股权激励方案落地执行
十年股权整理解决方案落地实施

　　区别于合伙企业，合伙人制在公司制下，改变员工与企业关系为合作关系，使员工从为老板打工转变为利用企业平台为自己赚钱，增强员工自主性与企业活力。

　　Different from partnership enterprises, the partnership system under the company system changes the relationship between employees and the enterprise into a cooperative relationship, transforming employees from working for the boss to using the enterprise platform to make money for themselves, enhancing employee autonomy and enterprise vitality.

　　传统雇佣制下，员工与企业是“火车头与车厢”的关系，老板一人驱动，效率低下且难以适应快速变化的市场。而合伙人机制的本质，是让每个业务单元成为“自带引擎的高铁车厢”——员工从“被动执行者”变为“自主经营者”，利益共享、风险共担。

　　Under the traditional employment system, the relationship between employees and enterprises is like that of a "locomotive and carriage", driven solely by the boss, resulting in low efficiency and difficulty in adapting to the rapidly changing market. The essence of the partnership mechanism is to make each business unit a "high-speed train carriage with its own engine" - employees transform from "passive executors" to "autonomous operators", sharing benefits and risks.

　　没有一套合伙人机制能够适合任何企业，也没有一套合伙人机制能够适合企业所有的发展阶段。如果墨守成规，一成不变，企业分崩离析也将只是时间问题。这其实也是企业要实行合伙人制的难点，因此不能照搬照抄成功企业的合伙人制度。

　　No partnership mechanism can be suitable for any enterprise, nor can any partnership mechanism be suitable for all stages of enterprise development. If we stick to the old ways and remain unchanged, it will only be a matter of time before the enterprise falls apart. This is actually a difficult point for enterprises to implement a partnership system, so they cannot simply copy the partnership system of successful enterprises.

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　　十大合伙模式十大合伙模式阿里模式：聚焦公司治理与控制权，如阿里以少量股份通过合伙人机制掌控企业。小米模式：突出创业激励，雷军倡导的合伙人理念推动企业发展，强调志同道合。格力模式：基于上下游参股实现生态扩张，增强市场稳定性与合作紧密性。万科模式：采用项目跟投机制，在房地产项目中按比例出资共享利润。加盟模式：特许加盟连锁的升级，企业与合伙人深度合作，如海澜之家。

　　Top 10 Partnership Models Alibaba Model: Focusing on corporate governance and control, such as Alibaba controlling the enterprise through a partnership mechanism with a small number of shares. Xiaomi Model: Highlighting entrepreneurial incentives, Lei Jun advocates the concept of partnership to promote enterprise development, and emphasizes shared aspirations. Gree model: based on upstream and downstream equity participation to achieve ecological expansion, enhance market stability and close cooperation. Vanke model: adopting a project follow-up investment mechanism, sharing profits proportionally in real estate projects. Franchise model: Upgrading of franchise chains, deep cooperation between enterprises and partners, such as Hailan Home.

　　事务所模式：适用于咨询公司等，合伙人带队签单，企业的资源共享。经营合伙人模式：员工交押金承包店铺，对增量利润按比例分配，独立核算、自负盈亏。财务核算复杂，适用利益边界清晰、付出与成果直接相关的服务业。创客合伙人模式：鼓励员工创新，公司支持员工创意项目，员工可投资并分享收益，需企业具备人才成长机制、市场容量和供应链支持。事业合伙人模式：为留住人才、减轻管理负担，企业与核心人员股份制合作，如高档别墅装修公司对分公司负责人的股权分配，财务监管挑战大。创业合伙人模式：员工出资加盟扩张，公司收取加盟费或参与利润分成，扩张速度快但平台盈利难，瑞幸咖啡也是此模式。塔木德咨询

　　Firm model: suitable for consulting firms, partners leading teams to sign contracts, and resource sharing of enterprises. Business partner model: Employees pay a deposit to contract the store, and incremental profits are distributed proportionally, with independent accounting and self financing. Financial accounting is complex, suitable for service industries with clear profit boundaries and direct correlation between effort and results. Maker Partner Model: Encourage employee innovation, the company supports employee creative projects, employees can invest and share profits, and the enterprise needs to have talent growth mechanisms, market capacity, and supply chain support. Business partner model: In order to retain talent and reduce management burden, enterprises cooperate with core personnel in a joint-stock system, such as the equity distribution of branch heads by high-end villa decoration companies, which poses great financial regulatory challenges. Entrepreneurial partner model: Employees contribute to join and expand, and the company charges franchise fees or participates in profit sharing. The expansion speed is fast but the platform is difficult to make profits. Luckin Coffee is also following this model. Talmud Consulting

