股权激励方案落地执行
十年股权整理解决方案落地实施

　　VIE 架构在中国互联网界大名鼎鼎。

　　VIE architecture is famous in China's Internet industry.

　　它是通过中国法律项下的协议安排，使境外公司在没有股权关系的情况下控制国内公司的运营。

　　It is arranged through agreements under Chinese law, allowing overseas companies to control the operation of domestic companies without any equity relationship.

　　同时，按照国际会计准则，将境内公司的财务数据并入境外公司的财务报表。

　　At the same time, in accordance with international accounting standards, the financial data of domestic companies will be merged into the financial statements of overseas companies.

　　需要注意的是，VIE 架构的外延范围很广。

　　It should be noted that the VIE architecture has a wide range of extensions.

　　一、它是一种公司组织架构形式，至少会涉及到境外上市公司、WFOE、境内运营公司三方；

　　1、 It is a form of corporate organizational structure that involves at least overseas listed companies WFOE、 Three parties of domestic operating companies;

　　二、由于涉及多个法人主体，法律关系复杂，如果公司实施股权激励，很容易出现纠纷；

　　2、 Due to the involvement of multiple legal entities and complex legal relationships, if a company implements equity incentives, disputes are likely to arise;

　　三、为了规避这些纠纷，从 VIE 架构的顶层设计到具体的落地实施，都需要非常专业的操作；

　　3、 To avoid these disputes, very professional operations are required from the top-level design of the VIE architecture to the specific implementation;

　　四、VIE 架构涉及敏感行业的外资准入，这就需要密切关注国内外监管部门的态度。

　　4、 The VIE architecture involves foreign investment access in sensitive industries, which requires close attention to the attitudes of domestic and foreign regulatory authorities.

　　此外，中国大部分互联网创业公司都建立在 VIE 架构的基础上，但是在为创业者提供股权服务的实践中发现，创业者对 VIE 架构下的股权激励有诸多困扰。VIE 架构下的股权激励有哪些特点？如何实施？有哪些潜在的纠纷和风险？本文也将从多个维度对 VIE 架构下的股权激励进行剖析。

　　In addition, most Internet start-ups in China are based on the VIE framework, but in the practice of providing equity services for entrepreneurs, entrepreneurs have many problems with equity incentives under the VIE framework. What are the characteristics of equity incentives under the VIE structure? How to implement it? What are the potential disputes and risks? This article will also analyze equity incentives under the VIE structure from multiple dimensions.

　　影响 VIE 架构的三大事件

　　Three major events affecting VIE architecture

　　▌新浪上市

　　Sina's listing

　　2000 年，新浪网在纳斯达克上市，并成为第一家采用 VIE 架构上市的中国互联网公司。

　　In 2000, Sina.com was listed on NASDAQ and became the first Chinese Internet company to list on VIE.

　　当时的中国法律规定，境外公司不能投资中国互联网公司，外商企业也不能在境内从事互联网业务，但新浪却已经引入了外资。

　　At that time, Chinese laws stipulated that foreign companies could not invest in Chinese Internet companies, and foreign enterprises could not engage in Internet business in China, but Sina had already introduced foreign capital.

　　这时，如果不进行调整，政府出面干预的话，可能会破坏新浪的境外上市计划。

　　At this point, if no adjustments are made and the government intervenes, it may undermine Sina's overseas listing plan.

　　于是，新浪就开始了公司架构重组。

　　So Sina began its corporate restructuring.

　　第一步，分拆新浪。

　　The first step is to split Sina.

　　其中，做技术、拥有很多技术专利的，是一家外商独资企业；做媒体和互联网接入服务的，是一家中国内资公司。

　　Among them, the company that specializes in technology and holds many technology patents is a wholly foreign-owned enterprise; It is a Chinese domestic company that provides media and Internet access services.

　　第二步，协议控制。

　　The second step is protocol control.

　　通过贷款、投票权等一系列控制协议，把这两家公司捆绑在一起。

　　Through a series of control agreements such as loans and voting rights, these two companies are tied together.

　　同时，通过一个技术服务协议，把内资公司的收入，以技术服务费的形式转给外资独资企业。

　　At the same time, through a technical service agreement, the income of domestic companies will be transferred to foreign-funded enterprises in the form of technical service fees.

