正確選擇激勵對象是充分發(fā)揮股權(quán)激勵作用、實現(xiàn)激勵效果的重要一環(huán)。選擇錯誤的激勵對象不僅可能無法實現(xiàn)公司與員工共贏的效果，還可能會影響公司未來的融資與上市、產(chǎn)生清退的困擾等。激勵對象如何選？以下是一些可供考量的選擇因素，供企業(yè)家參考。

　　The correct selection of incentive targets is an important part of fully utilizing the role of equity incentives and achieving incentive effects. Choosing the wrong incentive targets may not only fail to achieve a win-win situation between the company and employees, but may also affect the company's future financing and listing, and cause difficulties in liquidation. How to choose incentive targets? Here are some selection factors to consider for entrepreneurs to refer to.

　　一、激勵對象的選擇范圍現(xiàn)行《公司法》及新《公司法》均未對股權(quán)激勵對象的選擇范圍作出規(guī)定，原則上，只要是不被禁止持股的人員都可以成為激勵對象。實務(wù)中，非公眾公司通常參照上市公司及掛牌公司的標(biāo)準(zhǔn)選擇股權(quán)激勵對象，以上市公司為例，《上市公司股權(quán)激勵管理辦法》第八條規(guī)定，激勵對象可以包括上市公司的董事、高級管理人員、核心技術(shù)人員或者核心業(yè)務(wù)人員，以及公司認(rèn)為應(yīng)當(dāng)激勵的對公司經(jīng)營業(yè)績和未來發(fā)展有直接影響的其他員工，但不應(yīng)當(dāng)包括獨立董事和監(jiān)事。外籍員工任職上市公司董事、高級管理人員、核心技術(shù)人員或者核心業(yè)務(wù)人員的，可以成為激勵對象。單獨或合計持有上市公司5%以上股份的股東或?qū)嶋H控制人及其配偶、父母、子女，不得成為激勵對象。下列人員也不得成為激勵對象：（一）最近12個月內(nèi)被證券交易所認(rèn)定為不適當(dāng)人選；（二）最近12個月內(nèi)被中國證監(jiān)會及其派出機(jī)構(gòu)認(rèn)定為不適當(dāng)人選；（三）最近12個月內(nèi)因重大違法違規(guī)行為被中國證監(jiān)會及其派出機(jī)構(gòu)行政處罰或者采取市場禁入措施；（四）具有《公司法》規(guī)定的不得擔(dān)任公司董事、高級管理人員情形的；（五）法律法規(guī)規(guī)定不得參與上市公司股權(quán)激勵的；（六）中國證監(jiān)會認(rèn)定的其他情形。

　　1、 The current Company Law and the new Company Law do not specify the scope of selection for equity incentive objects. In principle, any person who is not prohibited from holding shares can become an incentive object. In practice, non-public companies usually select equity incentive targets based on the standards of listed companies and listed companies. Taking listed companies as an example, Article 8 of the "Management Measures for Equity Incentives of Listed Companies" stipulates that incentive targets can include directors, senior management personnel, core technical personnel or core business personnel of listed companies, as well as other employees who the company believes should be incentivized and have a direct impact on the company's business performance and future development, but should not include independent directors and supervisors. Foreign employees who serve as directors, senior management personnel, core technical personnel, or core business personnel of listed companies can become incentive targets. Shareholders or actual controllers who individually or collectively hold more than 5% of the shares of a listed company, as well as their spouses, parents, and children, shall not be eligible for incentives. The following individuals shall not be eligible for incentives: (1) Those who have been identified as unsuitable candidates by the stock exchange within the past 12 months; （2） Being identified as an inappropriate candidate by the China Securities Regulatory Commission and its dispatched agencies within the past 12 months; （3） Within the past 12 months, due to significant violations of laws and regulations, the China Securities Regulatory Commission and its dispatched agencies have imposed administrative penalties or taken market entry bans; （4） Those who are not allowed to serve as directors or senior management personnel of the company according to the provisions of the Company Law; （5） Those who are prohibited by laws and regulations from participating in equity incentives of listed companies; （6） Other circumstances recognized by the China Securities Regulatory Commission.

　　從可選的范圍來看，對于各類非公眾公司，建議優(yōu)先從董事、高級管理人員、核心技術(shù)人員或者核心業(yè)務(wù)人員，以及公司認(rèn)為應(yīng)當(dāng)激勵的對公司經(jīng)營業(yè)績和未來發(fā)展有直接影響的其他員工中來選擇激勵對象，這些人員是經(jīng)實踐證實有益于公司長遠(yuǎn)發(fā)展的股權(quán)激勵對象。

　　From the perspective of optional scope, for various non-public companies, it is recommended to prioritize selecting incentive objects from directors, senior management personnel, core technical personnel or core business personnel, as well as other employees who the company believes should be incentivized and have a direct impact on the company's business performance and future development. These personnel are equity incentive objects that have been proven to be beneficial to the company's long-term development through practice.

　　需特別提示注意的是，非公眾公司的股權(quán)激勵對象不必然需要與公司存在勞動關(guān)系，例如董事與公司間為聘用關(guān)系而無勞動關(guān)系的，也可以成為激勵對象。但是，與公司不存在勞動關(guān)系而僅有勞務(wù)關(guān)系的顧問成為激勵對象的，可能會導(dǎo)致公司在融資或申報上市過程中被重點關(guān)注如下問題：該類人員擔(dān)任顧問而不與公司建立勞動關(guān)系的原因、是否存在違反現(xiàn)所在單位相關(guān)規(guī)定或前單位競業(yè)限制約定的情形、是否與公司存在關(guān)聯(lián)關(guān)系或潛在利益輸送安排等。因此，非公眾公司擬將該等顧問作為激勵對象的，需結(jié)合前述因素審慎考慮。

　　It should be noted that equity incentive recipients of non-public companies do not necessarily need to have a labor relationship with the company. For example, directors who have an employment relationship with the company but no labor relationship can also become incentive recipients. However, if consultants who do not have a labor relationship with the company but only have a labor relationship become incentive targets, it may lead to the company being focused on the following issues during the financing or listing process: the reasons why such personnel serve as consultants without establishing a labor relationship with the company, whether there are any violations of relevant regulations of the current unit or non compete agreements of the previous unit, whether there is a related relationship or potential benefit transfer arrangement with the company. Therefore, non-public companies intending to use such consultants as incentive targets should carefully consider the aforementioned factors.

