從某種程度上講，股權激勵就像是企業對員工的一種長期投資，同時也是一種長期激勵。而只要是投資，在有收益的同時，就一定會出現一定的風險，收益與風險是并行的。
To some extent, equity incentives are like a long-term investment by a company in its employees, and also a long-term incentive. As long as it is an investment, there will inevitably be certain risks while there are returns, and returns and risks are parallel.
因此，企業在實施股權激勵前，一定要充分認識到風險所在，才能做到規避風險，獲得終的收益。這里小編將針對
山東股權激勵存在的三種風險做出全面分析，讓大家懂得風險之所在。
Therefore, before implementing equity incentives, enterprises must fully recognize the risks in order to avoid risks and achieve ultimate returns. Here, the editor will conduct a comprehensive analysis of the three risks of equity incentives in Shandong, so that everyone can understand the risks.
01
01
經理人風險
Manager Risk
作為企業的職業經理人，在股權激勵中，關心的是其擁有的股票賣出的價格，從而賺取更多行權與授予之間的差價，并不是公司的長期價值，以及公司未來更遠的發展方向。
As a professional manager of a company, in equity incentives, what matters is the selling price of the stocks they own, in order to earn more difference between exercise and grant, rather than the long-term value of the company or its future development direction.
通常，在激勵方案中，經理人的持股數量和時間往往是有限的，即使公司再慷慨，也不可能授予經理人太多數量的股票，同時鎖定期也不可能過于長久，尤其是上市公司。這些因素，都不同程度地影響到了股權激勵的效果。
Usually, in incentive plans, the number and duration of shares held by managers are often limited. Even if the company is generous, it is impossible to grant managers too many shares, and the lock-in period cannot be too long, especially for listed companies. These factors have varying degrees of impact on the effectiveness of equity incentives.
另外，經理人的收入，往往與股票的價值變動相關。這種變動，不僅僅與經理人的努力有關，同時還會受到政治制度、經濟狀況和行業景氣度等因素的影響。
In addition, the income of managers is often related to changes in the value of stocks. This change is not only related to the efforts of managers, but also influenced by factors such as political system, economic conditions, and industry prosperity.
作為企業，由于經理人市場的不健全，導致在錄用經理人時，是無法直接利用市場手段對經理人的經營能力進行客觀的評價，這也在無形中為企業選擇經理人帶來了諸多隱患。
As an enterprise, due to the imperfect manager market, it is impossible to directly use market methods to objectively evaluate the management ability of managers when hiring them, which also brings many hidden dangers for enterprises to choose managers.
02
02
資本市場風險
Capital market risk
雖然上市公司與非上市公司在實施股權激勵時存在的風險隱患不同，但同樣存在巨大的資本市場風險。上市公司——主要是資本市場的系統性風險（如公司股價的漲跌波動）與非系統性風險（如政策因素）；非上市公司——主要是資本市場對公司估值變化帶來的風險。
Although listed companies and non listed companies have different risks and hidden dangers when implementing equity incentives, there are also significant capital market risks. Listed companies - mainly the Systematic risk of the capital market (such as the fluctuation of the company's share price) and non Systematic risk (such as policy factors); Non listed companies - mainly the risks brought by changes in company valuation in the capital market.
上市公司的資本市場風險
Capital Market Risks of Listed Companies
在股權激勵實施的過程中，要求對整個公司的業績必須有一個客觀的評價，這一任務通常由資本市場來完成。然而，目前資本市場還處于發展和摸索階段，并不成熟，尤其是對資本市場資金力量的操縱及政策上的過多干預，使得社會審計體系無法保證在客觀、公正的情況下正常運行，效率極低。一家上市公司很難通過股價來確定其長期價值，這也在不同程度上注定了，股權激勵的受益人——經理人往往要承受較大的潛在的市場風險。
In the process of implementing equity incentives, it is required to have an objective evaluation of the performance of the entire company, which is usually completed by the capital market. However, at present, the Chinese capital market is still in the stage of development and exploration, and is not mature. Especially, the manipulation of capital market funds and excessive policy intervention make it impossible for the social audit system to operate normally under objective and fair conditions, resulting in extremely low efficiency. It is difficult for a listed company to determine its long-term value through its stock price, which to varying degrees determines that the beneficiaries of equity incentives - managers - often have to bear significant potential market risks.
非上市公司的資本市場風險
Capital Market Risks of Non Listed Companies
非上市公司同樣存在著資本市場風險。比如一家民營企業，首次融資時公司的估值不大，但融資后公司通過努力在行業中占據了一定的地位，此時再融資必然會使得估值大幅提升。若這時公司進行股權激勵的話，股票價格就會發生變化。尤其是互聯網公司，或許一年后公司會在競爭中落后，甚至倒閉，這就導致股權激勵成為看得見、摸不著的“海市蜃樓”。
Non listed companies also face capital market risks. For example, for a private enterprise, the valuation of the company during the initial financing is not significant, but after the financing, the company has made efforts to occupy a certain position in the industry. At this time, refinancing will inevitably lead to a significant increase in valuation. If the company conducts equity incentives at this time, the stock price will change. Internet companies, in particular, may fall behind in the competition or even go bankrupt a year later, which will lead to equity incentive becoming a visible and intangible "Mirage".
03
03
法律風險
Legal risks
當前，上市公司實施股權激勵計劃所遵循的現行法律法規和規章制度中，存在著不少相互矛盾或不一致的規定，具體體現在三個方面。
Currently, there are many contradictory or inconsistent provisions in the current laws, regulations, and rules followed by listed companies in implementing equity incentive plans, which are reflected in three aspects.
1、《公司法》與《上市公司股權激勵管理辦法》的相關規定不一致；
1. The relevant provisions of the Company Law and the Management Measures for Equity Incentives of Listed Companies are inconsistent;
2、《股票上市規則》與《公司法》對激勵股票禁售期的規定不一致；
2. The provisions of the Stock Listing Rules and the Company Law on the incentive stock lockdown period are inconsistent;
3、《公司法》與《企業會計準則第11號——股份支付》等對關于股權激勵代價的會計處理規定不一致。
3. The accounting treatment provisions for equity incentive costs are inconsistent between the Company Law and Accounting Standards for Enterprises No. 11- Share-based Payments.
That's all for explaining the three types of risks related to equity incentives. We hope to provide you with good help. For more information, please visit our website http://www.aibangwang.cn consulting service
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