　　最后，新浪上市的时候，名义上是一家技术公司，而不是拥有媒体业务的互联网公司。

　　Finally, when Sina went public, it was nominally a technology company, not an Internet company with media business.

　　这个协议控制的金融创新架构，就是 VIE 架构。

　　The financial innovation architecture controlled by this protocol is the VIE architecture.

　　▌安然事件

　　The Enron scandal

　　2001 年，安然事件发生。

　　In 2001, the Enron scandal occurred.

　　安然曾是世界上最大的能源公司之一，曾经在《财富》杂志美国 500 强中排名第七，但却在 2001 年 12 月申请破产保护。

　　Enron was once one of the world's largest energy companies and ranked seventh in the Fortune 500, but filed for bankruptcy protection in December 2001.

　　其中的原因是，安然通过在上市公司资产负债表之外，但拥有实际控制权的公司，调节上市公司的财务状况，做出让投资人满意的数据。

　　The reason for this is that Enron adjusted the financial situation of the listed company and produced data that satisfied investors through companies outside the balance sheet but with actual control.

　　安然事件带来的直接后果，就是美国SEC对上市公司表外资产的监管加强。

　　The direct consequence of the Enron scandal was the strengthening of the US SEC's supervision of off balance sheet assets of listed companies.

　　美国 SEC 开始设定一个新规则：即使上市公司在表外的公司没有股权，但只要拥有实际控制权，就需要合并公司的资产负债表。

　　The US SEC has started setting a new rule: even if a listed company has no equity in an off balance sheet company, as long as it has actual control, it needs to merge the company's balance sheet.

　　同年，新浪董事会炒掉了创始人兼 CEO 王志东，此后还有一些创业者夫妻离婚，直接影响到 VIE 架构公司的情况出现。

　　In the same year, Sina's board of directors fired founder and CEO Wang Zhidong, and since then, some entrepreneurs have divorced, directly affecting the situation of VIE architecture companies.

　　这时，如何降低关键人风险，让创始人的职务变化、财产分割无法影响到公司，成为了 VIE 架构需要解决的问题。

　　At this point, how to reduce the risk of key personnel and ensure that changes in the founder's position and property division do not affect the company has become a problem that VIE architecture needs to address.

　　▌支付宝 VIE 事件

　　▄ Alipay VIE event

　　虽然新浪上市、安然事件已经过去很久，但大部分人真正了解到 VIE 架构，却是 2011 年的阿里支付宝事件。

　　Although it has been a long time since Sina's listing and Enron's event, it is the 2011 Alibaba Alipay event that most people really understand the VIE architecture.

　　当时，阿里巴巴决定把运营支付宝的公司从 VIE 架构中剥离出来，转变为纯内资架构，理由是：

　　At that time, Alibaba decided to separate the company operating Alipay from the VIE structure and transform it into a pure domestic capital structure for the following reasons:

　　中国监管部门可能不会向使用 VIE 架构的互联网金融公司，发放支付牌照。

　　Chinese regulators may not issue payment licenses to Internet finance companies that use the VIE architecture.

　　这件事情在当年争议极大，其中一个很大的争议点是：这样的举动会不会让境外投资人动摇对 VIE 架构的信任，而几乎整个中国互联网，都建立在 VIE 架构的基础之上。

　　This matter was very controversial in that year, and one of the most controversial points was whether such a move would make foreign investors shake their trust in the VIE architecture, and almost the entire Chinese Internet was based on the VIE architecture.

　　当时，马云因为支付宝事件，一度成为众矢之的，不少人把当时的中概股大跌，归结为支付宝事件造成境外投资人对 VIE 架构的不信任。

　　At that time, Ma Yun was once the target of public criticism because of the Alipay incident. Many people attributed the sharp drop of China Concept shares at that time to the distrust of foreign investors in the VIE architecture caused by the Alipay incident.

　　但从结果来看，今天中国信用体系的建成，支付宝功不可没，当年的拆分计划也被验证了。

　　However, judging from the results, Alipay has contributed a lot to the establishment of China's credit system today, and the splitting plan of that year has also been verified.

　　目前，经过多年的迭代升级，VIE 结构已经非常完善，几乎防范了所有可能出现的法律问题。

　　At present, after years of iterative upgrades, the VIE structure has become very sophisticated, almost preventing all possible legal issues.

