股权激励已经成为当下人力资源管理中的一个热点，被众多的上市公司和一些非上市公司看做是保证员工与企业共同长期发展的不二法门；那么股权激励到底有哪些模式，应该如何操作呢？

　　Equity incentives have become a hot topic in current human resource management, and are seen by many listed companies and some non listed companies as the only way to ensure the long-term development of employees and enterprises; So what are the models of equity incentives and how should they be operated?

　　本次先简单介绍股权激励操作的十步法，通过确定十个方面的内容，就可以明确应该如何来设计和操作一个股权激励方案。

　　This time, we will briefly introduce the ten steps of equity incentive operation. By identifying the ten aspects, we can clarify how to design and operate an equity incentive plan.

　　1定模式

　　1. Fixed mode

　　股权激励的模式比较多，甚至现在还在不断的进行着创新；不过总体上现在最为常见的是两种形式，期权、限制性股票。两者的主要区别在于期权是员工现有未来以一定价格购买股票的权力，而是否行使这种权力，主动权在员工手中；限制性股票则是员工以一定价格购买股票，但是有一定的限制条件。

　　There are many models of equity incentives, and even now they are constantly innovating; However, overall, the two most common forms now are options and restricted stocks. The main difference between the two is that options are the right of employees to purchase stocks at a certain price in the future, while the initiative to exercise this power lies in the hands of the employees; Restricted stock refers to employees purchasing stocks at a certain price, but with certain restrictions.

　　2定人员

　　2 designated personnel

　　就是确定哪些人员可以参与股权激励计划；一般说来多数企业只是选择对于企业未来发展更为重要的人员参与股权激励。大体上可以分成四类：核心高管（CXO），分支机构负责人，中高层管理人员，核心员工（主要是技术人员和销售人员）。一般而言，参与股权激励计划的人员可以占到总人数的5-10%。具体人员选择上也可参照定量部分进行量化评估。

　　It is to determine which personnel can participate in the equity incentive plan; Generally speaking, most companies only choose personnel who are more important for the future development of the company to participate in equity incentives. Generally speaking, they can be divided into four categories: core executives (CXOs), branch heads, middle and senior management personnel, and core employees (mainly technical and sales personnel). Generally speaking, personnel participating in equity incentive plans can account for 5-10% of the total number of people. Specific personnel selection can also be evaluated quantitatively by referring to the quantitative section.

　　3定量

　　3 Quantitative

　　定量包含两个部分，总量（股权激励的总量）和个量（参与股权激励的员工每个人分配的数量）。

　　Quantification consists of two parts, total amount (total amount of equity incentives) and individual amount (the quantity allocated to each employee participating in equity incentives).

　　总量的确定一般要考虑未来总体员工持股比例，考虑控股权问题；

　　The determination of the total amount generally takes into account the future overall employee shareholding ratio and the issue of controlling equity;

　　个量我们可以从若干维度来进行衡量：岗位价值、个人能力、历史贡献、市场稀缺、文化认同；这些维度的评价相对有一定难度，也可以转换成其他的一套指标：薪酬、过去几年的绩效、司龄、战略契合、文化认同。个量的确定还应该考虑激励的力度问题，未来公司的总市值如何，给与员工的股权未来价值如何。

　　We can measure individual quantity from several dimensions: job value, personal ability, historical contribution, market scarcity, cultural identity; The evaluation of these dimensions is relatively difficult and can also be converted into other sets of indicators: salary, performance over the past few years, tenure, strategic fit, and cultural identity. The determination of individual quantity should also consider the strength of incentives, the total market value of the company in the future, and the future value of equity given to employees.

　　4定价

　　4 Pricing

　　确定员工以什么样的价格获得股票。定价的参考标准由低到高可以有：免费赠送、注册资本、公司净资产、战略投资人确定的价格、市盈率法计算的价格。如果不免费赠送的话，一般采用略低于战略投资人价格的方式较多。

　　Determine at what price employees will receive stocks. The reference standards for pricing, from low to high, can include: free gifts, registered capital, company net assets, prices determined by strategic investors, and prices calculated using the P/E ratio method. If it is not given away for free, it is generally more common to use a price slightly lower than that of strategic investors.

　　5定时间

　　5 fixed time

　　指确定股票的授予/归属，确权/行权时间。现在多数采用1/3的模式。

　　Refers to the determination of the grant/ownership, confirmation/exercise time of stocks. Nowadays, most adopt the 1/3 mode.

　　6定目标

　　Set 6 goals

　　在达成什么样的目标之下， 股票才可以归属于员工，避免股权激励变成一种福利。

　　Under what goals can stocks be attributed to employees and avoid equity incentives becoming a form of welfare.

　　7定资金来源

　　7 fixed sources of funds

　　资金来源是指购买股票的资金从何而来，主要可以分成公司出资、员工出资、共同出资几个大类，并可以由若干不同的变形方式。

　　The source of funds refers to where the funds for purchasing stocks come from, which can be mainly divided into several categories: company investment, employee investment, and joint investment, and can be transformed into several different ways.

　　8定股份来源

　　8 sources of fixed shares

　　进行股权激励的股份来源主要可以由：大股东转让、增资扩股、二级市场收购等。

　　The main sources of shares for equity incentives can be: transfer by major shareholders, capital increase and share expansion, secondary market acquisition, etc.

　　9定退出机制

　　9. Exit mechanism

　　确定在不同的情况之下的退出机制，退出机制是对员工和企业利益的双向保障。

　　Determine the exit mechanism in different situations, which is a two-way guarantee for the interests of employees and the enterprise.

　　10定持股模式

　　10 fixed shareholding model

　　由于有限责任公司和股份有限公司分别有股东50人/200人的上限要求；因此在做股权激励的时候往往需要采用不同的持股方式。现在采用有限合伙企业的模式比较多，机制比较灵活，还可以有效规避重复纳税的问题。近年还有一些例如资管计划等新的模式在不断探索之中。

　　Due to the upper limit requirement of 50 shareholders/200 shareholders for limited liability companies and limited liability companies respectively; Therefore, different shareholding methods are often required when implementing equity incentives. Nowadays, there are many models of limited partnership enterprises, which have flexible mechanisms and can effectively avoid the problem of duplicate taxation. In recent years, new models such as asset management plans have been continuously explored.

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