　　實踐中，還存在將與公司不存在勞動關(guān)系、勞務(wù)關(guān)系的外部人員如客戶、供應(yīng)商關(guān)鍵人員作為激勵對象的情形。我們理解，激勵對象應(yīng)為對公司有一定歷史貢獻(xiàn)或未來貢獻(xiàn)的人員，外部人員原則上不應(yīng)作為公司的激勵對象。從上市申報案例來看，對于將外部人員作為激勵對象的公司，監(jiān)管部門往往會關(guān)注是否存在利益輸送的情形，如以低價股權(quán)換取高利潤業(yè)務(wù)等，對于此等質(zhì)疑則通常需結(jié)合激勵股權(quán)定價依據(jù)、業(yè)務(wù)定價公允性等方面進(jìn)行解釋。因此，非公眾公司擬將該等外部人員作為激勵對象的，需結(jié)合前述因素審慎考慮。

　　In practice, there are also situations where external personnel who do not have labor or service relationships with the company, such as key personnel from customers and suppliers, are used as incentive targets. We understand that the incentive targets should be individuals who have made certain historical or future contributions to the company, and external personnel should not be considered as incentive targets for the company in principle. From the perspective of listing application cases, for companies that use external personnel as incentive objects, regulatory authorities often pay attention to whether there is a situation of interest transfer, such as exchanging low-priced equity for high profit business. For such doubts, they usually need to be explained in conjunction with the pricing basis of incentive equity and the fairness of business pricing. Therefore, non-public companies intending to use such external personnel as incentive targets should carefully consider the aforementioned factors.

　　從不可選的范圍來看，由于《公司法》未對激勵對象的選擇范圍作出禁止性規(guī)定，非公眾公司較上市公司及掛牌公司相比具有更多的選擇空間。除此之外，根據(jù)法律法規(guī)規(guī)定不得持股的人員不得成為股權(quán)激勵對象，如在職公務(wù)員、現(xiàn)役軍人等，詳見前文：所有人都能當(dāng)股東嗎？。

　　From the perspective of non optional scope, due to the lack of prohibitive provisions on the selection range of incentive objects in the Company Law, non-public companies have more choice space compared to listed companies. In addition, individuals who are not allowed to hold shares according to laws and regulations are not eligible to become equity incentive targets, such as current civil servants, active military personnel, etc. Please refer to the previous text: Can everyone be a shareholder?.

　　二、激勵對象選擇的考量因素在確定激勵對象的選擇范圍后，對具體人員的選擇建議考量下列因素：

　　2、 After determining the scope of incentive object selection, it is recommended to consider the following factors when selecting specific personnel:

　　1. 任職的崗位與職責(zé)根據(jù)公司具體崗位及職責(zé)對公司運營和戰(zhàn)略實施的重要性，優(yōu)先考慮那些對公司業(yè)績和成功至關(guān)重要的崗位人員。例如，董事、高級管理人員由于影響著公司發(fā)展方向，因此往往是優(yōu)先考慮到的激勵對象。對于掌握公司核心技術(shù)和業(yè)務(wù)的人員，對其進(jìn)行激勵將對公司的具體經(jīng)營產(chǎn)生更為直接的效果，也會間接鼓勵其他員工力爭上游。除此之外，執(zhí)行層面的員工也可以作為股權(quán)激勵的儲備對象，以提高一線員工的工作積極性。

　　1. Based on the importance of specific positions and responsibilities to the company's operations and strategic implementation, priority should be given to personnel in positions that are crucial to the company's performance and success. For example, directors and senior management are often the preferred incentive targets due to their influence on the company's development direction. Motivating personnel who master the core technology and business of the company will have a more direct effect on the company's specific operations and indirectly encourage other employees to strive for excellence. In addition, employees at the executive level can also serve as reserve objects for equity incentives to enhance the work enthusiasm of frontline employees.

　　2. 對公司的貢獻(xiàn)和價值相較于歷史的貢獻(xiàn)和價值，為了更好實現(xiàn)“激勵”的目的，提高員工的績效，建議側(cè)重于選擇可能在未來對公司有較大貢獻(xiàn)和價值的人員，以激發(fā)其工作潛力。對于公司有重大歷史貢獻(xiàn)和價值的人員，也可以作為激勵對象，以作為對其的回報且有利于在員工中樹立榜樣的形象。

　　2. Compared to historical contributions and values, in order to better achieve the purpose of "motivation" and improve employee performance, it is recommended to focus on selecting personnel who may have significant contributions and values to the company in the future, in order to stimulate their work potential. For personnel who have made significant historical contributions and value to the company, they can also be used as incentive targets as a reward and to establish an exemplary image among employees.

