股权激励方案落地执行
十年股权整理解决方案落地实施

　　上市公司股权激励种类和利弊

　　Types and advantages and disadvantages of equity incentives for listed companies

　　股票期权激励模式

　　Stock option incentive model

　　【股票期权模式)

　　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，

　　It refers to the option granted by a joint-stock company to incentive recipients (such as managers) to purchase the company's stocks,

　　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。

　　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 the stock option itself is non convertible.

　　股票期权激励模式的优点

　　The advantages of stock option incentive mode

　　降低委托/代理成本，将经营者的报酬与公司的长期利益绑在一起实现了经营者与资产所有者利益的高度一致性，并使二者的利益紧密联系起来。

　　Reducing the cost of delegation/agency, linking the remuneration of operators with the long-term interests of the company, achieves a high degree of consistency between the interests of operators and asset owners, and closely links their interests.

　　可以锁定期权人的风险，股票期权持有人不行权就没有任何额外的损失。

　　It can lock in the risk of the option holder, and if the stock option holder does not exercise the right, there will be no additional losses.

　　股票期权是企业赋予经营者的一种选择权，是在不确定的市场中实现的预期收入，企业没有任何现金支出，有利于企业降低激励成本。这也是企业以较低成本吸引和留住人才的方法

　　Stock options are a type of option granted by a company to its managers, which are expected income realized in an uncertain market without any cash expenditure, and are beneficial for reducing incentive costs for the company. This is also a method for companies to attract and retain talent at a lower cost

　　股票期权根据二级市场股价波动实现收益，因此激励力度比较大，另外，股票期权受证券市场的自动监督，具有相对的公平性。

　　Stock options generate returns based on fluctuations in secondary market stock prices, making them highly incentivized. Additionally, stock options are subject to automatic supervision by the securities market and have relative fairness.

　　股票期权激励模式的缺点

　　Disadvantages of Stock Option Incentive Model

　　影响公司的总资本和股本结构。因行权将会分散股权，影响到现有股东的权益，可能导致产权和经济纠纷。

　　Affects the total capital and share structure of the company. Exercise of rights will disperse equity and affect the rights and interests of existing shareholders, which may lead to property rights and economic disputes.

　　来自股票市场的风险。股票市场的价格波动和不确定性，持续的牛市会产生“收入差距过大”的问题:当期权人行权但尚未售出购入的股票时，股价下跌至行权价以下，期权人将同时承担行权后纳税和股票跌破行权价的双重损失的风险0

　　Risks from the stock market. The price fluctuations and uncertainties in the stock market, coupled with a sustained bull market, can lead to the problem of "excessive income gap": when the current option holder exercises but has not yet sold the purchased stocks, and the stock price drops below the exercise price, the option holder will bear the risk of both tax payment after exercise and the risk of double losses from the stock falling below the exercise price

　　可能带来经营者的短期行为。由于股票期权的收益取决于行权之日市场上的股票价格高于行权价格，因而可能促使公司的经营者片面追求股价提升的短期行为，而放弃对公司发展的重要投资，从而降低了股票期权与经营业绩的相关性。

　　Possible short-term behavior of the operator. Due to the fact that the returns of stock options depend on the stock price on the exercise date being higher than the exercise price in the market, it may prompt the company's operators to pursue short-term behavior of stock price increase and abandon important investments in the company's development, thereby reducing the correlation between stock options and business performance.

　　虚拟股票激励模式

　　Virtual stock incentive model

　　【虚拟股票模式】

　　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。

　　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.

　　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。

　　Under the predetermined target conditions of virtual stockholders, when the company pays the returns to the holders, it can either pay the current equivalent of the stock or a combination of the equivalent of the 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.

　　虚拟股票激励模式的优点

　　The advantages of virtual stock incentive model

　　它实质上是一种享有企业分红权的凭证，除此之外，不再享有其他权利，因此，虚拟股票的发放不影响公司的总资本和股本结构。

　　It is essentially a certificate that entitles the company to dividend rights, without any other rights. Therefore, the issuance of virtual stocks does not affect the company's total capital and share structure.

　　虚拟股票具有内在的激励作用。虚拟股票的持有人通过自身的努力去经营管理好企业，使企业不断地盈利，进而取得更多的分红收益，公司的业绩越好，其收益越多。

　　Virtual stocks have inherent motivational effects. The holders of virtual stocks manage the enterprise through their own efforts, continuously making profits and obtaining more dividend income. The better the company's performance, the greater its returns.

　　虚拟股票激励模式具有一定的约束作用。因为获得分红收益的前提是实现公司的业绩目标，并且收益是在未来实现的。

　　The virtual stock incentive model has a certain constraint effect. The prerequisite for obtaining dividend income is to achieve the company's performance goals, and the income is to be realized in the future.

