，退休则按当年净利润分红。

　　Exit mechanism: If you voluntarily resign, the unpaid portion will be recovered, and if you retire, you will receive dividends based on the net profit of the current year.

　　落地效果

　　implementation effect

　　年内 2 个项目均按时交付，客户满意度 95%；

　　Two projects were delivered on time within the year, with a customer satisfaction rate of 95%;

　　核心程序员无一流失，次年新签 3 个项目，净利润增长至 300 万，激励对象分红翻倍；

　　No core programmers were lost, and three new projects were signed the following year, resulting in a net profit increase of 3 million and a doubling of dividends for incentive recipients;

　　后续吸引1 名资深程序员加入，主动提出 “希望获得虚拟股”，人才吸引力提升。

　　Subsequently, we will attract one senior programmer to join and proactively propose to acquire virtual stocks, which will enhance our talent attraction.

　　案例 2：贸易型中小企业（30 人建材公司）—— 干股激励

　　Case 2: Trade oriented small and medium-sized enterprises (30 person building materials company) - dry stock incentives

　　背景

　　background

　　某建材贸易公司成立 5 年，主营建材批发，业绩增长停滞（年度营收约 1500 万），核心销售团队不稳定，近 1 年流失 2 名资深销售。

　　A building materials trading company has been established for 5 years, mainly engaged in wholesale of building materials, but its performance growth has stagnated (with an annual revenue of about 15 million). The core sales team is unstable, and 2 senior salespeople have been lost in the past year.

　　方案设计

　　Design Proposal

　　激励目标：稳定 2 名销售主管 + 3 名核心销售，年度营收增长 15%；

　　Incentive goal: Stabilize 2 sales supervisors and 3 core salespeople, achieve an annual revenue growth of 15%;

　　激励对象：5 人（销售主管 2 人，核心销售 3 人）；

　　Incentive targets: 5 people (2 sales supervisors and 3 core salespeople);

　　激励模式：干股（仅享分红权，不占股权）；

　　Incentive mode: dry stock (only enjoying dividend rights, not holding equity);

　　数量与考核：按年度净利润的 8% 设分红池，销售主管各占 30%（约 2.4% 净利润），核心销售各占 13%（约 1.04% 净利润）；考核指标 “团队营收增长 15%+ 个人业绩完成率≥90%”；

　　Quantity and assessment: Set up a dividend pool based on 8% of the annual net profit, with sales supervisors each accounting for 30% (approximately 2.4% net profit) and core sales each accounting for 13% (approximately 1.04% net profit); Assessment indicator: "Team revenue growth of 15%+individual performance completion rate ≥ 90%";

　　退出机制：主动离职不享受当年分红，完成年度目标后离职可获50% 分红。

　　Exit mechanism: Those who voluntarily resign will not be entitled to the current year's bonus. Those who resign after achieving the annual target will receive a 50% bonus.

　　落地效果

　　implementation effect

　　年度营收增长 22%，达 1830 万，净利润增长至 120 万，分红池 9.6 万，销售主管各分 2.88 万，核心销售各分 1.248 万；

　　Annual revenue increased by 22% to 18.3 million, net profit increased to 1.2 million, dividend pool was 96000, sales executives each received 28800, and core sales each received 124800;

　　核心销售留存率 100%，次年 1 名销售主管主动提出 “愿意降薪 5%，换取更高干股比例”，团队积极性显著提升。

　　The retention rate of core sales was 100%, and the following year, one sales supervisor voluntarily proposed a 5% salary reduction in exchange for a higher percentage of shares. The team's enthusiasm significantly increased.

　　四、中小企业股权激励的常见误区与规避建议

　　4、 Common misconceptions and avoidance suggestions of equity incentives for small and medium-sized enterprises

　　误区 1：把股权激励当 “福利”，全员参与

　　Misconception 1: Treating equity incentives as "benefits" and involving all employees

　　规避：严格聚焦“核心层 + 骨干层”，即使是 50 人以下的小企业，激励对象也不超过 10 人，确保激励资源用在 “关键人” 身上。

　　Avoidance: Strictly focus on the "core layer+backbone layer", even for small businesses with less than 50 employees, the incentive targets should not exceed 10 people, ensuring that incentive resources are used on "key people".

　　误区 2：忽视退出机制，后期纠纷不断

　　Misconception 2: Ignoring the exit mechanism leads to continuous disputes in the later stages

　　规避：方案中明确所有退出场景的处理方式，尤其是“主动离职”“公司亏损” 等高频场景，可参考上述案例中的回购条款，提前约定价格与流程。

　　Avoidance: The plan specifies the handling methods for all exit scenarios, especially high-frequency scenarios such as "voluntary resignation" and "company losses". Reference can be made to the repurchase clause in the above case, and the price and process can be agreed upon in advance.

　　误区 3：追求 “复杂模式”，照搬上市公司期权

　　Misconception 3: Pursuing a "complex model" and blindly copying the options of listed companies

　　规避：中小企业优先选虚拟股、干股等“轻模式”，操作简单且无需工商变更，例如某餐饮企业用 “利润分红权” 激励店长，比期权更易落地。

　　Avoidance: Small and medium-sized enterprises should prioritize "light models" such as virtual stocks and dry stocks, which are easy to operate and do not require industrial and commercial changes. For example, a certain catering enterprise uses "profit sharing rights" to incentivize store managers, which is easier to implement than options.

　　误区 4：沟通不到位，员工以为 “画饼”

　　Misconception 4: Poor communication leads employees to think they are just drawing a cake

　　规避：宣导时用“数据 + 案例” 说话，例如 “去年公司赚了 100 万，若你拿到 2% 干股，能分 2 万；今年若赚 150 万，就能分 3 万”，让员工直观感受收益。

　　Avoidance: Use "data+case studies" when promoting, for example, "Last year the company earned 1 million yuan, if you get 2% of the shares, you can get 20000 yuan; if you earn 1.5 million yuan this year, you can get 30000 yuan", so that employees can intuitively feel the benefits.

　　结语

　　Conclusion

　　对中小企业而言，股权激励不是“高大上的工具”，而是 “精准解决问题的手段”。设计时需紧扣 “自身需求”，落地时需注重 “员工认可”，无需追求完美，关键是 “小步快跑、灵活调整”。只要找对目标、选对模式、讲清规则，就能让股权激励成为中小企业留住人才、突破增长的 “助推器”。

　　For small and medium-sized enterprises, equity incentives are not "fancy tools", but "precise means to solve problems". When designing, it is necessary to focus on "personal needs", and when implementing, attention should be paid to "employee recognition". There is no need to pursue perfection, the key is to "take small steps, run quickly, and adjust flexibly". As long as you find the right goals, choose the right model, and clarify the rules, equity incentives can become a "booster" for small and medium-sized enterprises to retain talent and break through growth.

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