股權激勵是刺激公司業(yè)績提升的一個重要手段。然而，要真正實現(xiàn)這一目標，合理設置業(yè)績指標至關重要。業(yè)績指標的設置不僅關乎激勵機制的有效性，更直接影響著公司的發(fā)展方向和未來前景。那么，業(yè)績指標應該如何設置？以下是一些可供考量的因素，供企業(yè)家參考。

　　Equity incentives are an important means of stimulating the improvement of company performance. However, to truly achieve this goal, it is crucial to set reasonable performance indicators. The setting of performance indicators is not only related to the effectiveness of incentive mechanisms, but also directly affects the development direction and future prospects of the company. So, how should performance indicators be set? Here are some factors to consider for entrepreneurs to refer to.

　　一、業(yè)績指標應具有的特點公司的股權激勵計劃中，科學、合理的業(yè)績指標應當具有如下特點：

　　1、 In a company's equity incentive plan, scientific and reasonable performance indicators should have the following characteristics:

　　1. 客觀性與可量化。業(yè)績指標應當基于可觀測、可驗證的數(shù)據(jù)而設置，能夠通過具體數(shù)值進行衡量，具有一定可比性，即可以橫向與其他同行業(yè)公司相比，或縱向與公司自身歷史數(shù)據(jù)相比。2. 相關性與挑戰(zhàn)性。業(yè)績指標應當與公司戰(zhàn)略和長期目標緊密相關，同時具有一定的挑戰(zhàn)性，即具有一定難度但仍可達成，能夠引導員工行為與公司發(fā)展同步，有利于促進公司競爭力的提升。這意味著業(yè)績指標不應脫離實際、過于理想化，以避免給員工帶來過大的壓力、造成負面影響。3. 透明性與公平性。業(yè)績指標的評價標準和過程應當公開，確保信息對所有相關人員可見。對所有激勵對象公正，確保努力得到合理評價。4. 適應性與綜合性。業(yè)績指標應能夠適應外部市場環(huán)境的變化和公司內部戰(zhàn)略的調整，存在不同考核期的，應根據(jù)實際情況評估并設置不同的業(yè)績指標。業(yè)績指標還應綜合考慮財務、市場、管理等多方面因素，在不同角度下綜合考量確定。

　　1. Objectivity and quantifiability. Performance indicators should be set based on observable and verifiable data, which can be measured by specific numerical values and have a certain comparability, that is, they can be compared horizontally with other companies in the same industry or vertically with the company's own historical data. 2. Relevance and Challenge. Performance indicators should be closely related to the company's strategy and long-term goals, while also having a certain level of challenge, that is, having a certain degree of difficulty but still achievable, which can guide employee behavior to synchronize with the company's development and promote the improvement of the company's competitiveness. This means that performance indicators should not be divorced from reality or overly idealized, in order to avoid putting too much pressure on employees and causing negative impacts. 3. Transparency and fairness. The evaluation criteria and process of performance indicators should be made public to ensure that the information is visible to all relevant personnel. Be fair to all incentive recipients and ensure that their efforts are reasonably evaluated. 4. Adaptability and comprehensiveness. Performance indicators should be able to adapt to changes in the external market environment and adjustments to the company's internal strategy. If there are different assessment periods, different performance indicators should be evaluated and set according to the actual situation. Performance indicators should also take into account various factors such as finance, market, and management, and be determined from different perspectives.

　　二、業(yè)績指標的類型對于非公眾公司，現(xiàn)行《公司法》及新《公司法》均未明確對股權激勵業(yè)績指標的具體要求，但上市公司和掛牌公司適用的相關規(guī)定可以為非公眾公司所參考。

　　2、 For non-public companies, the current Company Law and the new Company Law do not specify the specific requirements for equity incentive performance indicators. However, the relevant regulations applicable to listed companies and listed companies can be used as a reference for non-public companies.