　　其实，以上合伙十大模式，可以归纳为两类：一是股权合伙模式；二是分红合伙模式。股权合伙模式，公司让合伙人拥有一部分股权，拥有表决权与分红权。而分红合伙模式下，合伙人不拥有公司股权，仅拥有一定股份的分红权。如果把股权合伙模式，看成是“实”的话，那分红合伙模式是“虚”。

　　In fact, the above ten partnership models can be classified into two categories: one is the equity partnership model; The second is the dividend partnership model. The equity partnership model allows partners to own a portion of the equity, with voting and dividend rights. In the dividend partnership model, partners do not own equity in the company and only have the right to receive dividends for a certain number of shares. If the equity partnership model is seen as "real", then the dividend partnership model is "virtual".

　　2十大模式的核心

　　The core of the top 20 models

　　股权合伙模式，一般用于创业期及高速成长期的企业。企业根据出资金额、资源、技术等分配股权比例，并设置动态调整机制，解决初创公司的及高速成长期公司人员、技术、资金问题，较适用于企业管理层或拥有核心技术或资源的人。主要模式类型：股权激励、员工持股、跟投机制等.

　　The equity partnership model is generally used for enterprises in the start-up and high-speed growth stages. Enterprises allocate equity ratios based on investment amount, resources, technology, etc., and set up dynamic adjustment mechanisms to solve personnel, technology, and funding issues for start-up companies and rapidly growing companies, which are more suitable for enterprise management or those with core technology or resources. Main mode types: equity incentive, employee stock ownership, and speculative system

　　典型案例：小米模式

　　Typical case: Xiaomi mode

　　初创期——事业合伙人制度：雷军在创立小米时，主张在正确的时间选正确的人做正确的事情。他只持有 39.6% 的股份，其余合伙人在小米拥有 45.4% 股份，合伙人共持有股份 85%。同时，最初保留 15% 用作员工股权激励池。通过这种方式，成功吸引了七位在各自领域有不凡业绩的创始人，让他们成为真正的事业合伙人，对企业有着很强的拥有感和参与感。

　　Start up period - Business partner system: When Lei Jun founded Xiaomi, he advocated choosing the right person at the right time to do the right thing. He only holds 39.6% of the shares, while the other partners own 45.4% of the shares in Xiaomi, with a total of 85% of the shares held by the partners. At the same time, initially 15% will be reserved as an employee equity incentive pool. Through this approach, seven founders with outstanding achievements in their respective fields were successfully attracted, making them true business partners with a strong sense of ownership and participation in the enterprise.

　　发展期——普惠式股权激励：2011 年，小米推出一次普惠式的股权激励。激励对象为合格的雇员、顾问、董事会全体成员及其他人士，使用购股权、受限制股份和受限制股份单位 3 种激励方式。到 2018 年 3 月 31 日止，小米总共 14513 名员工中（不含高管），5500 名雇员持有小米股份，比例为 37.97%。上市后——重点人群激励：2018 年 7 月 9 日小米集团在港交所上市后，股权激励频率更加频繁，激励对象逐渐转变为核心员工及高管，激励额度也逐渐提高。例如 2021 年 7 月 5 日公布的激励计划，激励对象为青年工程师和企业技术专家、中高管、新十年创业者计划的人选，每个激励对象平均得到股票激励市值 2500 万以上。

　　Development period - inclusive equity incentive: In 2011, Xiaomi launched an inclusive equity incentive. The incentive targets are qualified employees, consultants, all members of the board of directors, and other individuals, using three incentive methods: stock options, restricted shares, and restricted share units. As of March 31, 2018, out of a total of 14513 employees (excluding executives) at Xiaomi, 5500 employees hold Xiaomi shares, accounting for 37.97%. After listing - Key audience incentives: After Xiaomi Group went public on the Hong Kong Stock Exchange on July 9, 2018, the frequency of equity incentives became more frequent, and the incentive targets gradually shifted to core employees and executives, with the incentive amount gradually increasing. For example, the incentive plan announced on July 5, 2021, targets young engineers, enterprise technology experts, middle and senior executives, and candidates from the New Decade Entrepreneur Plan. Each incentive recipient receives an average stock incentive market value of over 25 million yuan.