　　如何防范

　　How to prevent

　　VIE 架构下股权激励的风险？

　　What are the risks of equity incentives under the VIE structure?

　　所有的伟大发明创造，都是渐进式、不断迭代的过程，作为金融创新的 VIE 架构也是如此。

　　All great inventions and creations are gradual and iterative processes, and the VIE architecture as a financial innovation is no exception.

　　虽然 VIE 架构已经相当完善，但由于涉及多个法人主体，法律关系复杂，如果公司实施股权激励，很容易出现纠纷。

　　Although the VIE structure is quite well-established, due to the involvement of multiple legal entities and complex legal relationships, disputes are likely to arise if the company implements equity incentives.

　　例如，激励境内公司的员工，发的是境外公司的股权，还是境内公司的股权？股权可以置换吗？

　　For example, is the incentive for employees of domestic companies based on the equity of overseas companies or domestic companies? Can equity be exchanged?

　　如果获得的是境外公司的股权，如何办理登记？或者如何在没有登记的情况下，保证员工权益？

　　How to register if the equity obtained is from an overseas company? Or how to ensure employee rights without registration?

　　......

　　......

　　VIE 架构下的股权激励，法律关系错综复杂，需要细分维度进行综合考量。对中国籍员工实施股权激励，根据公司是否已在境外上市，分为两种情况：

　　The equity incentives under the VIE structure have complex legal relationships and require comprehensive consideration of sub dimensions. Implementing equity incentives for Chinese employees can be divided into two situations based on whether the company has been listed overseas:

　　1. 境外上市公司实施股权激励，可以根据现有的法律规定进行境外权益操作，通常适用外管局 7 号文，即《国家外汇管理局关于境内个人参与境外上市公司股权激励计划外汇管理有关问题的通知》，流程相对规范，争议不大。

　　1. Overseas listed companies implementing equity incentives can carry out overseas equity operations in accordance with existing legal provisions, usually applying the State Administration of Foreign Exchange's Document No. 7, namely the "Notice of the State Administration of Foreign Exchange on Relevant Issues Concerning the Foreign Exchange Management of Domestic Individuals Participating in Equity Incentive Plans of Overseas Listed Companies". The process is relatively standardized and the controversy is not significant.

　　2. 已经搭建 VIE 架构，计划在境外上市但尚未上市的公司实施股权激励，由于没有可以参照的法律法规，操作流程则比较混乱，屡屡出现激励股权无法兑现的情况，很多创业者烦恼的也是这一种情况。

　　2. We have already established a VIE structure and plan to implement equity incentives for companies that are listed overseas but have not yet gone public. Due to the lack of applicable laws and regulations, the operation process is relatively chaotic, and there are often situations where incentive equity cannot be redeemed. Many entrepreneurs are also troubled by this situation.

　　我们经常可以在境外上市公司的招股说明书看到：“上市之前已经批准的员工激励计划，无论在上市时是否已经授予，依然继续有效。”类似的说法，这说明了，境外资本市场不仅接纳 VIE 架构，还对上市前的股权激励保持较大的开放态度。

　　We often see in the prospectus of overseas listed companies that "employee incentive plans approved before listing, regardless of whether they have been granted at the time of listing, remain valid." Similar statements indicate that overseas capital markets not only accept VIE structures, but also maintain a relatively open attitude towards pre listing equity incentives.

　　面对开放的环境却无从下手，是很多创业者的痛点所在。

　　Facing an open environment without knowing where to start is a pain point for many entrepreneurs.

　　我们认为，VIE 架构下非上市公司的股权激励，境外与境内大同小异，主要的区别在于外管登记、激励股权价格测算、离职退出三个方面。

　　We believe that the equity incentives for non listed companies under the VIE structure are similar between overseas and domestic markets, with the main differences being in three aspects: foreign management registration, incentive equity price calculation, and resignation and exit.

　　▌外管登记

　　External management registration

　　VIE架构下，与员工建立劳动关系的为境内公司，上市主体则为境外关联公司，激励股权授予也以境外公司名义，这在一定程度上导致了员工维权遭受障碍。

　　Under the VIE framework, domestic companies establish labor relations with employees, while listed entities are overseas affiliated companies. Incentive equity grants are also granted in the name of overseas companies, which to some extent hinders employee rights protection.