　　虚拟股票激励模式的缺点

　　The drawbacks of the virtual stock incentive model

　　激励对象可能因考虑分红，减少甚至于不实行企业资本公积金的积累，而过分地关注企业的短期利益，

　　The incentive targets may excessively focus on the short-term interests of the enterprise by considering dividends, reducing or even not implementing the accumulation of corporate capital reserves,

　　在这种模式下的企业分红意愿强烈，导致公司的现金支付压力比较大。

　　Under this model, companies have a strong willingness to distribute dividends, resulting in significant cash payment pressure for the company.

　　股票增值权激励模式

　　Stock appreciation right incentive model

　　股票增值权模式)

　　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.

　　股票增值权激励模式的优点

　　The advantages of the stock appreciation right incentive model

　　模式简单易于操作，股票增值权持有人在行权时，直接对股票升值部分兑现。该模式审批程序简单，无需解决股票来源问题。

　　The mode is simple and easy to operate, and the holder of stock appreciation rights can directly cash in the appreciation portion of the stock when exercising the rights. This mode has a simple approval process and does not require solving the stock source issue.

　　股票增值权激励模式的缺点

　　Disadvantages of Stock Appreciation Rights Incentive Model

　　激励对象不能获得真正意义上的股票，激励的效果相对较差

　　The incentive object cannot obtain real stocks, and the incentive effect is relatively poor

　　由于我国资本市场的弱有效性，股价与公司业绩关联度不大，以股价的上升来决定激励对象的股价升值收益，可能无法真正做到“奖励公正”，起不到股权激励应有的长期激励作用，相反，还可能引致公司高管层与庄家合谋操纵公司股价等问题。

　　Due to the weak efficiency of China's capital market, the correlation between stock prices and company performance is not significant. Using the rise in stock prices to determine the appreciation benefits of incentive targets may not truly achieve "reward fairness" and fail to provide the long-term incentive effect that equity incentives should have. On the contrary, it may also lead to problems such as collusion between company executives and market makers to manipulate company stock prices.

　　股票增值权的收益来源是公司提取的奖励基金，公司的现金支付压力较大。

　　The source of income for stock appreciation rights is the incentive fund extracted by the company, which puts significant cash payment pressure on the company.

　　业绩股票激励模式

　　Performance stock incentive model

　　【业绩股票激励】

　　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，在年未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。

　　Mode refers to the company setting a reasonable annual performance target at the beginning of the year. If the incentive object fails to achieve the company's predetermined annual performance target 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.

　　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。

　　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.

　　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，方面，业绩股票与一般奖全不同，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。

　　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 completely different from general awards. They are not distributed in the same year and depend on the performance in the next few years. On the other hand, if the company's performance is good, its stock price will be in the secondary market.

　　业绩股票激励模式的优点:

　　The advantages of performance stock incentive model:

　　能够激励公司高管人员努力完成业绩目标。为了获得股票形式的激励收益，激励对象会努力地去完成公司预定的业绩目标;激励对象获得激励股票后便成为公司的股东，与原股东有了共同利益，更会倍加努力地去提升公司的业绩，进而获得因公司股价上涨带来的更多收益。

　　Can motivate company executives to work hard to achieve performance goals. In order to obtain incentive returns in the form of stocks, incentive recipients will strive to achieve the company's predetermined performance goals; After receiving incentive stocks, the incentive object becomes a shareholder of the company, sharing common interests with the original shareholders, and will work harder to improve the company's performance, thereby gaining more profits from the rise in the company's stock price.

　　具有较强的约束作用。激励对象获得奖励的前提是实现一定的业绩目标，并且收入是在将来逐步兑现:如果激励对象未通过年度考核，出现有损公司行为、非正常调离等，激励对象将受风险抵押金的惩罚或被取消激励股票，退出成本较大。

　　Has a strong constraint effect. The prerequisite for incentive recipients to receive rewards is to achieve certain performance goals and gradually realize their income in the future. If the incentive recipient fails the annual assessment, engages in harmful company behavior, abnormal transfer, etc., the incentive recipient will be punished with risk collateral or have their incentive stocks cancelled, resulting in high exit costs.

　　激励与约束机制相配套，激励效果明显，且每年实行一次，因此，能够发挥滚动激励、滚动约束的良好作用。

　　The incentive and constraint mechanisms are matched, with significant incentive effects, and are implemented once a year. Therefore, they can play a good role in rolling incentives and rolling constraints.