　　分红合伙模式，在这种模式下，合伙人不占有公司实际股份，但按照一定的激励标准获得相应的分红奖励。它更侧重于通过利润分配来激励合伙人，不涉及公司股权的实际转让，在一定程度上既能激励员工，又能保持公司股权结构的稳定性。分红合伙模式，在这种模式下，合伙人不占有公司实际股份，但按照一定的激励标准获得相应的分红奖励。它更侧重于通过利润分配来激励合伙人，不涉及公司股权的实际转让，在一定程度上既能激励员工，又能保持公司股权结构的稳定性。

　　The dividend partnership model, in which partners do not own actual shares of the company, but receive corresponding dividend rewards according to certain incentive standards. It focuses more on incentivizing partners through profit distribution, without involving the actual transfer of company equity, which can to some extent both motivate employees and maintain the stability of the company's equity structure. The dividend partnership model, in which partners do not own actual shares of the company, but receive corresponding dividend rewards according to certain incentive standards. It focuses more on incentivizing partners through profit distribution, without involving the actual transfer of company equity, which can to some extent both motivate employees and maintain the stability of the company's equity structure.

　　分红方式：现金分红：这是最常见的方式，直接以现金形式向合伙人支付分红。合伙人可以立即获得实际的经济收益，能够直接满足其物质需求，对合伙人的激励效果较为直接。分红再投资：部分企业可能会鼓励合伙人将分红用于再投资，例如投入公司的新业务项目、技术研发等。这种方式有助于企业积累资金用于发展，同时也让合伙人与公司的发展更加紧密地绑定在一起，未来可能获得更高的收益。其他福利或奖励：除了现金分红和分红再投资，企业还可能结合其他福利或奖励形式，如提供旅游机会、培训课程、荣誉证书等，从多个维度对合伙人进行激励，增强其对企业的认同感和归属感。塔木德咨询主要模式类型：岗位分红、利润分享、加盟合伙等。

　　Dividend method: Cash dividend: This is the most common way to pay dividends directly to partners in cash. Partners can immediately receive actual economic benefits, directly meet their material needs, and have a more direct incentive effect on partners. Dividend reinvestment: Some companies may encourage partners to reinvest dividends, such as investing in the company's new business projects, technology research and development, etc. This approach helps companies accumulate funds for development, while also linking partners more closely with the company's growth, potentially resulting in higher returns in the future. Other benefits or rewards: In addition to cash dividends and reinvestment of dividends, companies may also combine other forms of benefits or rewards, such as providing travel opportunities, training courses, honor certificates, etc., to motivate partners from multiple dimensions and enhance their sense of identification and belonging to the company. Talmud Consulting's main model types include job dividends, profit sharing, franchise partnerships, etc.

　　典型案例：华为TUP计划

　　Typical case: Huawei TUP program

　　华为TUP计划，是一种无偿授予的受益权，激励对象获得 TUP 后，享有相应的分红权，计划结束时享有增值权，激励对象不需要出资购买。它相当于预先授予激励对象一个获取收益的权利，但收益需要在未来逐步兑现，也可与业绩挂钩。华为TUP计划，为典型的分红合伙模式，不需要员工花钱购买，根据员工岗位、级别和绩效会分配一定数量的期权，但是兑现期限和兑现额度有严格限制，计划实施当年没有分红权，每增加一年可累加获得1/3的分红权，到第5年可获得全额分红和股份升值，同时所获期权清零。TUP 先于虚拟股权分配，起到了稀释虚拟收益的作用，有效解决了老员工 “躺在功劳簿上吃老本”的问题，持续激活内部动力。

　　Huawei TUP Plan, what, It is a type of beneficiary right granted without compensation. After receiving TUP, the incentive recipient enjoys corresponding dividend rights and value-added rights at the end of the plan. The incentive recipient does not need to contribute to purchase it. It is equivalent to granting incentive recipients the right to receive benefits in advance, but the benefits need to be gradually realized in the future and can also be linked to performance. The Huawei TUP plan is a typical dividend partnership model that does not require employees to spend money to purchase. A certain number of options will be allocated based on the employee's position, level, and performance, but there are strict restrictions on the redemption period and amount. There is no dividend right in the year of implementation of the plan, and each additional year can accumulate 1/3 of the dividend right. By the fifth year, employees can receive full dividends and share appreciation, and the options obtained will be reset to zero. TUP precedes the distribution of virtual equity, playing a role in diluting virtual profits and effectively solving the problem of old employees' "lying on credit books and eating old capital" The problem is to continuously activate internal power.

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