　　《上市公司股權激勵管理辦法》第十條規(guī)定，激勵對象為董事、高級管理人員的，上市公司應當設立績效考核指標作為激勵對象行使權益的條件；第十一條規(guī)定，績效考核指標應當包括公司業(yè)績指標和激勵對象個人績效指標。相關指標應當客觀公開、清晰透明，符合公司的實際情況，有利于促進公司競爭力的提升。上市公司可以公司歷史業(yè)績或同行業(yè)可比公司相關指標作為公司業(yè)績指標對照依據(jù)，公司選取的業(yè)績指標可以包括凈資產收益率、每股收益、每股分紅等能夠反映股東回報和公司價值創(chuàng)造的綜合性指標，以及凈利潤增長率、主營業(yè)務收入增長率等能夠反映公司盈利能力和市場價值的成長性指標。以同行業(yè)可比公司相關指標作為對照依據(jù)的，選取的對照公司不少于3家。激勵對象個人績效指標由上市公司自行確定。

　　Article 10 of the Measures for the Administration of Equity Incentives of Listed Companies stipulates that if the incentive objects are directors or senior management personnel, the listed company shall establish performance evaluation indicators as a condition for the incentive objects to exercise their rights and interests; Article 11 stipulates that performance evaluation indicators should include company performance indicators and individual performance indicators of incentive targets. The relevant indicators should be objective, open, clear and transparent, in line with the actual situation of the company, and conducive to promoting the improvement of the company's competitiveness. Listed companies can use their historical performance or relevant indicators of comparable companies in the same industry as the basis for comparing their performance indicators. The performance indicators selected by the company can include comprehensive indicators such as return on equity, earnings per share, and dividends per share that can reflect shareholder returns and company value creation, as well as growth indicators such as net profit growth rate and main business revenue growth rate that can reflect the company's profitability and market value. Select no less than 3 comparison companies based on relevant indicators of comparable companies in the same industry. The individual performance indicators of incentive targets are determined by the listed company itself.

　　《非上市公眾公司監(jiān)管指引第6號——股權激勵和員工持股計劃的監(jiān)管要求（試行）》第一條第六款規(guī)定，激勵對象為董事、高級管理人員的，掛牌公司應當設立績效考核指標作為激勵對象行使權益的條件。績效考核指標應當包括公司業(yè)績指標和激勵對象個人績效指標。相關指標應當客觀公開、清晰透明，符合公司的實際情況，有利于促進公司競爭力的提升。

　　According to Article 1, Paragraph 6 of the "Regulatory Guidelines for Non listed Public Companies No. 6- Regulatory Requirements for Equity Incentives and Employee Stock Ownership Plans (Trial)", if the incentive objects are directors and senior management personnel, the listed company shall establish performance evaluation indicators as a condition for the incentive objects to exercise their rights and interests. Performance evaluation indicators should include company performance indicators and individual performance indicators of incentive targets. The relevant indicators should be objective, open, clear and transparent, in line with the actual situation of the company, and conducive to promoting the improvement of the company's competitiveness.

　　參考上述規(guī)定及相關公開案例，公司層面業(yè)績指標的類型主要包括：

　　Referring to the above regulations and relevant public cases, the types of performance indicators at the company level mainly include:

　　1. 反映公司盈利能力和市場價值的成長性指標。如凈利潤、營業(yè)收入、主營業(yè)務收入等。此類考核指標能夠真實反映公司的經營情況、盈利能力和成長性、主要經營成果和市場占有能力等，是衡量公司經營效益的主要指標，據(jù)此設定的業(yè)績考核目標有助于提升公司競爭能力，調動員工工作積極性。對于具體指標，還可根據(jù)實際需要進行條件限定。例如，科大國創(chuàng)（300520）在《2024年限制性股票激勵計劃（草案）》中，為公司層面設定的業(yè)績考核指標為“數(shù)字化應用業(yè)務板塊營業(yè)收入”，這與本次選擇的激勵對象即“對公司數(shù)字化應用業(yè)務板塊經營業(yè)績和未來發(fā)展有重要影響的員工”和推動數(shù)字化應用業(yè)務的激勵目的密切相關。

　　1. Growth indicators that reflect the company's profitability and market value. Such as net profit, operating income, main business income, etc. This type of performance evaluation index can truly reflect the company's operating situation, profitability and growth potential, main operating results and market share, etc. It is the main indicator to measure the company's operating efficiency. The performance evaluation objectives set based on this can help enhance the company's competitiveness and mobilize work enthusiasm. Specific indicators can also be subject to conditional limitations according to actual needs. For example, in the "2024 Restricted Stock Incentive Plan (Draft)" of Keda Guochuang (300520), the performance evaluation indicator set for the company level is "Digital Application Business Unit Operating Revenue", which is closely related to the selected incentive targets, namely "employees who have a significant impact on the company's digital application business unit operating performance and future development", and the incentive purpose of promoting digital application business.

