無論公司處于何種階段，人才始終是推動公司發展的核心因素。股權激勵作為一種有效的留才和激勵機制，正被越來越多的公司所采納。那么，公司究竟在何時實施股權激勵更為恰當？所處不同階段的公司又應當如何選擇適宜的股權激勵模式？以下是一些結合實務經驗的總結，供企業家參考。

　　No matter what stage a company is in, talent is always the core factor driving its development. Equity incentives, as an effective talent retention and incentive mechanism, are being adopted by more and more companies. So, when is it more appropriate for a company to implement equity incentives? How should companies at different stages choose appropriate equity incentive models? Here are some summaries based on practical experience for entrepreneurs to refer to.

　　一、常見的股權激勵模式

　　1、 Common equity incentive models

　　目前，境內公司使用比較廣泛并且具有代表性的股權激勵模式主要分為兩大類：權益結算類（即實股激勵）、現金結算類（即虛股激勵）。

　　At present, the equity incentive models widely used and representative by domestic companies are mainly divided into two categories: equity settlement (i.e. real stock incentives) and cash settlement (i.e. virtual stock incentives).

　　（一）權益結算類

　?。?） Equity settlement category

　　常見模式如股票期權、限制性股票、業績股票，該類模式的主要優點是能夠讓激勵對象獲得實際的股權，從而增強他們的歸屬感并激發其積極參與公司事務的意愿。此外，該類激勵模式通常不需要公司支付大量現金，相反卻能夠帶來現金流入，以緩解公司或相關股東的資金壓力。然而，這類激勵模式的主要缺點是會引起公司股本結構的變動，不僅涉及相對繁瑣的工商變更程序，還導致原有股東持股比例的稀釋。

　　Common models such as stock options, restricted stocks, and performance stocks have the main advantage of allowing incentive recipients to obtain actual equity, thereby enhancing their sense of belonging and stimulating their willingness to actively participate in company affairs. In addition, this type of incentive model usually does not require the company to pay a large amount of cash, but can instead bring in cash inflows to alleviate the financial pressure on the company or related shareholders. However, the main disadvantage of this type of incentive model is that it can cause changes in the company's share capital structure, which not only involves relatively cumbersome procedures for industrial and commercial changes, but also leads to dilution of the original shareholder shareholding ratio.

　　1. 股票期權（含股權期權，下同）

　　1. Stock options (including equity options, the same below)

　　指公司授予激勵對象在未來一定期限內以預先確定的價格和條件，購買公司一定數量股票的權利。在行權條件達成后，激勵對象有權行使這種權利，也可以放棄這種權利。股票期權通常不得用于轉讓、質押或者償還債務。股票期權的最終價值體現在行權時的價差上，該等權利的執行即為一種激勵，是否起到完全的激勵效果，則取決于相關持有者是否通過努力從而提升了公司股票價格，因為如果公司股票的未來市場價格低于行權價，則股票期權將毫無價值。

　　The company grants incentive recipients the right to purchase a certain number of shares of the company at a predetermined price and conditions within a certain period of time in the future. After the exercise conditions are met, the incentive object has the right to exercise this right or may waive this right. Stock options are usually not allowed to be transferred, pledged, or used to repay debts. The ultimate value of stock options is reflected in the price difference at the time of exercise, and the exercise of such rights is a form of incentive. Whether it has a complete incentive effect depends on whether the relevant holders have worked hard to increase the company's stock price, because if the future market price of the company's stock is lower than the exercise price, the stock option will be worthless.

　　2.限制性股票（含限制性股權，下同）

　　2. Restricted stocks (including restricted equity, the same below)

　　指公司為了實現某一特定目標，無償將一定數量的股票贈予或者以較低的價格授予激勵對象，在公司和/或激勵對象實現預定目標后，激勵對象方才有權獲得限制性股票的完全支配權，即“股票解鎖”。如果公司和/或激勵對象未能實現預定目標，或發生激勵對象在股票解鎖前離開公司等情形的，相應限制性股票將被回購。授予激勵對象限制性股票，需要在股權激勵計劃中規定激勵對象獲授股票的條件、禁售期限、解鎖安排及解鎖條件等事項。激勵對象在獲得限制性股票后即成為公司股東，享有相應的股東權利，但在限制性股票解鎖前，激勵對象無權通過任何方式支配或處置該等限制性股票。

　　Refers to a company giving a certain number of stocks to incentive recipients free of charge or at a lower price in order to achieve a specific goal. After the company and/or incentive recipients achieve the predetermined goal, the incentive recipients have the right to obtain full control of restricted stocks, that is, "stock unlocking". If the company and/or incentive recipients fail to achieve the predetermined goals, or if the incentive recipients leave the company before the stock is unlocked, the corresponding restricted stocks will be repurchased. Granting restricted stocks to incentive recipients requires specifying in the equity incentive plan the conditions, lock up period, unlocking arrangements, and unlocking conditions for the incentive recipients to receive the stocks. The incentive object becomes a shareholder of the company and enjoys corresponding shareholder rights after obtaining restricted stocks, but before the unlocking of restricted stocks, the incentive object has no right to dispose of or control such restricted stocks in any way.