　　3. 忠誠度和穩(wěn)定性由于股權(quán)激勵具有長期性，且激勵對象對于其他員工具有一定示范性，因此需要激勵對象對公司具有較高的忠誠度。員工在公司的工作年限可以作為考量因素，長期服務(wù)的員工往往對公司有較高的忠誠度；對于就職年限不長的員工，則可以通過其日常工作態(tài)度、對公司戰(zhàn)略和文化的認(rèn)同程度等方面來評估。公司往往期待激勵對象在公司的任職具有穩(wěn)定性，但從另一個角度，對于那些對公司發(fā)展較為重要、有一定離職可能性且其離職將對公司造成較大影響的員工，實際上公司可以通過股權(quán)激勵的方式來強(qiáng)化其在公司的穩(wěn)定性。

　　3. Loyalty and stability: Due to the long-term nature of equity incentives and the demonstrative nature of incentive targets for other employees, it is necessary for incentive targets to have high loyalty to the company. The length of time employees have worked in the company can be considered as a factor, and employees who have served for a long time often have higher loyalty to the company; For employees who have not been employed for a long time, their evaluation can be based on their daily work attitude, level of identification with company strategy and culture, and other aspects. Companies often expect incentive targets to have stability in their employment, but from another perspective, for employees who are important to the company's development, have a certain possibility of leaving, and whose departure will have a significant impact on the company, companies can actually strengthen their stability in the company through equity incentives.

　　4. 員工個人的激勵需求員工個人對激勵方式的需求也直接影響股權(quán)激勵的效果。由于股權(quán)激勵強(qiáng)調(diào)未來的利益，且多數(shù)股權(quán)激勵計劃中，員工需要以較低的價格而非無償取得股權(quán)，因此，對于一些對現(xiàn)金流需求較高，甚至有房貸、車貸等資金壓力的員工，股權(quán)激勵并不一定合適，對于這類員工則可以績效獎勵等方式進(jìn)行激勵。而對于對短期經(jīng)濟(jì)利益要求不高，但期待有更高歸屬感、榮譽(yù)感的員工，進(jìn)行股權(quán)激勵將產(chǎn)生更好的效果。因此，要使股權(quán)激勵對公司、對員工都發(fā)揮最佳的效果，公司需要在確定激勵對象前與其進(jìn)行充分溝通，了解各方需求。

　　4. The individual motivation needs of employees also directly affect the effectiveness of equity incentives. Due to the emphasis on future benefits in equity incentives, and the fact that in most equity incentive plans, employees need to acquire equity at a lower price rather than for free, equity incentives may not be suitable for some employees who have high cash flow needs and even financial pressures such as mortgages and car loans. For such employees, performance rewards can be used as incentives. For employees who do not have high demands for short-term economic benefits but expect a higher sense of belonging and honor, implementing equity incentives will produce better results. Therefore, in order for equity incentives to have the best effect on both the company and its employees, the company needs to have sufficient communication with them and understand the needs of all parties before determining the incentive targets.

　　三、激勵對象的選擇人數(shù)通過劃范圍、選人員，已經(jīng)可以形成激勵對象的初步名單，但公司還需結(jié)合下列因素，適當(dāng)增減或平衡激勵對象的人選，以確定激勵對象的最終名單。

　　3、 The initial list of incentive targets can be formed by delineating the scope and selecting personnel, but the company still needs to consider the following factors to appropriately increase, decrease or balance the selection of incentive targets in order to determine the final list of incentive targets.

　　首先，激勵對象人數(shù)占比不宜過大，否則會影響激勵效果。股權(quán)激勵本身應(yīng)當(dāng)具有稀缺性，才會使激勵對象有更強(qiáng)烈的責(zé)任感和使命感，更有動力為公司的成功而奮斗。如果太多員工分享這一激勵，個別員工可能會感到自己的努力對公司整體表現(xiàn)的影響微乎其微，從而減弱他們的工作動力和歸屬感。激勵對象人數(shù)較少時，每個對象可能獲得的股權(quán)份額也相對較大，激勵效果更集中，能更好地激發(fā)其積極性和工作動力。此外，較少的激勵對象有助于建立更緊密的合作關(guān)系，增強(qiáng)激勵對象對公司的認(rèn)同感和歸屬感。判斷激勵對象人數(shù)占比是否過大，沒有一個確定的數(shù)字標(biāo)準(zhǔn)，而需要綜合行業(yè)特點等因素來判斷。例如，對于勞動密集型、組織架構(gòu)簡單的制造行業(yè)公司，股權(quán)激勵的效果往往不明顯，在此類公司中，對于普通的一線員工，可以通過增加基礎(chǔ)工薪的方式來提高其勞動熱情和創(chuàng)造力；而對于人力資本型、行業(yè)競爭力大的傳媒行業(yè)公司，則可能有更多的對象適合通過股權(quán)激勵的方式使其與公司綁定。

　　Firstly, the proportion of incentive targets should not be too large, otherwise it will affect the incentive effect. Equity incentives themselves should have scarcity in order to give incentive recipients a stronger sense of responsibility and mission, and more motivation to strive for the success of the company. If too many employees share this motivation, individual employees may feel that their efforts have little impact on the overall performance of the company, thereby weakening their work motivation and sense of belonging. When the number of incentive targets is small, each target may receive a relatively large share of equity, resulting in a more concentrated incentive effect and better stimulation of their enthusiasm and work motivation. In addition, having fewer incentive recipients can help establish closer cooperative relationships and enhance their sense of identification and belonging to the company. There is no fixed numerical standard for determining whether the proportion of incentive targets is too large, and it requires a comprehensive assessment of industry characteristics and other factors. For example, for labor-intensive manufacturing companies with simple organizational structures, the effect of equity incentives is often not significant. In such companies, ordinary frontline employees can increase their labor enthusiasm and creativity by increasing their basic salary; For media companies with human capital and strong industry competitiveness, there may be more suitable targets to bind them to the company through equity incentives.