　　业绩股票激励模式的缺点

　　Disadvantages of Performance Stock Incentive Model

　　公司的业绩目标确定的科学性很难保证，容易导致公司高管人员为获得业绩股票而弄虚作假:激励成本较高，有可能造成公司支付现金的压力。

　　The scientific determination of a company's performance goals is difficult to guarantee, which can easily lead to executives falsifying performance stocks: the incentive cost is high, which may cause pressure on the company to pay cash.

　　管理层收购激励模式

　　Management buyout incentive model

　　【管理层收购】

　　Management buyout

　　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。

　　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.

　　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。

　　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.

　　管理层收购激励模式的优点

　　The advantages of the management buyout incentive model

　　通过收购使企业经营权和控制权统一起来，管理层的利益与公司的利益也紧密地联系在一起，经营者以追求公司利润最大化为目标极大地降低了代理成本;

　　Through acquisition, the management and control rights of the enterprise are unified, and the interests of the management are closely linked to those of the company. The goal of the operator is to pursue the maximization of the company's profits, which greatly reduces agency costs;

　　管理层收购使管理层有可能获得大量的股权收益，长期激励作用明显

　　Management buyout provides the management with the possibility of obtaining significant equity returns, with a clear long-term incentive effect

　　管理层收购激励模式的缺点

　　The drawbacks of the management buyout incentive model

　　收购需要大量的资金，若处理不当，会导致收购成本的激增，甚至付出巨大的代价;

　　Acquisition requires a large amount of funds, and if not handled properly, it can lead to a significant increase in acquisition costs, and even incur huge costs;

　　收购后若不及时调整公司治理结构，有可能形成新的内部人操纵。

　　If the corporate governance structure is not adjusted in a timely manner after the acquisition, it may lead to new insider manipulation.

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　　延期支付激励模式

　　Delayed payment incentive model

　　【延期支付模式】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。

　　The deferred payment mode 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 and stored in a custody account. After the prescribed period expires, it is paid to the incentive objects in the form of stocks or in cash based on the market value of the stocks at that time.

　　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。

　　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.

　　延期支付激励模式的优点：把经营者一部分薪酬转化为股票，且长时间锁定，增加了其退出成本，促使经营者更关注公司的长期发展，减少了经营者的短期行为，有利于长期激励，留住并吸引人才；管理人员部分奖金以股票的形式获得，因此具有减税作用。

　　The advantages of the deferred payment incentive model are: converting a portion of the operator's salary into stocks and locking it in for a long time increases their exit costs, prompting the operator to pay more attention to the long-term development of the company, reducing their short-term behavior, which is conducive to long-term incentives, retaining and attracting talents; Part of the bonus for management personnel is obtained in the form of stocks, therefore it has a tax reduction effect.

　　延期支付激励模式的缺点：

　　Disadvantages of deferred payment incentive model:

　　公司高管人员持有公司股票数量相对较少，难以产生较强的激励力度；股票二级市场具有风险的不确定性，经营者不能及时地把薪酬变现。7

　　The number of company stocks held by senior executives is relatively small, making it difficult to generate strong incentives; The secondary stock market carries uncertainty and risk, and operators are unable to realize their compensation in a timely manner. seven

　　储蓄—股票参与计划激励模式【储蓄—股票参与计划模式】是指公司允许激励对象预先将一定比例的工资(一般公司规定的比例是税前工资额的2%—10%)存入专门为本公司员工开设的储蓄账户，并将此资金按期初和期末股票市场价格的较低价位的一定折扣折算成一定数量的股票，在期末按照当时的股票市场价格计算此部分股票的价值，公司将补贴购买价和市场价之间的差额。储蓄—股票参与计划激励模式的优点：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 refers to the company allowing incentive recipients to deposit a certain percentage of their salary (usually 2% -10% of their pre tax salary) into a savings account specially opened for its employees, and convert this fund into a certain number of stocks at a certain discount from the lower price of the stock market at the beginning and end of the period. At the end of the period, the value of these stocks is calculated based on the current stock market price, and the company will subsidize the difference between the purchase price and the market price. The advantages of the savings stock participation plan incentive model are that there are benefits regardless of whether the stock price rises or falls, and 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.

　　储蓄—股票参与计划激励模式的缺点：与其他激励模式相比，激励作用相对较小。由于其激励范围较广，带有一种平均化和福利化的倾向，激励基金分配给个人的激励力度有可能不够，无法起到预期的激励目的。8

　　The disadvantage of the savings stock participation plan incentive model is that compared to other incentive models, the incentive effect is relatively small. Due to its wide range of incentives and tendency towards equalization and welfare, the incentive funds allocated to individuals may not be sufficient to achieve the expected incentive goals. eight

　　限制性股票激励模式

　　Restricted stock incentive model

　　【限制性股票】是专门为了某一特定计划而设计的激励机制。

　　Restricted stock is an incentive mechanism specifically designed for a particular plan.