　　我们知道，一名中国籍的自然人如果在境外持有权益，无论多少，都应该向外汇管理部门（“外管局”）进行申报，这样才能保证日后获得的收益可以顺利调入境内，并完成换汇手续。

　　We know that a natural person of Chinese nationality who holds equity overseas, regardless of the amount, should declare it to the foreign exchange management department ("SAFE") in order to ensure that the income obtained in the future can be smoothly transferred into China and complete the exchange procedures.

　　那么，如何登记，或者如何在没有登记的情况下，保证员工权益呢？

　　So, how to register, or how to ensure employee rights without registration?

　　1. 对于中国籍创始人或中国籍自然人投资人，可以在境外设立相关主体，一般都在 BVI（英属维京群岛），作为拟上市主体的股东，持有拟上市公司的股权，并按照我国法律要求进行登记。

　　For Chinese founders or Chinese natural person investors, they can establish relevant entities overseas, usually in the BVI (British Virgin Islands), as shareholders of the proposed listed entity, holding equity in the proposed listed company and registering in accordance with Chinese legal requirements.

　　但是，该操作的成本比较高（一个 BVI 主体的设立和维护费用为 1 年 10,000 元人民币左右）、流程复杂（进入和退出都需要在境外代理处进行变更登记，每个自然人股东都需要律师单独做身份见证），不适合一般激励对象。

　　However, the cost of this operation is relatively high (the establishment and maintenance cost of a BVI entity is around 10000 RMB per year), the process is complex (both entry and exit require change registration at an overseas agency, and each individual shareholder needs a lawyer to provide separate identity witness), and it is not suitable for general incentive recipients.

　　2.对于一般激励对象——员工，由于公司不会花费高昂成本进行主体设立，在上市前员工也无法按照法律法规进行登记，导致员工对激励计划及自己的权利不了解，公司也没有专业人士对员工期权进行管理，长期的信息不对称和沟通环节的缺失，非常容易引发文首提到的纠纷。

　　2. For the general incentive target - employees, as the company does not incur high costs for setting up the main body, and employees cannot register according to laws and regulations before going public, employees are not aware of the incentive plan and their rights. The company also does not have professionals to manage employee rights, and long-term information asymmetry and lack of communication links can easily lead to the disputes mentioned at the beginning of the article.

　　对此，我们建议，在保证相关法律文件完备的前提下，一定要保证公司和员工的信息同步：

　　We suggest that, while ensuring the completeness of relevant legal documents, it is necessary to ensure the synchronization of information between the company and employees

　　1.安排专业人士对员工开展权益宣讲，保证激励规则公正透明；

　　1. Arrange professionals to conduct equity lectures for employees, ensuring fair and transparent incentive rules;

　　2.对员工权益进行专人管理，及时通知员工行权、回购；

　　2. Assign a dedicated person to manage employee rights and promptly notify employees to exercise their rights and repurchase;

　　3.或者，使用股权管理系统：员工权益实时可视，帮助员工了解激励计划及自身权益；法律文件在线存证，确保重要文件不丢失；行权、回购在线申请，及时实现员工权益，减少逾期得不到行权的情况。

　　3. Alternatively, using an equity management system: real-time visibility of employee benefits to help employees understand incentive plans and their own rights and interests; Online storage of legal documents to ensure that important documents are not lost; Online application for exercise and repurchase, timely realization of employee rights, and reduction of situations where exercise cannot be obtained on time.

　　▌激励股权价格测算

　　Calculation of Incentive Equity Prices

　　一般而言，公司计划实施员工激励计划，必然会涉及激励股权价格测算，根据员工获得激励股权的方式不同，定价也会有所不同，包括公允价值、折扣价和免费赠送等。

　　Generally speaking, when a company plans to implement an employee incentive plan, it will inevitably involve the calculation of incentive equity prices. The pricing will vary depending on the way employees obtain incentive equity, including fair value, discount price, and free gifts.

　　常见的价格测算依据，包括公司财务报表的净资产值、公司上年度经审计的净资产值、公司最近一期经评估的净资产值、公司最近一次对外披露的融资估值、市场中同类企业采用相同股权激励模式所确定的价格等。这几个指标，仅作为参考指标使用，并不意味着上述某一个指标就与价格一致。

　　Common price calculation criteria include the net asset value of the company's financial statements, the audited net asset value of the previous year, the latest assessed net asset value of the company, the latest publicly disclosed financing valuation of the company, and prices determined by similar enterprises using the same equity incentive model in the market. These indicators are only used as reference indicators and do not mean that any of them is consistent with the price.