　　3.業績股票

　　3. Performance stocks

　　指公司預先確定一個合理的業績目標和一個科學的績效評估體系，如果激勵對象經過努力后實現了該目標，則公司授予其一定數量的股票或提取一定比例的獎勵基金購買股票后授予該激勵對象。如果激勵對象業績目標未實現，或發生非正常離職等情況時，其未兌現部分的業績股票將予以取消。業績股票與限制性股票的主要區別在于，前者只有在完成公司確定的業績目標之后，公司才會授予一定數量的股票；而后者是公司事先無償將一定數量的股票贈予或者以較低的價格授予激勵對象，只有實現預定目標，激勵對象才可將限制性股票拋售或轉讓并從中獲利。

　　Refers to the company's predetermined reasonable performance goals and a scientific performance evaluation system. If the incentive object achieves the goals through hard work, the company grants them a certain number of stocks or extracts a certain proportion of incentive funds to purchase stocks and then grants the incentive object. If the performance target of the incentive object is not achieved or abnormal resignation occurs, the outstanding performance stocks will be cancelled. The main difference between performance stocks and restricted stocks is that the former only grants a certain number of stocks to the company after achieving the performance goals set by the company; The latter is when the company gives a certain number of stocks as gifts or grants them to incentive recipients at a lower price in advance, and only when the predetermined goals are achieved can the incentive recipients sell or transfer restricted stocks and profit from them.

　　（二）現金結算類

　?。?） Cash settlement category

　　常用模式如股票增值權、股票分紅權，該類模式的主要優點在于不影響公司現有的股本結構，缺點是公司需要大量現金進行支付。因該類激勵模式可實現經濟性收益與股東權益類權利的分離，不受實體股東人數限制，常見于激勵對象眾多的“獨角獸”企業。

　　Common models such as stock appreciation rights and stock dividend rights have the main advantage of not affecting the company's existing share capital structure, but the disadvantage is that the company requires a large amount of cash for payment. This type of incentive model can achieve the separation of economic benefits and shareholder equity rights, without being limited by the number of physical shareholders, and is commonly used in "unicorn" enterprises with a large number of incentive targets.

　　1. 股票增值權

　　1. Stock appreciation rights

　　指公司授予激勵對象在未來一定時期和約定條件下，獲得規定數量的股票價格（價值）上升所帶來收益的權利。被授權人在約定條件下行權，公司按照行權日與授權日二級市場股票的差價（或事先約定的方式確定的公司股票價格/價值的差價）乘以授權股票數量，發放給被授權人現金。擁有股票增值權的激勵對象并不擁有現實股票的所有權（即不擁有該等股票對應的表決權，股票增值權通常也不能用于轉讓、質押或者償還債務等）。股票增值權的行權期設定一般較長，有助于約束激勵對象短期行為，激勵對象獲得的收益由公司用現金支付，其實質是獎金的延期支付。

　　Refers to the right granted by a company to incentive recipients to receive a specified amount of stock price (value) increase in the future under agreed conditions. The authorized person exercises the right under the agreed conditions, and the company distributes cash to the authorized person based on the price difference between the exercise date and the secondary market stock on the authorization date (or the price/value difference of the company's stock determined in advance) multiplied by the number of authorized stocks. The incentive object with stock appreciation rights does not own the actual ownership of the stock (i.e. does not have the corresponding voting rights for the stock, and stock appreciation rights cannot usually be used for transfer, pledge, or debt repayment). The exercise period of stock appreciation rights is generally set to be relatively long, which helps to constrain the short-term behavior of incentive objects. The income obtained by incentive objects is paid by the company in cash, which is essentially a deferred payment of bonuses.

　　2. 股票收益權

　　2. Stock return rights

　　指公司授予激勵對象在未來一定時期和約定條件下，獲得規定數量的股票對應的分紅權，該種模式能夠讓激勵對象清晰地看到自己參與的激勵計劃在財務上的影響。與股票增值權類似，擁有股票收益權的激勵對象并不擁有現實股票的所有權，其實質仍是獎金的延期支付。

　　Refers to the company granting incentive recipients the right to receive dividends corresponding to a specified number of stocks in a certain period of time and under agreed conditions in the future. This model allows incentive recipients to clearly see the financial impact of their participation in incentive plans. Similar to stock appreciation rights, incentive recipients with stock return rights do not own actual stocks, and their essence is still deferred payment of bonuses.