　　其次，激勵對象人數(shù)應(yīng)在不同的層級和部門中相對平衡。平衡的激勵對象分布能夠確保公司內(nèi)部的公平性，避免因激勵對象人數(shù)過于集中，使員工認(rèn)為某些部門或?qū)蛹壍膯T工被過度優(yōu)待而產(chǎn)生不滿。平衡的激勵對象分布也將促進(jìn)公司的全面發(fā)展，充分激發(fā)各個層級、不同部門員工的積極性和創(chuàng)造力，有助于優(yōu)化公司的組織結(jié)構(gòu)和運營流程。平衡的激勵對象分布還有助于公司培養(yǎng)和儲備人才，通過激勵不同層級和部門的員工，公司可以發(fā)現(xiàn)和培養(yǎng)潛在的領(lǐng)導(dǎo)人才，為未來的人才需求做好準(zhǔn)備。

　　Secondly, the number of incentive targets should be relatively balanced among different levels and departments. A balanced distribution of incentive targets can ensure fairness within the company and avoid dissatisfaction among employees who believe that certain departments or levels of employees are being excessively treated due to the concentration of incentive targets. A balanced distribution of incentive targets will also promote the comprehensive development of the company, fully stimulate the enthusiasm and creativity of employees at all levels and departments, and help optimize the company's organizational structure and operational processes. A balanced distribution of incentive targets also helps the company cultivate and reserve talents. By motivating employees at different levels and departments, the company can discover and cultivate potential leadership talents, preparing for future talent needs.

　　最后，激勵對象人數(shù)應(yīng)當(dāng)符合相關(guān)法規(guī)對股東人數(shù)的限制。對于非公眾公司而言，現(xiàn)行《公司法》及新《公司法》均規(guī)定，有限責(zé)任公司應(yīng)當(dāng)由50個以下股東出資設(shè)立，股份有限公司的發(fā)起人不得超過200人。激勵對象與既有股東人數(shù)合計不應(yīng)超過相關(guān)法規(guī)對股東人數(shù)的限制。但是，這一問題也可以通過設(shè)立持股平臺、使全體激勵對象基于持股平臺而被計為一名股東而解決，詳見前文：激勵載體怎么選，直接持股還是間接持股？。此外，根據(jù)現(xiàn)行證券監(jiān)管規(guī)則，擬上市/掛牌的公司還需注意股權(quán)結(jié)構(gòu)穿透后股東總?cè)藬?shù)不得超過200人，而符合證券法律規(guī)定、全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)相關(guān)規(guī)則的員工持股平臺方可不作穿透。|

　　Finally, the number of incentive recipients should comply with the restrictions on the number of shareholders set by relevant regulations. For non-public companies, both the current Company Law and the new Company Law stipulate that a limited liability company should be established with contributions from no more than 50 shareholders, and the number of initiators for a joint stock limited company should not exceed 200. The total number of incentive targets and existing shareholders should not exceed the limit on the number of shareholders set by relevant regulations. However, this issue can also be solved by establishing a shareholding platform, where all incentive recipients are counted as one shareholder based on the shareholding platform. For details, please refer to the previous section: How to choose the incentive carrier, direct shareholding or indirect shareholding?. In addition, according to the current securities regulatory rules, companies planning to go public/list must also pay attention to the fact that the total number of shareholders after the penetration of the equity structure shall not exceed 200, and employee shareholding platforms that comply with securities laws and regulations and relevant rules of the National Equities Exchange and Quotations system may not be penetrated. |

　　總結(jié)

　　summary

　　方式：劃范圍；非公眾公司考慮因素：1.建議選擇:董事、高級管理人員、核心技術(shù)人員或者核心業(yè)務(wù)人員，以及公司認(rèn)為應(yīng)當(dāng)激勵的對公司經(jīng)營業(yè)績和未來發(fā)展有直接影響的其他員工2.謹(jǐn)慎選擇:獨立董事、監(jiān)事、外部人員(如客戶供應(yīng)商)3.不得選擇:不得持股的對象(如禁止持股的公務(wù)員等)

　　Method: Scope delineation; Non public company considerations: 1. Suggested choices: directors, senior management, core technical personnel, or core business personnel, as well as other employees that the company believes should be incentivized and have a direct impact on the company's business performance and future development. 2. Cautious choices: independent directors, supervisors, external personnel (such as customers and suppliers). 3. Not allowed to choose: objects that are not allowed to hold shares (such as civil servants who are prohibited from holding shares)

　　方式：選人員；非公眾公司考慮因素：1.任職的崗位與職責(zé)2.對公司的貢獻(xiàn)和價值3.忠誠度和穩(wěn)定性4.員工個人的激勵需求

　　Method: Select personnel; Non public company considerations: 1. Position and responsibilities 2. Contribution and value to the company 3. Loyalty and stability 4. Personal motivation needs of employees

　　方式：定人數(shù)；非公眾公司考慮因素：1.激勵對象人數(shù)占比不宜過大激勵對象人數(shù)應(yīng)在不同的層級和部門中相對平衡激勵對象人數(shù)應(yīng)當(dāng)符合相關(guān)法規(guī)對股東人數(shù)的限制

　　Method: Fixed number of people; Non public company considerations: 1. The proportion of incentive objects should not be too large. The number of incentive objects should be relatively balanced among different levels and departments. The number of incentive objects should comply with the restrictions on the number of shareholders in relevant regulations

　　綜上所述，選擇合適的股權(quán)激勵對象是一項關(guān)鍵而復(fù)雜的任務(wù)，需要通過劃定選擇范圍、考量相關(guān)因素，并結(jié)合人數(shù)限制等來綜合確定。通過精心篩選激勵對象，公司能夠激發(fā)員工的積極性和創(chuàng)造力，提升團(tuán)隊凝聚力和工作效率，進(jìn)而促進(jìn)公司的長期穩(wěn)定發(fā)展。

　　In summary, selecting suitable equity incentive targets is a crucial and complex task that requires a comprehensive determination by defining the selection scope, considering relevant factors, and taking into account personnel limitations. By carefully selecting incentive targets, companies can stimulate employees' enthusiasm and creativity, enhance team cohesion and work efficiency, and promote the long-term stable development of the company.