　　在 VIE 架构下，价格测算的策略需要根据实际情况及时调整，定价处理不好，将直接影响股权激励的效果。

　　Under the VIE architecture, the pricing strategy needs to be adjusted in a timely manner according to the actual situation. Poor pricing processing will directly affect the effectiveness of equity incentives.

　　以搭建 VIE 架构的初创公司为例，我们试想两种情况：

　　Taking a startup company building a VIE architecture as an example, let's imagine two scenarios:

　　1. 如果以早期净资产值为测算依据，定价很低，则可能会出现这样一种结果：随着公司估值越来越高，激励股权的价格和公允价格之间相差太大，公司需要用盈利来填补这部分差价，最后导致公司亏损。

　　If the valuation is based on early net asset value and the pricing is very low, there may be a result that as the company's valuation increases, the price difference between incentive equity and fair price becomes too large, and the company needs to use profits to compensate for this difference, ultimately leading to losses.

　　2. 在 VIE 架构下，投资者更多关注的是公司未来的发展潜力，即便公司利润很低，也可能获得很高的估值。如果以最近一轮融资估值为依据，定价很高，也会出现问题。例如，公司估值 5000 万，即便授予 1% 期权，员工行权时也需要支付 50 万，这对于初出茅庐的年轻人，可谓是无福消受。

　　Under the VIE structure, investors are more focused on the company's future development potential, even if the company's profits are low, it may still receive a high valuation. If the valuation is based on the latest round of financing and the pricing is high, problems may also arise. For example, if a company is valued at 50 million yuan, even if a 1% option is granted, employees still need to pay 500000 yuan when exercising the option, which is a great loss for young people who are just starting out.

　　太高或太低，都不好。

　　Either too high or too low is not good.

　　因此，VIE 架构下的价格测算应该是动态的，随着公司的发展，折扣比例越来越少，价格越来越高，越来越接近投资方进入的价格。

　　Therefore, price estimation under the VIE architecture should be dynamic. As the company develops, the discount ratio decreases and the price increases, approaching the price at which investors enter.

　　▌离职退出

　　Resignation and withdrawal

　　在一起有关 VIE 架构的员工期权纠纷中，北京市中级人民法院将期权授予判定为员工福利待遇。这说明了，期权纠纷纳入劳动争议处理有可能成为一种趋势，VIE 架构下的股权激励如何设置退出机制，特别是员工离职时怎么退出，是每个企业都应当关注的问题。

　　In a dispute over employee stock options related to VIE architecture, the Beijing Intermediate People's Court ruled that the grant of stock options was considered employee welfare benefits. This indicates that the inclusion of option disputes in labor dispute resolution may become a trend, and how to set up exit mechanisms for equity incentives under the VIE structure, especially how to exit when employees leave, is a concern for every enterprise.

　　对此，我们建议：

　　We suggest that:

　　1.在 VIE 架构下，境外与境内公司在期权授予问题上最好能做好切割，由境外公司和境内员工直接建立劳动关系，并由境外公司直接对期权激励的实施进行调整和安排。这样，根据合同相对性原则，法律关系就清晰了；

　　1. Under the VIE framework, it is best for overseas and domestic companies to have a good separation in the issue of option granting, with overseas companies and domestic employees directly establishing labor relations, and overseas companies directly adjusting and arranging the implementation of option incentives. In this way, according to the principle of contractual relativity, the legal relationship becomes clear;

　　2.根据司法的观点，境外公司的章程可能由于不够透明或者披露不足，不能自动成为约束条件。因此，在期权协议中，应当对员工离职相关的权利义务变化做出明确界定和告知，并约定管辖及法律适用，让负面结果的处理方式有据可依，降低纠纷带来的管理成本。

　　According to the judicial perspective, the articles of association of overseas companies may not automatically become binding conditions due to lack of transparency or insufficient disclosure. Therefore, in the option agreement, clear definitions and notifications should be made regarding changes in the rights and obligations related to employee resignation, and jurisdiction and legal application should be agreed upon to provide a basis for handling negative outcomes and reduce management costs caused by disputes.

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