　　二、公司所處的發展階段

　　2、 The development stage of the company

　　不同發展階段的公司所面臨的挑戰和機遇不同，對員工的貢獻度和希望通過股權激勵實現的目標也會有所差異。因此，在合適的發展階段選擇與之匹配的股權激勵模式便尤為重要。

　　Companies at different stages of development face different challenges and opportunities, and their contribution to employees and the goals they hope to achieve through equity incentives may also vary. Therefore, it is particularly important to choose a matching equity incentive model at the appropriate stage of development.

　?。ㄒ唬┏鮿撈?/p>

　　（1） Start up period

　　創業初期公司規模較小，人才競爭壓力也相對較小，但擁有較大的發展潛力。此時實施股權激勵能夠有效吸引和留住合伙人級別的關鍵人才，共同承擔創業風險。在該階段，由于公司現金流普遍緊張，應當避免現金結算類的激勵工具，優先選擇權益結算類工具中的限制性股票或股票期權模式，以激發關鍵人才積極參與并推動公司成長的主觀能動性，同時還可以給公司發展帶來一定的資金流入，緩解創業初期的資金壓力。

　　In the early stages of entrepreneurship, the company has a small scale and relatively low competition pressure for talent, but it has great potential for development. At this time, implementing equity incentives can effectively attract and retain key talents at the partner level, and jointly bear entrepreneurial risks. At this stage, due to the generally tight cash flow of the company, incentive tools such as cash settlement should be avoided, and restricted stocks or stock option models in equity settlement tools should be preferred to stimulate the subjective initiative of key talents to actively participate and promote the growth of the company. At the same time, it can also bring certain capital inflows to the company's development and alleviate the financial pressure in the early stages of entrepreneurship.

　?。ǘ┏砷L期

　?。?） Growth period

　　隨著公司業務逐步擴張，市場競爭愈發激烈，人才成為關鍵發展要素之一。此時公司更希望通過股權激勵保持核心團隊的穩定性，提升員工積極性，激勵員工為公司快速增長作出貢獻，以增強公司整體競爭力。與初創階段相比，公司在成長期的的資金壓力雖有好轉，但現金流仍應主要用于業務擴展和搶占市場份額中，因此，在該階段，我們建議公司針對不同層級員工的需求，設定差異化的激勵模式，例如對核心高管、核心技術人員，可以釋放一定股權，采用權益結算類工具中的業績股票或限制性股票為佳；對中層干部，采用現金結算類工具中的股票分紅權或直接發放績效獎金為佳。

　　As the company's business gradually expands and market competition becomes increasingly fierce, talent has become one of the key development factors. At this time, the company hopes to maintain the stability of the core team through equity incentives, enhance employee motivation, motivate employees to contribute to the rapid growth of the company, and enhance the overall competitiveness of the company. Compared with the start-up stage, although the financial pressure of the company has improved during the growth stage, cash flow should still be mainly used for business expansion and market share capture. Therefore, in this stage, we recommend that the company set differentiated incentive models based on the needs of employees at different levels. For example, for core executives and core technical personnel, a certain amount of equity can be released, and performance stocks or restricted stocks in equity settlement tools are preferred; For middle-level cadres, it is better to use cash settlement tools such as stock dividend rights or directly distribute performance bonuses.

　?。ㄈ┏墒炱?/p>

　?。?） Mature period

　　公司發展到成熟期，已經擁有較大經營規模和一定行業地位，市場份額相對穩定，盈利能力強，現金流充裕。在此階段，股權激勵的主要功能應是維持企業活力，預防人才流失，助力公司可持續發展。因此，如公司暫時沒有登陸境內資本市場計劃的，我們建議優先選擇現金結算類工具，此模式即可以通過現金對員工進行大規模激勵，又能避免公司股權結構的變化；如公司存在明確的境內IPO計劃的，我們則推薦使用權益結算類工具中的限制性股票，以防止因采用虛擬股激勵等現金結算類工具而造成的公司股權結構不清晰，給公司上市造成實質法律障礙。

　　The company has reached a mature stage of development, with a large operating scale and a certain industry position, relatively stable market share, strong profitability, and abundant cash flow. At this stage, the main function of equity incentives should be to maintain the vitality of the enterprise, prevent talent loss, and support the sustainable development of the company. Therefore, if the company does not currently have plans to enter the domestic capital market, we recommend prioritizing cash settlement tools. This model can provide large-scale incentives to employees through cash while avoiding changes in the company's equity structure; If the company has a clear domestic IPO plan, we recommend using restricted stocks in equity settlement tools to prevent unclear equity structure caused by the use of virtual stock incentives and other cash settlement tools, which may create substantive legal barriers to the company's listing.