　　本文由   濟(jì)南股權(quán)頂層架構(gòu)設(shè)計  友情奉獻(xiàn).更多有關(guān)的知識請點擊  http://www.aibangwang.cn/   真誠的態(tài)度.為您提供為全面的服務(wù).更多有關(guān)的知識我們將會陸續(xù)向大家奉獻(xiàn).敬請期待.正確選擇激勵對象是充分發(fā)揮股權(quán)激勵作用、實現(xiàn)激勵效果的重要一環(huán)。選擇錯誤的激勵對象不僅可能無法實現(xiàn)公司與員工共贏的效果，還可能會影響公司未來的融資與上市、產(chǎn)生清退的困擾等。激勵對象如何選？以下是一些可供考量的選擇因素，供企業(yè)家參考。

　　This article is a friendly contribution from the top-level equity structure design of Jinan For more related knowledge, please click http://www.aibangwang.cn/ Sincere attitude To provide you with comprehensive services We will gradually contribute more relevant knowledge to everyone Coming soon. The correct selection of incentive targets is an important part of fully utilizing the role of equity incentives and achieving incentive effects. Choosing the wrong incentive targets may not only fail to achieve a win-win situation between the company and employees, but may also affect the company's future financing and listing, and cause difficulties in liquidation. How to choose incentive targets? Here are some selection factors to consider for entrepreneurs to refer to.

　　一、激勵對象的選擇范圍現(xiàn)行《公司法》及新《公司法》均未對股權(quán)激勵對象的選擇范圍作出規(guī)定，原則上，只要是不被禁止持股的人員都可以成為激勵對象。實務(wù)中，非公眾公司通常參照上市公司及掛牌公司的標(biāo)準(zhǔn)選擇股權(quán)激勵對象，以上市公司為例，《上市公司股權(quán)激勵管理辦法》第八條規(guī)定，激勵對象可以包括上市公司的董事、高級管理人員、核心技術(shù)人員或者核心業(yè)務(wù)人員，以及公司認(rèn)為應(yīng)當(dāng)激勵的對公司經(jīng)營業(yè)績和未來發(fā)展有直接影響的其他員工，但不應(yīng)當(dāng)包括獨立董事和監(jiān)事。外籍員工任職上市公司董事、高級管理人員、核心技術(shù)人員或者核心業(yè)務(wù)人員的，可以成為激勵對象。單獨或合計持有上市公司5%以上股份的股東或?qū)嶋H控制人及其配偶、父母、子女，不得成為激勵對象。下列人員也不得成為激勵對象：（一）最近12個月內(nèi)被證券交易所認(rèn)定為不適當(dāng)人選；（二）最近12個月內(nèi)被中國證監(jiān)會及其派出機(jī)構(gòu)認(rèn)定為不適當(dāng)人選；（三）最近12個月內(nèi)因重大違法違規(guī)行為被中國證監(jiān)會及其派出機(jī)構(gòu)行政處罰或者采取市場禁入措施；（四）具有《公司法》規(guī)定的不得擔(dān)任公司董事、高級管理人員情形的；（五）法律法規(guī)規(guī)定不得參與上市公司股權(quán)激勵的；（六）中國證監(jiān)會認(rèn)定的其他情形。

　　1、 The current Company Law and the new Company Law do not specify the scope of selection for equity incentive objects. In principle, any person who is not prohibited from holding shares can become an incentive object. In practice, non-public companies usually select equity incentive targets based on the standards of listed companies and listed companies. Taking listed companies as an example, Article 8 of the "Management Measures for Equity Incentives of Listed Companies" stipulates that incentive targets can include directors, senior management personnel, core technical personnel or core business personnel of listed companies, as well as other employees who the company believes should be incentivized and have a direct impact on the company's business performance and future development, but should not include independent directors and supervisors. Foreign employees who serve as directors, senior management personnel, core technical personnel, or core business personnel of listed companies can become incentive targets. Shareholders or actual controllers who individually or collectively hold more than 5% of the shares of a listed company, as well as their spouses, parents, and children, shall not be eligible for incentives. The following individuals shall not be eligible for incentives: (1) Those who have been identified as unsuitable candidates by the stock exchange within the past 12 months; （2） Being identified as an inappropriate candidate by the China Securities Regulatory Commission and its dispatched agencies within the past 12 months; （3） Within the past 12 months, due to significant violations of laws and regulations, the China Securities Regulatory Commission and its dispatched agencies have imposed administrative penalties or taken market entry bans; （4） Those who are not allowed to serve as directors or senior management personnel of the company according to the provisions of the Company Law; （5） Those who are prohibited by laws and regulations from participating in equity incentives of listed companies; （6） Other circumstances recognized by the China Securities Regulatory Commission.

　　從可選的范圍來看，對于各類非公眾公司，建議優(yōu)先從董事、高級管理人員、核心技術(shù)人員或者核心業(yè)務(wù)人員，以及公司認(rèn)為應(yīng)當(dāng)激勵的對公司經(jīng)營業(yè)績和未來發(fā)展有直接影響的其他員工中來選擇激勵對象，這些人員是經(jīng)實踐證實有益于公司長遠(yuǎn)發(fā)展的股權(quán)激勵對象。

　　From the perspective of optional scope, for various non-public companies, it is recommended to prioritize selecting incentive objects from directors, senior management personnel, core technical personnel or core business personnel, as well as other employees who the company believes should be incentivized and have a direct impact on the company's business performance and future development. These personnel are equity incentive objects that have been proven to be beneficial to the company's long-term development through practice.

