非公眾公司在實施股權激勵時，激勵股權來源主要有股權轉讓和增資兩種，不同激勵股權來源對公司股權結構、認購價款流轉路徑和繳稅義務等方面將產生不同影響。以下是這兩種激勵股權來源的對比和分析，供企業家參考。

　　When non-public companies implement equity incentives, the main sources of incentive equity are equity transfer and capital increase. Different sources of incentive equity will have different impacts on the company's equity structure, subscription price circulation path, and tax obligations. The following is a comparison and analysis of these two sources of incentive equity for entrepreneurs' reference.

　　一、股權轉讓指激勵對象通過受讓現有股東持有的公司股權的方式來獲得激勵股權，激勵股權來源通常為實際控制人、創始團隊或其他擬出讓公司股權的公司現有股東。該種方式的交易雙方為現有股東與激勵對象，激勵對象需將激勵股權認購價款直接支付至擬轉讓股權的現有股東，現有股東根據轉讓所得繳納所得稅。若現有股東為自然人的，根據《關于完善股權激勵和技術入股有關所得稅政策的通知》（財稅(2016)101號）的規定，實施股權激勵的公司為個人所得稅扣繳義務人。

　　1、 Equity transfer refers to the incentive object obtaining incentive equity by acquiring the company's equity held by existing shareholders. The source of incentive equity is usually the actual controller, founding team, or other existing shareholders of the company who intend to transfer the company's equity. The parties involved in this transaction are existing shareholders and incentive recipients. The incentive recipients are required to directly pay the subscription price of the incentive equity to the existing shareholders who intend to transfer the equity. The existing shareholders will pay income tax based on the transfer income. If the existing shareholders are natural persons, according to the Notice on Improving the Income Tax Policies Related to Equity Incentives and Technology Investment (Caishui (2016) No. 101), the company implementing equity incentives is the individual income tax withholding agent.

　　對作為激勵股權來源的現有股東而言，他們可以通過取得激勵對象的認購款緩解自己的資金壓力，但激勵股權的轉讓價格通常會低于公司股權同期的公允價格，其主要目的仍在于激勵員工而非助力現有股東變現。對于未出讓股權的其他股東而言，股權轉讓方式的優點是不會稀釋其股權比例，但因低于公司股權同期公允價格實施的股權激勵可能產生的股份支付處理將會對公司當期凈利潤產生一定影響。

　　For existing shareholders who are the source of incentive equity, they can alleviate their financial pressure by obtaining subscription funds from incentive targets. However, the transfer price of incentive equity is usually lower than the fair price of the company's equity during the same period, and its main purpose is still to motivate employees rather than to help existing shareholders realize their assets. For other shareholders who have not yet transferred their equity, the advantage of equity transfer is that it will not dilute their equity ratio. However, the share based payment treatment that may arise from equity incentives implemented below the fair price of the company's equity during the same period will have a certain impact on the company's current net profit.

　　需要提示注意的是，新《公司法》新增當股東轉讓已認繳但未屆出資期限的股權時，若受讓方未按期足額實繳的，由轉讓方承擔補充責任的規定，即若轉讓的激勵股權在轉讓時尚未完全實繳的，作為出讓方的現有股東對激勵對象的實繳義務承擔補充責任。鑒于此，我們建議在激勵計劃和激勵協議中明確激勵對象的實繳義務以及對應的違約責任，包括但不限于出讓方有權回購未履行實繳義務部分的股權；或者根據激勵對象的支付能力和激勵股權定價機制，提前完成股權實繳，具體如，當出讓方不存在出資壓力的，可以先完成實繳后再轉讓給激勵對象；當出讓方存在一定出資壓力的，可以適當調整激勵對價，要求激勵對象先將對價中的實繳出資款支付至公司賬戶，再完成后續轉讓手續。

　　It should be noted that the new Company Law has added a provision that when a shareholder transfers their subscribed but not yet due equity, if the transferee fails to pay in full and on time, the transferor shall bear supplementary responsibility. That is, if the transferred incentive equity is not fully paid in at the time of transfer, the existing shareholders of the transferor shall bear supplementary responsibility for the actual payment obligation of the incentive object. In view of this, we suggest clarifying the actual payment obligations and corresponding breach of contract responsibilities of the incentive objects in the incentive plan and incentive agreement, including but not limited to the transferor's right to repurchase the equity that has not fulfilled the actual payment obligations; Alternatively, based on the payment ability of the incentive object and the incentive equity pricing mechanism, the equity payment can be completed in advance. Specifically, if the transferor does not have capital pressure, the payment can be completed first and then transferred to the incentive object; When the transferor has certain investment pressure, the incentive consideration can be adjusted appropriately, requiring the incentive object to first pay the actual capital contribution in the consideration to the company's account, and then complete the subsequent transfer procedures.