　　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.

　　限制性股票激励的优点：

　　Advantages of Restricted Stock Incentives:

　　激励相关人员将更多的时间精力投入到某个或某些长期战略目标中；

　　Motivate relevant personnel to invest more time and energy into one or some long-term strategic goals;

　　由于限制期的设置，可保证相关人员的稳定性。

　　Due to the restriction period, the stability of relevant personnel can be ensured.

　　限制性股票激励的缺点：

　　Disadvantages of Restricted Stock Incentives:

　　股票价格指标设置的不合理性或市场的波动，使得预期目标完成而股价没有达到标准，影响相关人员积极性；相关人员不能完全掌握预期目标实现的要素，产生权责不对等而失去激励作用。

　　Unreasonable setting of stock price indicators or market fluctuations result in the achievement of expected targets while stock prices do not meet standards, affecting the enthusiasm of relevant personnel; Relevant personnel are unable to fully grasp the elements of achieving expected goals, resulting in unequal rights and responsibilities and loss of motivation.

　　非上市公司股权激励种类和利弊

　　Types and advantages and disadvantages of 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.

　　9

　　nine

　　股权期权激励模式

　　Equity option incentive model

　　实施股权期权激励计划关键点：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)。未来一定期限（含三个概念）：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；二是行权限制期，即股权授予日至股权生效日的期限；三是行权有效期，即股权限制期满后至股权终止日的时间。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。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。

　　Key points for implementing equity option incentive plan: 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). A certain period of time in the future (including three concepts): firstly, 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; The second is the exercise restriction period, which refers to the period from the date of equity grant to the effective date of equity; 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. Fixed price and conditions: the price for purchasing equity on the exercise date and the conditions for exercising. 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；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 one hand, equity option incentives reduce agency costs and provide stability for key personnel (teams); 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.

　　10

　　ten

　　限制性股权激励模式

　　Restricted equity incentive model

　　实施限制性股权激励计划关键点：业绩目标：一般选择公司的某项战略目标后作为业绩目标。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。

　　Key points for implementing restricted equity incentive plans: Performance goals: Generally, a company's strategic goal is selected as the performance goal. Grant price: The grant price is generally a free gift or a price far below the company's value.

　　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。

　　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 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.

　　11

　　eleven

　　业绩股权激励模式

　　Performance equity incentive model

　　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。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 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. 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.

　　12

　　twelve

　　股权增值权激励模式

　　Equity appreciation right incentive model

　　实施股权增值权激励计划关键点：

　　Key points of implementing the equity appreciation right incentive plan:

　　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.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。

　　A certain period and conditions: that is, to obtain a specified amount and a certain proportion of equity stock price increase within a specified time, subject to restrictive conditions stipulated by relevant policies and incentive conditions for achieving certain performance goals, and not less than 20% must be cashed out after passing the term assessment 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。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。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。

　　On the one hand, the advantages and disadvantages of equity appreciation rights incentives are that, compared to the equity option model, the equity appreciation rights model is simpler, easier to operate, and does not dilute the ownership of the company, resulting in less cost pressure on the grant recipients. 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. This model is more suitable for non listed companies with abundant and stable cash flow.

　　股权激励计划对企业的影响

　　The impact of equity incentive plans on enterprises

　　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：对企业的影响

　　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. In the long run, its impact on enterprises is relatively positive and constructive, mainly reflected in its influence on enterprises

　　1、有利于更好地吸引并留住核心人力资本。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。

　　1. Beneficial for better attracting and retaining core human capital. 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、充分刺激和调动经理人积极性和创造力。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。

　　2. Fully stimulate and mobilize the enthusiasm and creativity of managers. 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、有效降低企业经营成本并利润。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。

　　3. Effectively reduce business operating costs and profits. 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、稀释股权，降低现股东持股比例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。

　　1. Diluting equity and reducing the shareholding ratio of current shareholders through 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、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。

　　2. The introduction of supervision, transparency and democracy in business management and profit distribution require an increase in the level of democracy. According to the provisions of China's Company Law, 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 enjoy many rights such as voting rights at shareholder meetings, the right to inspect company articles of association, documents and financial reports, accounting books, dividend rights, and the right of first refusal to subscribe to shares sold by other shareholders.

　　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、带来潜在的纠纷风险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。

　　3. The potential risk of disputes arises from the shift of equity from centralized to decentralized, which may lead to disagreements among shareholders regarding the company's management and sustainable development strategies. This increases the risk of disputes arising from conflicts between shareholders.

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