　　2. 反映股東回報和公司價值創(chuàng)造的綜合性指標。如凈資產收益率、每股收益、每股分紅等。此類考核指標能夠反映股東權益的收益水平情況，可以衡量公司運用自有資本的效率。從股權激勵的最終目的來看，此類激勵指標與股東價值回報關系更緊密，某種程度上也有助于增強投資者對公司的信心，提升公司的市場形象。

　　2. A comprehensive indicator reflecting shareholder returns and company value creation. Such as return on equity, earnings per share, dividends per share, etc. This type of assessment indicator can reflect the level of return on shareholder equity and measure the efficiency of a company's use of its own capital. From the ultimate goal of equity incentives, such incentive indicators are more closely related to shareholder value return, and to some extent, help enhance investors' confidence in the company and improve its market image.

　　3. 反映特定行業(yè)或業(yè)務需求的實操性指標。例如，醫(yī)藥制造業(yè)上市公司貝達藥業(yè)（300558）在《2023年限制性股票激勵計劃（草案）》中，設定的業(yè)績指標包括獲受理的IND（新藥臨床試驗申請）數(shù)量、獲受理的NDA（新藥注冊上市申請）/BLA（生物制品許可申請）數(shù)量；計算機制造業(yè)上市公司龍騰光電（688055）在《2021年限制性股票激勵計劃（草案）》中，設定的業(yè)績指標包括知識產權累計獲得數(shù)；水上運輸業(yè)上市公司上港集團（600018）在2021年公告的《A股限制性股票激勵計劃（草案）》中，設定的業(yè)績指標包括母港集裝箱吞吐量。此類考核指標對員工業(yè)務實操具有很強的指導性，但此類指標通常作為輔助性而非主要的考核指標，用于限定業(yè)績考核的底線。

　　3. Practical indicators that reflect specific industry or business needs. For example, in the 2023 Restricted Stock Incentive Plan (Draft), listed pharmaceutical manufacturing company Beida Pharmaceutical (300558) sets performance indicators including the number of IND (New Drug Clinical Trial Applications) accepted, the number of NDA (New Drug Registration and Listing Applications)/BLA (Biological Product Licensing Applications) accepted; Longteng Optoelectronics (688055), a listed company in the computer manufacturing industry, has set performance indicators including cumulative acquisition of intellectual property rights in the 2021 Restricted Stock Incentive Plan (Draft); In the 2021 announcement of the "A-share Restricted Stock Incentive Plan (Draft)" by Shanghai Port Group (600018), a listed company in the water transportation industry, the performance indicators set include the container throughput of the home port. This type of assessment indicator has strong guidance for employees' practical business operations, but it is usually used as an auxiliary rather than the main assessment indicator to limit the bottom line of performance evaluation.

　　公司在設定具體業(yè)績指標時，可以選取不同的業(yè)績指標相組合，要求同時滿足多個指標要求的才符合條件。例如，中炬高新（600872）在《2024年限制性股票激勵計劃（草案）》中，為第一個解除限售期設置的業(yè)績考核條件為：（1）以2023年為基準，2024年營業(yè)收入增長率不低于12%；（2）2024年營業(yè)利潤率不低于15%；（3）2024年凈資產收益率不低于14%。但考慮到指標過多可能增加達成目標的難度、挫傷員工積極性，建議業(yè)績指標不宜超過三個，或規(guī)定多個指標只要滿足其中一到兩個即可。

　　When setting specific performance indicators, companies can choose different combinations of performance indicators, and only those that meet multiple indicator requirements at the same time are eligible. For example, in the "2024 Restricted Stock Incentive Plan (Draft)" of Zhongju High tech (600872), the performance evaluation conditions set for the first lifting of the lock up period are: (1) based on 2023, the growth rate of operating income in 2024 shall not be less than 12%; (2) The operating profit margin for 2024 shall not be less than 15%; (3) The return on equity for 2024 shall not be less than 14%. However, considering that having too many indicators may increase the difficulty of achieving goals and dampen employee motivation, it is recommended that performance indicators should not exceed three, or that multiple indicators only need to meet one or two of them.