　　（四）瓶頸期

　?。?） Bottleneck period

　　在公司經過高成長期及成熟期后，尤其是處于產業調整階段的瓶頸期時，實股激勵已不具有吸引力，公司應當優先通過現金激勵的方式，激發員工為公司的創新和轉型提供支持，幫助公司突破發展瓶頸。

　　After the company has gone through a period of high growth and maturity, especially during the bottleneck period of industrial adjustment, real stock incentives are no longer attractive. The company should prioritize cash incentives to stimulate employees to provide support for the company's innovation and transformation, and help the company break through development bottlenecks.

　　三、需要考慮的其他因素

　　3、 Other factors to consider

　?。ㄒ唬┯麪顩r

　?。?） Profit situation

　　公司在不同的盈利狀況和盈利預期下，需要審慎考慮是否實施股權激勵以及選擇何種股權激勵方案。若公司擁有充足的現金流和資本積累，可以為股權激勵提供財務支持，通過選擇多種股權激勵模式實現利益最大化；當公司盈利穩定但面臨增長放緩的挑戰時，實施股權激勵可以成為激發員工潛能、推動創新和轉型的有效手段，選擇那些能夠激勵員工積極尋求改進和創新模式的股權激勵方案；若盈利狀況不佳或對預期盈利持悲觀態度時，實施股權激勵需要更加謹慎。

　　Companies need to carefully consider whether to implement equity incentives and which equity incentive plan to choose under different profit conditions and profit expectations. If the company has sufficient cash flow and capital accumulation, it can provide financial support for equity incentives and achieve maximum benefits by choosing multiple equity incentive models; When a company has stable profits but faces the challenge of slowing growth, implementing equity incentives can be an effective means to stimulate employee potential, promote innovation and transformation. Choose equity incentive plans that can motivate employees to actively seek improvement and innovation models; If the profit situation is poor or there is a pessimistic attitude towards expected profits, implementing equity incentives needs to be more cautious.

　?。ǘ┓杀O管環境

　?。?） Legal regulatory environment

　　現行法律法規對公眾公司實施的股權激勵已有較為明確的監管規則，滬深北各交易所及全國中小企業股份轉讓系統亦對公眾公司以限制性股票、股票期權、員工持股計劃等方式實行股權激勵的實施條件、程序和操作要點進行了規范。

　　The current laws and regulations have clear regulatory rules for equity incentives implemented by public companies. The stock exchanges in Shanghai, Shenzhen, and North China, as well as the National Equities Exchange and Quotations system for small and medium-sized enterprises, have also standardized the implementation conditions, procedures, and operational points for equity incentives implemented by public companies through restricted stocks, stock options, employee stock ownership plans, and other means.

　　但對于非公眾公司而言，實施股權激勵則缺乏相應具有操作性的指引，主要適用《公司法》、《合伙企業法》等一般規定。實踐中，大量非公眾公司，尤其是科技型、創業型公司，普遍通過借鑒并改造上市公司的股權激勵方式設計適合自身需求的股權激勵方案，從實踐操作來看，常見方式主要為權益結算類中的限制性股票和業績股票兩種。若非公眾公司在股權激勵方案有效期內擬進行新三板掛牌或IPO申報的，應結合相關監管規則設計符合擬上市板塊要求的股權激勵方案。

　　However, for non-public companies, the implementation of equity incentives lacks corresponding operational guidelines, mainly applicable to general provisions such as the Company Law and the Partnership Enterprise Law. In practice, a large number of non-public companies, especially technology and entrepreneurial companies, generally design equity incentive plans that are suitable for their own needs by drawing on and transforming the equity incentive methods of listed companies. From a practical perspective, the common methods mainly include restricted stocks and performance stocks in the equity settlement category. If a non-public company intends to list on the New Third Board or apply for IPO during the validity period of the equity incentive plan, it should design an equity incentive plan that meets the requirements of the proposed listing sector in accordance with relevant regulatory rules.

　　總結

　　summary

　　綜上所述，公司在決定是否實施股權激勵以及選擇何種激勵方案時，需要綜合考慮自身的發展階段、盈利狀況、市場環境、員工結構以及財務能力等多方面因素。在符合法規法規的前提下，選擇合適的激勵時機與方式，有助于實現股權激勵的最佳效果。

　　In summary, when deciding whether to implement equity incentives and what incentive plan to choose, companies need to comprehensively consider various factors such as their own development stage, profitability, market environment, employee structure, and financial ability. On the premise of complying with laws and regulations, choosing appropriate incentive timing and methods can help achieve the best results of equity incentives.

　　本文由  濟南股權激勵  友情奉獻.更多有關的知識請點擊  http://www.aibangwang.cn/   真誠的態度.為您提供為全面的服務.更多有關的知識我們將會陸續向大家奉獻.敬請期待.

　　This article is about Jinan Equity Incentive Friendship Dedication 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.