股上市公司可选择的股权激励工具主要有三种：第一类限制性股票、第二类限制性股票和股票期权。三者在股东权利、授予折扣、出资时点等方面存在显著差异。

There are three main types of equity incentive tools that listed companies can choose from: the first type of restricted stock, the second type of restricted stock, and stock options. There are significant differences among the three in terms of shareholder rights, granting discounts, and timing of capital contributions.

第一类限制性股票允许激励对象在授予时以市价五折以上的价格出资购买公司股票，待满足业绩考核和减持规则后方可卖出。优点是激励力度大、绑定效果强，缺点是需要员工在授予时就出资，资金压力较大。

The first type of restricted stock allows incentive recipients to purchase company stocks at a price more than 50% of the market price at the time of grant, and can only sell them after meeting performance evaluation and reduction rules. The advantage is that the incentive is strong and the binding effect is strong, but the disadvantage is that employees need to contribute when granting, which puts a lot of financial pressure.

第二类限制性股票要求激励对象在达成业绩考核条件后，再以授予时点市价五折以上出资购买。目前仅在科创板、创业板试点。自2019年引入以来，其渗透率持续攀升，“两创板块”实施股权激励的上市公司多数会优先考虑选择第二类限制性股票。从实践效果看，实施第二类限制性股票的公司能够给投资者创造超额回报，自授予日起1年、2年、3年，平均股票累计超额收益率分别为9.2%、4.8%、6.9%。在提升经营业绩方面，实施当年、第1年及第2年的整体营收增速均值分别为24.3%、25.9%、30.5%。

The second type of restricted stock requires incentive recipients to purchase at least 50% of the market price at the time of grant after meeting the performance evaluation criteria. Currently, it is only being piloted on the Science and Technology Innovation Board and the Growth Enterprise Market. Since its introduction in 2019, its penetration rate has continued to rise, and most listed companies implementing equity incentives in the "two innovation sectors" will give priority to choosing the second type of restricted stocks. From the perspective of practical effects, companies implementing the second type of restricted stocks can create excess returns for investors. The average cumulative excess returns of stocks for 1, 2, and 3 years from the grant date are 9.2%, 4.8%, and 6.9%, respectively. In terms of improving business performance, the average overall revenue growth rates for the year of implementation, the first year, and the second year were 24.3%, 25.9%, and 30.5%, respectively.

股票期权允许激励对象在满足考核条件后，按授予时点市价出资购买。期权的好处是员工在授予时无需出资，风险更低，但对员工的激励感知可能不如限制性股票强烈。

Stock options allow incentive recipients to purchase at the market price at the grant date after meeting the assessment criteria. The advantage of options is that employees do not need to contribute at the time of grant, resulting in lower risk, but the perceived motivation for employees may not be as strong as restricted stocks.

值得注意的是，越来越多的上市企业将两种甚至多种工具组合使用。比如美的集团针对不同层级员工设计不同的激励计划：核心高管实行“合伙人计划”，中高层管理人员实施“限制性股票计划”，研发、制造等科技人员实施“股权期权激励计划”。工具没有绝对的好坏，关键看是否匹配企业的战略目标和激励对象的特点。

It is worth noting that more and more listed companies are using a combination of two or even more tools. For example, Midea Group designs different incentive plans for employees at different levels: core executives implement the "Partner Plan", middle and senior management implement the "Restricted Stock Plan", and technology personnel such as R&D and manufacturing implement the "Equity Option Incentive Plan". There is no absolute good or bad tool, the key is whether it matches the strategic goals of the enterprise and the characteristics of the incentive targets.

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