　　個人績效考核層面，則可根據(jù)公司現(xiàn)行員工績效考核制度執(zhí)行，根據(jù)員工完成的工作量、工作質量、客戶滿意度、出勤率等綜合評分或評級，以滿足特定的分數(shù)或評級要求為取得激勵股權的前提條件，或確定最終能實際取得的股份數(shù)量比例。

　　At the level of individual performance evaluation, it can be implemented according to the current employee performance evaluation system of the company. Based on the comprehensive evaluation or rating of employees' completed workload, work quality, customer satisfaction, attendance rate, etc., meeting specific score or rating requirements is a prerequisite for obtaining incentive equity, or determining the actual proportion of shares that can be obtained in the end.

　　三、業(yè)績指標的數(shù)值選定業(yè)績指標的類型后，業(yè)績指標的數(shù)值通常可根據(jù)以下一種或幾種方式確定：

　　3、 After selecting the type of performance indicator, the value of the performance indicator can usually be determined in one or more of the following ways:

　　1. 明確具體的業(yè)績指標數(shù)值。常見表述如某考核年度凈利潤不低于具體金額、某考核年度凈資產收益率不低于具體比例等。該等具體的指標金額需要公司根據(jù)行業(yè)發(fā)展特點、公司本身發(fā)展階段和實際情況，經過合理經營預測并兼顧激勵計劃的激勵作用，綜合考量確定。

　　1. Clearly define the specific performance indicator values. Common expressions include that the net profit for a certain assessment year is not less than a specific amount, and the return on net assets for a certain assessment year is not less than a specific proportion. The specific indicator amount needs to be determined by the company based on the characteristics of industry development, the company's own development stage, and actual situation, through reasonable business forecasting and taking into account the incentive effect of the incentive plan, and comprehensive consideration.

　　2. 明確相較此前的增長率。常見表述如以激勵計劃發(fā)布前一年的凈利潤為基數(shù)，各考核年度凈利潤增長率不低于特定比例等。該等增長率指標能夠以公司實際經營情況為基礎，除同樣需經合理預測并兼顧激勵作用外，還可清晰體現(xiàn)公司追求的發(fā)展趨勢，對投資人的積極影響更為直觀。

　　2. Clearly indicate the growth rate compared to before. Common expressions include using the net profit of the year before the release of the incentive plan as the base, and ensuring that the net profit growth rate for each assessment year is not less than a specific proportion. These growth rate indicators can be based on the actual operating situation of the company. In addition to reasonable forecasting and considering incentive effects, they can also clearly reflect the development trend pursued by the company, and have a more intuitive positive impact on investors.

　　3. 設定數(shù)值區(qū)間。業(yè)績指標可以設定特定的數(shù)值區(qū)間，實現(xiàn)目標指標的方可以取得全部激勵股權，達到最低指標但未實現(xiàn)目標指標的可以取得相應減少比例的激勵股權。例如，富創(chuàng)精密（688409）在《2024年限制性股票激勵計劃（草案）》中，為2024年考核年度設定的凈利潤目標值為4億元、觸發(fā)值為2.5億元，當2024年實際凈利潤A≥4億元時，公司層面歸屬比例X=100%；當4億元＞A≥3.5億元時，X=45%；當3.5億元＞A≥3億元時，X=33%；當3億元＞A≥2.5億元時，X=26%；當A<2.5億元時，X=0%。同時，激勵對象個人層面績效考核要求也設定了區(qū)間，對于激勵對象考核結果的五個檔次A+、A、B、C、D，實現(xiàn)B及以上級別的個人層面歸屬比例為100%，考核評級為C的可歸屬比例為80%，考核評級為D則個人層面歸屬比例為0%。綜合上述，激勵對象當年實際歸屬的限制性股票數(shù)量=個人當年計劃歸屬的數(shù)量×公司層面歸屬比例×個人層面歸屬比例。當年因考核原因不能歸屬或不能完全歸屬的限制性股票則作廢失效。

