在公司经营中，运用股权激励，激发组织活力，成就优秀员工，已成为企业家的常识。
In company operations, using equity incentives to stimulate organizational vitality and achieve outstanding employees has become common knowledge among entrepreneurs.
在股权激励中，有多种工具可供选择，其中“虚拟股权”是一种常见工具。
In equity incentives, there are various tools to choose from, among which "virtual equity" is a common tool.
但是，“虚拟股”与“实股”到底有什么不同，往往让人摸不着头脑。
However, the difference between "virtual stocks" and "real stocks" is often confusing.
本文从对“虚拟股”的常见困惑入手，分析“虚拟股”与“实股”有何不同。
This article starts with the common confusion about "virtual stocks" and analyzes the differences between "virtual stocks" and "real stocks".
01虚拟股是股权吗？
Is 01 virtual stock equity?
合伙创业，共同成立一家有限责任公司，发起人作为原始股东，并在工商登记。
Start a partnership and jointly establish a limited liability company, with the initiator as the original shareholder and registered with the industrial and commercial authorities.
一般情况下，工商登记显示的股东合计持有公司100%的股权。这份100%的股权，可以称之为“实股”。
In general, the shareholders listed in the industrial and commercial registration hold a total of 100% equity in the company. This 100% equity can be referred to as' real equity '.
随着公司发展越来越好，也沉淀出一批优秀的员工。
As the company's development continues to improve, a group of outstanding employees have also emerged.
为实现员工与公司的共赢发展，激发组织活力，打造成就员工的平台，往往需借用股权激励的方式。
In order to achieve win-win development between employees and the company, stimulate organizational vitality, and create a platform for employee achievement, it is often necessary to use equity incentives.
但在实施股权激励时，可能出现以下原因导致分不出“实股”：现阶段可分配的空间不足、股权估值高，员工入股成本大、有“实股”之外更适合现状的方式等。
However, when implementing equity incentives, there may be the following reasons that prevent the allocation of "real shares": insufficient space available for allocation at the current stage, high equity valuation, high cost for employees to invest, and more suitable methods other than "real shares" for the current situation.
但是，不能分出去“实股”，又想让员工享有股权权利，怎么办？
However, what should we do if we cannot share out the "real shares" and want employees to have equity rights?
于是，“虚拟股”的概念应运而生，让员工享有“实股”的关键权利，但又不完全等于法律规定的股权。
So, the concept of "virtual stock" emerged, allowing employees to enjoy the key rights of "real stock", but it is not completely equivalent to the equity required by law.
所以，虚、实是形式，关键是看为“虚拟股”填充哪些权利，以实现员工与公司共赢的目标。
So, virtual and real are forms, and the key is to see what rights are filled in for "virtual stocks" to achieve the goal of mutual benefit between employees and the company.
02虚拟股和实股的区别？
What is the difference between virtual stocks and real stocks?
“虚拟股”和“实股”大的区别在于权利基础不同，如何理解？
The biggest difference between "virtual stocks" and "real stocks" lies in the different basis of rights. How to understand?
一般情况下，工商登记的股东持有“实股”，其股东权利由《公司法》和《公司章程》规定。
In general, shareholders registered with the industrial and commercial registration hold "real shares", and their shareholder rights are stipulated by the Company Law and the Articles of Association.
全体股东可以通过《公司章程》对股东的部分权利进行调整，但这类调整需遵守《公司法》的规则。
All shareholders can adjust some of their rights through the Articles of Association, but such adjustments must comply with the rules of the Company Law.
而“虚拟股”的权利来源于公司与员工之间的约定，包括员工享有哪些权利、如何获得权利等。
The rights of "virtual stocks" come from agreements between the company and employees, including what rights employees enjoy and how to obtain them.
即“实股”的股东权利相对确定，“虚拟股”的权利重在约定。
The shareholders' rights of 'real shares' are relatively certain, while the rights of' virtual shares' focus on agreements.
同时，“虚拟股”的核心权利在于让员工像股东一样享有利润分配权，以让人力价值获得实实在在的回报。
At the same time, the core right of "virtual stocks" lies in allowing employees to enjoy profit distribution rights like shareholders, in order to achieve tangible returns on human value.
持有“虚拟股”，虽然不是法律意义上的股东，但能享受到与股东一样的利润分配权利，并能进入公司优秀人才序列，获得更广阔的机会，反过来看，这也正是虚拟股“实”的表现。
Holding 'virtual shares', although not legally a shareholder, can enjoy the same profit distribution rights as shareholders, and can enter the company's excellent talent pool to obtain broader opportunities. Conversely, this is also the performance of virtual shares' real'.
03孰优孰劣？
Which is better or worse?
“虚拟股”和“实股”，不分优劣。
There is no distinction between "virtual stocks" and "real stocks".
对于公司而言，发展是动态的，也不存在用一种固定不变的模式贯穿始终。
For a company, development is dynamic and there is no fixed and unchanging pattern that runs through it all the time.
这也意味着，在公司实施股权激励时，到底选择哪一种类型，需要建立在公司发展的历史、现状、未来，以及员工的认知、能力、职业规划等多个维度综合评估。
This also means that when implementing equity incentives in a company, which type to choose depends on a comprehensive evaluation of the company's history, current situation, future, as well as employees' cognition, abilities, career planning, and other dimensions.
终，从全局中抽出适合现阶段公司发展状况的工具，再制定具体的方案。
Finally, extract tools that are suitable for the current development status of the company from the overall situation, and then formulate specific plans.
而这一方案，可能随着公司的发展，在未来变成了“过时的”方案，进而触发新一轮的股权激励计划，因时制宜，保持共赢。
And this plan, as the company develops, may become an "outdated" plan in the future, triggering a new round of equity incentive plans to adapt to the times and maintain a win-win situation.
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