　　需特別提示注意的是，非公眾公司的股權(quán)激勵對象不必然需要與公司存在勞動關(guān)系，例如董事與公司間為聘用關(guān)系而無勞動關(guān)系的，也可以成為激勵對象。但是，與公司不存在勞動關(guān)系而僅有勞務(wù)關(guān)系的顧問成為激勵對象的，可能會導(dǎo)致公司在融資或申報上市過程中被重點關(guān)注如下問題：該類人員擔(dān)任顧問而不與公司建立勞動關(guān)系的原因、是否存在違反現(xiàn)所在單位相關(guān)規(guī)定或前單位競業(yè)限制約定的情形、是否與公司存在關(guān)聯(lián)關(guān)系或潛在利益輸送安排等。因此，非公眾公司擬將該等顧問作為激勵對象的，需結(jié)合前述因素審慎考慮。

　　It should be noted that equity incentive recipients of non-public companies do not necessarily need to have a labor relationship with the company. For example, directors who have an employment relationship with the company but no labor relationship can also become incentive recipients. However, if consultants who do not have a labor relationship with the company but only have a labor relationship become incentive targets, it may lead to the company being focused on the following issues during the financing or listing process: the reasons why such personnel serve as consultants without establishing a labor relationship with the company, whether there are any violations of relevant regulations of the current unit or non compete agreements of the previous unit, whether there is a related relationship or potential benefit transfer arrangement with the company. Therefore, non-public companies intending to use such consultants as incentive targets should carefully consider the aforementioned factors.

　　實踐中，還存在將與公司不存在勞動關(guān)系、勞務(wù)關(guān)系的外部人員如客戶、供應(yīng)商關(guān)鍵人員作為激勵對象的情形。我們理解，激勵對象應(yīng)為對公司有一定歷史貢獻(xiàn)或未來貢獻(xiàn)的人員，外部人員原則上不應(yīng)作為公司的激勵對象。從上市申報案例來看，對于將外部人員作為激勵對象的公司，監(jiān)管部門往往會關(guān)注是否存在利益輸送的情形，如以低價股權(quán)換取高利潤業(yè)務(wù)等，對于此等質(zhì)疑則通常需結(jié)合激勵股權(quán)定價依據(jù)、業(yè)務(wù)定價公允性等方面進(jìn)行解釋。因此，非公眾公司擬將該等外部人員作為激勵對象的，需結(jié)合前述因素審慎考慮。

　　In practice, there are also situations where external personnel who do not have labor or service relationships with the company, such as key personnel from customers and suppliers, are used as incentive targets. We understand that the incentive targets should be individuals who have made certain historical or future contributions to the company, and external personnel should not be considered as incentive targets for the company in principle. From the perspective of listing application cases, for companies that use external personnel as incentive objects, regulatory authorities often pay attention to whether there is a situation of interest transfer, such as exchanging low-priced equity for high profit business. For such doubts, they usually need to be explained in conjunction with the pricing basis of incentive equity and the fairness of business pricing. Therefore, non-public companies intending to use such external personnel as incentive targets should carefully consider the aforementioned factors.

　　從不可選的范圍來看由于《公司法》未對激勵對象的選擇范圍作出禁止性規(guī)定，非公眾公司較上市公司及掛牌公司相比具有更多的選擇空間。除此之外，根據(jù)法律法規(guī)規(guī)定不得持股的人員不得成為股權(quán)激勵對象，如在職公務(wù)員、現(xiàn)役軍人等，詳見前文：所有人都能當(dāng)股東嗎？

　　From the perspective of non optional scope, due to the lack of prohibitive provisions on the selection range of incentive objects in the Company Law, non-public companies have more choice space compared to listed companies. In addition, individuals who are not allowed to hold shares according to laws and regulations are not eligible to become equity incentive targets, such as current civil servants, active military personnel, etc. Please refer to the previous text: Can everyone be a shareholder?

　　二、激勵對象選擇的考量因素在確定激勵對象的選擇范圍后，對具體人員的選擇建議考量下列因素：

　　2、 After determining the scope of incentive object selection, it is recommended to consider the following factors when selecting specific personnel:

　　1. 任職的崗位與職責(zé)根據(jù)公司具體崗位及職責(zé)對公司運營和戰(zhàn)略實施的重要性，優(yōu)先考慮那些對公司業(yè)績和成功至關(guān)重要的崗位人員。例如，董事、高級管理人員由于影響著公司發(fā)展方向，因此往往是優(yōu)先考慮到的激勵對象。對于掌握公司核心技術(shù)和業(yè)務(wù)的人員，對其進(jìn)行激勵將對公司的具體經(jīng)營產(chǎn)生更為直接的效果，也會間接鼓勵其他員工力爭上游。除此之外，執(zhí)行層面的員工也可以作為股權(quán)激勵的儲備對象，以提高一線員工的工作積極性。

　　1. Based on the importance of specific positions and responsibilities to the company's operations and strategic implementation, priority should be given to personnel in positions that are crucial to the company's performance and success. For example, directors and senior management are often the preferred incentive targets due to their influence on the company's development direction. Motivating personnel who master the core technology and business of the company will have a more direct effect on the company's specific operations and indirectly encourage other employees to strive for excellence. In addition, employees at the executive level can also serve as reserve objects for equity incentives to enhance the work enthusiasm of frontline employees.

　　2. 對公司的貢獻(xiàn)和價值相較于歷史的貢獻(xiàn)和價值，為了更好實現(xiàn)“激勵”的目的，提高員工的績效，建議側(cè)重于選擇可能在未來對公司有較大貢獻(xiàn)和價值的人員，以激發(fā)其工作潛力。對于公司有重大歷史貢獻(xiàn)和價值的人員，也可以作為激勵對象，以作為對其的回報且有利于在員工中樹立榜樣的形象。

　　2. Compared to historical contributions and values, in order to better achieve the purpose of "motivation" and improve employee performance, it is recommended to focus on selecting personnel who may have significant contributions and values to the company in the future, in order to stimulate their work potential. For personnel who have made significant historical contributions and value to the company, they can also be used as incentive targets as a reward and to establish an exemplary image among employees.