　　3. Set a numerical range. Performance indicators can be set within specific numerical ranges. Only those who achieve the target indicators can obtain all incentive equity, while those who meet the minimum indicators but fail to achieve the target indicators can obtain corresponding reduced incentive equity. For example, in the "2024 Restricted Stock Incentive Plan (Draft)", Fuchuang Precision (688409) sets a net profit target value of 400 million yuan and a trigger value of 250 million yuan for the 2024 assessment year. When the actual net profit A in 2024 is ≥ 400 million yuan, the company level attribution ratio X=100%; When 400 million yuan>A ≥ 350 million yuan, X=45%； When 350 million yuan>A ≥ 300 million yuan, X=33%； When 300 million yuan>A ≥ 250 million yuan, X=26%； When A<250 million yuan, X=0%。 At the same time, the requirements for individual level performance evaluation of incentive objects have also been set within a range. For the five levels A+, A, B, C, and D of incentive object evaluation results, the personal level attribution ratio for level B and above is 100%, the attributable ratio for evaluation rating C is 80%, and the personal level attribution ratio for evaluation rating D is 0%. Based on the above, the actual number of restricted stocks that the incentive object belongs to in the current year is equal to the number of planned shares that the individual plans to belong to in the current year multiplied by the company's ownership ratio multiplied by the individual's ownership ratio. Restricted stocks that cannot be attributed or fully attributed due to assessment reasons in the past shall be invalidated.

　　4. 設定參考下限。根據(jù)公司的發(fā)展重點和關注方向，可以在主要業(yè)績目標外，設計一定的輔助參考下限，如同行業(yè)指標、主營業(yè)務比重、研發(fā)支出占營業(yè)收入比重等。例如，青山紙業(yè)（600103）在《2024年限制性股票激勵計劃（草案）》中，為第一個解除限售期設定的業(yè)績考核條件為：（1）以2021-2023年凈資產收益率均值為基數(shù)，2024年凈資產收益率增長率不低于9%，且不低于同行業(yè)均值或對標企業(yè)75分位值水平；（2）以2021-2023年凈利潤均值為基數(shù)，2024年的凈利潤增長率不低于15%，且不低于同行業(yè)均值或對標企業(yè)75分位值水平；（3）2024年主營業(yè)務收入占營業(yè)收入比重不低于95%。

　　4. Set a reference lower limit. Based on the company's development focus and direction of attention, certain auxiliary reference limits can be designed in addition to the main performance goals, such as industry indicators, proportion of main business, and proportion of R&D expenditure to operating income. For example, in the "2024 Restricted Stock Incentive Plan (Draft)", Qingshan Paper Industry (600103) sets the following performance evaluation conditions for the first release of the lock up period: (1) based on the average net asset return rate from 2021 to 2023, the growth rate of net asset return rate in 2024 shall not be less than 9%, and shall not be lower than the industry average or the 75th percentile level of the benchmark enterprise; (2) Based on the average net profit from 2021 to 2023, the net profit growth rate in 2024 shall not be less than 15%, and shall not be lower than the industry average or the 75th percentile level of benchmark enterprises; (3) The proportion of main business revenue to operating revenue in 2024 shall not be less than 95%.

　　總結綜上所述，業(yè)績指標可以選取如凈利潤等反映公司盈利能力和市場價值的成長性指標、如凈資產收益率等反映股東回報和公司價值創(chuàng)造的綜合性指標、或其他反映特定行業(yè)或業(yè)務需求的實操性指標。在具體業(yè)績指標數(shù)值設置方面，可以選取具體數(shù)字、增長率，設定區(qū)間或下限要求，經過合理經營預測并兼顧激勵計劃的激勵作用，綜合考量確定最終的業(yè)績指標。

　　In summary, performance indicators can be selected as growth indicators that reflect the company's profitability and market value, such as net profit, comprehensive indicators that reflect shareholder returns and company value creation, such as return on equity, or other practical indicators that reflect specific industry or business needs. In terms of setting specific performance indicators, specific numbers and growth rates can be selected, and intervals or lower limit requirements can be set. After reasonable business forecasting and considering the incentive effect of incentive plans, the final performance indicators can be determined by comprehensive consideration.

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