　　3. 忠誠度和穩(wěn)定性由于股權(quán)激勵具有長期性，且激勵對象對于其他員工具有一定示范性，因此需要激勵對象對公司具有較高的忠誠度。員工在公司的工作年限可以作為考量因素，長期服務(wù)的員工往往對公司有較高的忠誠度；對于就職年限不長的員工，則可以通過其日常工作態(tài)度、對公司戰(zhàn)略和文化的認(rèn)同程度等方面來評估。公司往往期待激勵對象在公司的任職具有穩(wěn)定性，但從另一個角度，對于那些對公司發(fā)展較為重要、有一定離職可能性且其離職將對公司造成較大影響的員工，實際上公司可以通過股權(quán)激勵的方式來強(qiáng)化其在公司的穩(wěn)定性。

　　3. Loyalty and stability: Due to the long-term nature of equity incentives and the demonstrative nature of incentive targets for other employees, it is necessary for incentive targets to have high loyalty to the company. The length of time employees have worked in the company can be considered as a factor, and employees who have served for a long time often have higher loyalty to the company; For employees who have not been employed for a long time, their evaluation can be based on their daily work attitude, level of identification with company strategy and culture, and other aspects. Companies often expect incentive targets to have stability in their employment, but from another perspective, for employees who are important to the company's development, have a certain possibility of leaving, and whose departure will have a significant impact on the company, companies can actually strengthen their stability in the company through equity incentives.

　　4. 員工個人的激勵需求員工個人對激勵方式的需求也直接影響股權(quán)激勵的效果。由于股權(quán)激勵強(qiáng)調(diào)未來的利益，且多數(shù)股權(quán)激勵計劃中，員工需要以較低的價格而非無償取得股權(quán)，因此，對于一些對現(xiàn)金流需求較高，甚至有房貸、車貸等資金壓力的員工，股權(quán)激勵并不一定合適，對于這類員工則可以績效獎勵等方式進(jìn)行激勵。而對于對短期經(jīng)濟(jì)利益要求不高，但期待有更高歸屬感、榮譽(yù)感的員工，進(jìn)行股權(quán)激勵將產(chǎn)生更好的效果。因此，要使股權(quán)激勵對公司、對員工都發(fā)揮最佳的效果，公司需要在確定激勵對象前與其進(jìn)行充分溝通，了解各方需求。

　　4. The individual motivation needs of employees also directly affect the effectiveness of equity incentives. Due to the emphasis on future benefits in equity incentives, and the fact that in most equity incentive plans, employees need to acquire equity at a lower price rather than for free, equity incentives may not be suitable for some employees who have high cash flow needs and even financial pressures such as mortgages and car loans. For such employees, performance rewards can be used as incentives. For employees who do not have high demands for short-term economic benefits but expect a higher sense of belonging and honor, implementing equity incentives will produce better results. Therefore, in order for equity incentives to have the best effect on both the company and its employees, the company needs to have sufficient communication with them and understand the needs of all parties before determining the incentive targets.

　　三、激勵對象的選擇人數(shù)通過劃范圍、選人員，已經(jīng)可以形成激勵對象的初步名單，但公司還需結(jié)合下列因素，適當(dāng)增減或平衡激勵對象的人選，以確定激勵對象的最終名單。

　　3、 The initial list of incentive targets can be formed by delineating the scope and selecting personnel, but the company still needs to consider the following factors to appropriately increase, decrease or balance the selection of incentive targets in order to determine the final list of incentive targets.

　　首先，激勵對象人數(shù)占比不宜過大，否則會影響激勵效果。股權(quán)激勵本身應(yīng)當(dāng)具有稀缺性，才會使激勵對象有更強(qiáng)烈的責(zé)任感和使命感，更有動力為公司的成功而奮斗。如果太多員工分享這一激勵，個別員工可能會感到自己的努力對公司整體表現(xiàn)的影響微乎其微，從而減弱他們的工作動力和歸屬感。激勵對象人數(shù)較少時，每個對象可能獲得的股權(quán)份額也相對較大，激勵效果更集中，能更好地激發(fā)其積極性和工作動力。此外，較少的激勵對象有助于建立更緊密的合作關(guān)系，增強(qiáng)激勵對象對公司的認(rèn)同感和歸屬感。判斷激勵對象人數(shù)占比是否過大，沒有一個確定的數(shù)字標(biāo)準(zhǔn)，而需要綜合行業(yè)特點等因素來判斷。例如，對于勞動密集型、組織架構(gòu)簡單的制造行業(yè)公司，股權(quán)激勵的效果往往不明顯，在此類公司中，對于普通的一線員工，可以通過增加基礎(chǔ)工薪的方式來提高其勞動熱情和創(chuàng)造力；而對于人力資本型、行業(yè)競爭力大的傳媒行業(yè)公司，則可能有更多的對象適合通過股權(quán)激勵的方式使其與公司綁定。

　　Firstly, the proportion of incentive targets should not be too large, otherwise it will affect the incentive effect. Equity incentives themselves should have scarcity in order to give incentive recipients a stronger sense of responsibility and mission, and more motivation to strive for the success of the company. If too many employees share this motivation, individual employees may feel that their efforts have little impact on the overall performance of the company, thereby weakening their work motivation and sense of belonging. When the number of incentive targets is small, each target may receive a relatively large share of equity, resulting in a more concentrated incentive effect and better stimulation of their enthusiasm and work motivation. In addition, having fewer incentive recipients can help establish closer cooperative relationships and enhance their sense of identification and belonging to the company. There is no fixed numerical standard for determining whether the proportion of incentive targets is too large, and it requires a comprehensive assessment of industry characteristics and other factors. For example, for labor-intensive manufacturing companies with simple organizational structures, the effect of equity incentives is often not significant. In such companies, ordinary frontline employees can increase their labor enthusiasm and creativity by increasing their basic salary; For media companies with human capital and strong industry competitiveness, there may be more suitable targets to bind them to the company through equity incentives.

　　其次，激勵對象人數(shù)應(yīng)在不同的層級和部門中相對平衡。平衡的激勵對象分布能夠確保公司內(nèi)部的公平性，避免因激勵對象人數(shù)過于集中，使員工認(rèn)為某些部門或?qū)蛹壍膯T工被過度優(yōu)待而產(chǎn)生不滿。平衡的激勵對象分布也將促進(jìn)公司的全面發(fā)展，充分激發(fā)各個層級、不同部門員工的積極性和創(chuàng)造力，有助于優(yōu)化公司的組織結(jié)構(gòu)和運營流程。平衡的激勵對象分布還有助于公司培養(yǎng)和儲備人才，通過激勵不同層級和部門的員工，公司可以發(fā)現(xiàn)和培養(yǎng)潛在的領(lǐng)導(dǎo)人才，為未來的人才需求做好準(zhǔn)備。

　　Secondly, the number of incentive targets should be relatively balanced among different levels and departments. A balanced distribution of incentive targets can ensure fairness within the company and avoid dissatisfaction among employees who believe that certain departments or levels of employees are being excessively treated due to the concentration of incentive targets. A balanced distribution of incentive targets will also promote the comprehensive development of the company, fully stimulate the enthusiasm and creativity of employees at all levels and departments, and help optimize the company's organizational structure and operational processes. A balanced distribution of incentive targets also helps the company cultivate and reserve talents. By motivating employees at different levels and departments, the company can discover and cultivate potential leadership talents, preparing for future talent needs.

　　最后，激勵對象人數(shù)應(yīng)當(dāng)符合相關(guān)法規(guī)對股東人數(shù)的限制。對于非公眾公司而言，現(xiàn)行《公司法》及新《公司法》均規(guī)定，有限責(zé)任公司應(yīng)當(dāng)由50個以下股東出資設(shè)立，股份有限公司的發(fā)起人不得超過200人。激勵對象與既有股東人數(shù)合計不應(yīng)超過相關(guān)法規(guī)對股東人數(shù)的限制。但是，這一問題也可以通過設(shè)立持股平臺、使全體激勵對象基于持股平臺而被計為一名股東而解決，詳見前文：激勵載體怎么選，直接持股還是間接持股？。此外，根據(jù)現(xiàn)行證券監(jiān)管規(guī)則，擬上市/掛牌的公司還需注意股權(quán)結(jié)構(gòu)穿透后股東總?cè)藬?shù)不得超過200人，而符合證券法律規(guī)定、全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)相關(guān)規(guī)則的員工持股平臺方可不作穿透。|

　　Finally, the number of incentive recipients should comply with the restrictions on the number of shareholders set by relevant regulations. For non-public companies, both the current Company Law and the new Company Law stipulate that a limited liability company should be established with contributions from no more than 50 shareholders, and the number of initiators for a joint stock limited company should not exceed 200. The total number of incentive targets and existing shareholders should not exceed the limit on the number of shareholders set by relevant regulations. However, this issue can also be solved by establishing a shareholding platform, where all incentive recipients are counted as one shareholder based on the shareholding platform. For details, please refer to the previous section: How to choose the incentive carrier, direct shareholding or indirect shareholding?. In addition, according to the current securities regulatory rules, companies planning to go public/list must also pay attention to the fact that the total number of shareholders after the penetration of the equity structure shall not exceed 200, and employee shareholding platforms that comply with securities laws and regulations and relevant rules of the National Equities Exchange and Quotations system may not be penetrated. |

　　總結(jié)

　　summary

　　方式：劃范圍；非公眾公司考慮因素：1.建議選擇:董事、高級管理人員、核心技術(shù)人員或者核心業(yè)務(wù)人員，以及公司認(rèn)為應(yīng)當(dāng)激勵的對公司經(jīng)營業(yè)績和未來發(fā)展有直接影響的其他員工2.謹(jǐn)慎選擇:獨立董事、監(jiān)事、外部人員(如客戶供應(yīng)商)3.不得選擇:不得持股的對象(如禁止持股的公務(wù)員等)

　　Method: Scope delineation; Non public company considerations: 1. Suggested choices: directors, senior management, core technical personnel, or core business personnel, as well as other employees that the company believes should be incentivized and have a direct impact on the company's business performance and future development. 2. Cautious choices: independent directors, supervisors, external personnel (such as customers and suppliers). 3. Not allowed to choose: objects that are not allowed to hold shares (such as civil servants who are prohibited from holding shares)

　　方式：選人員；非公眾公司考慮因素：1.任職的崗位與職責(zé)2.對公司的貢獻(xiàn)和價值3.忠誠度和穩(wěn)定性4.員工個人的激勵需求

　　Method: Select personnel; Non public company considerations: 1. Position and responsibilities 2. Contribution and value to the company 3. Loyalty and stability 4. Personal motivation needs of employees

　　方式：定人數(shù)；非公眾公司考慮因素：1.激勵對象人數(shù)占比不宜過大激勵對象人數(shù)應(yīng)在不同的層級和部門中相對平衡激勵對象人數(shù)應(yīng)當(dāng)符合相關(guān)法規(guī)對股東人數(shù)的限制

　　Method: Fixed number of people; Non public company considerations: 1. The proportion of incentive objects should not be too large. The number of incentive objects should be relatively balanced among different levels and departments. The number of incentive objects should comply with the restrictions on the number of shareholders in relevant regulations

　　綜上所述，選擇合適的股權(quán)激勵對象是一項關(guān)鍵而復(fù)雜的任務(wù)，需要通過劃定選擇范圍、考量相關(guān)因素，并結(jié)合人數(shù)限制等來綜合確定。通過精心篩選激勵對象，公司能夠激發(fā)員工的積極性和創(chuàng)造力，提升團(tuán)隊凝聚力和工作效率，進(jìn)而促進(jìn)公司的長期穩(wěn)定發(fā)展。

　　In summary, selecting suitable equity incentive targets is a crucial and complex task that requires a comprehensive determination by defining the selection scope, considering relevant factors, and taking into account personnel limitations. By carefully selecting incentive targets, companies can stimulate employees' enthusiasm and creativity, enhance team cohesion and work efficiency, and promote the long-term stable development of the company.

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