　　二、增資指激勵對象通過認購公司新增注冊資本的方式來獲得激勵股權，該方式的交易雙方為激勵對象和公司，激勵對象需將激勵股權認購價款直接支付至公司，除部分地區稅務局另有規定外，激勵對象一般不涉及繳稅義務。

　　2、 Capital increase refers to the incentive object obtaining incentive equity by subscribing to the newly added registered capital of the company. The two parties involved in this transaction are the incentive object and the company. The incentive object needs to directly pay the subscription price of the incentive equity to the company. Unless otherwise stipulated by some local tax bureaus, the incentive object generally does not have tax obligations.

　　對于公司而言，公司直接取得激勵股權認購價款，可以增加公司資金儲備，有利于公司進行業務拓展。對于公司現有股東而言，通過增資實施股權激勵將導致現有股東股權比例被動稀釋，且低于公司股權同期公允價格實施的股權激勵仍可能產生股份支付從而影響公司當期凈利潤。

　　For companies, obtaining the incentive stock subscription price directly can increase their capital reserves and facilitate business expansion. For existing shareholders of the company, implementing equity incentives through capital increase will result in passive dilution of their equity ratio, and equity incentives implemented at a price lower than the fair price of the company's equity during the same period may still generate share based payments, thereby affecting the company's current net profit.

　　需要提示注意的是，若現有股東中包含投資人的，通常會在投資協議中約定反稀釋條款，即公司不得以低于當期投資人投資/增資于公司時相應的每單位購買價格進行增資擴股，否則公司或控股股東應當對投資人進行股權補償或現金補償，若股權激勵的價格低于前述每單位購買價格的，將會觸發反稀釋條款并引發相關方的補償義務。鑒于此，若公司擬進行股權激勵的，應當在引入投資人的投資協議中明確公司實施股權激勵時不適用反稀釋條款，或在實施股權激勵前取得投資人的書面豁免。

　　It should be noted that if the existing shareholders include investors, anti dilution clauses are usually stipulated in the investment agreement, which means that the company shall not increase capital or expand shares at a price lower than the corresponding purchase price per unit when the current investor invests/increases capital in the company. Otherwise, the company or controlling shareholder should compensate the investor with equity or cash. If the price of equity incentives is lower than the aforementioned purchase price per unit, it will trigger anti dilution clauses and trigger compensation obligations for relevant parties. In view of this, if the company intends to implement equity incentives, it should specify in the investment agreement introducing investors that anti dilution clauses are not applicable when the company implements equity incentives, or obtain written exemptions from investors before implementing equity incentives.

　　此外，若現有股東中包含國有股東的，通過增資方式實施股權激勵稀釋現有股東股權的，還應當根據國有股權管理的相關規定履行相應的國資監管程序。

　　In addition, if there are state-owned shareholders among the existing shareholders and equity incentives are implemented through capital increase to dilute the existing shareholders' equity, corresponding state-owned asset supervision procedures should also be carried out in accordance with relevant regulations on state-owned equity management.

　　三、考慮事項1.?股權結構公司應充分考慮現有的股權結構以及計劃用于激勵的股權份額，無論是通過增資還是股權轉讓的方式，都會在不同程度上引起現有股東持股比例的變化，進而可能導致部分股東持股比例跨越關鍵節點（詳見前文：什么是創始人必知的六大股權生命線？），因此公司需要審慎評估這些變化對股權結構和企業控制權的影響。

　　3、 Consideration 1: Equity Structure: The company should fully consider the existing equity structure and the planned equity shares for incentives. Whether through capital increase or equity transfer, it will cause changes in the existing shareholders' shareholding ratios to varying degrees, which may lead to some shareholders' shareholding ratios crossing key nodes (see previous section: What are the six essential equity lifelines that founders must know?). Therefore, the company needs to carefully evaluate the impact of these changes on the equity structure and corporate control.

　　2.?現有股東權利公司應充分考慮現有股東在不同激勵方案下的權利行使并履行必要程序，例如有限責任公司股東對外轉讓股權時，其他股東在同等條件下享有的優先購買權；公司融資交易中約定反稀釋條款時，投資人享有的補償權；國有股東股權被動稀釋時，公司應當履行的評估程序。公司應當提前與現有股東進行充分溝通，就上述權利的豁免或調整達成一致，就必要程序進行前置溝通，避免在激勵方案實施過程中出現障礙或糾紛。

　　2. The existing shareholder rights company should fully consider the exercise of the rights of existing shareholders under different incentive schemes and perform necessary procedures, such as the preemptive right enjoyed by other shareholders under the same conditions when shareholders of a limited liability company transfer their equity to others; The compensation right enjoyed by investors when anti dilution clauses are agreed upon in company financing transactions; The evaluation procedures that the company should follow when state-owned shareholders' equity is passively diluted. The company should communicate fully with existing shareholders in advance to reach an agreement on the exemption or adjustment of the above-mentioned rights, and conduct pre communication on necessary procedures to avoid obstacles or disputes in the implementation of incentive plans.

　　3.?資金流向公司應綜合考慮未來發展需求、現有股東的資金狀況和需求，以確定合適的款項流向。在權衡各種因素時，亦需充分考慮內部和外部因素，確保激勵方案既公平合理，又能夠有效推動公司目標的實現。

　　3. The company should comprehensively consider future development needs, the financial situation and needs of existing shareholders, in order to determine the appropriate flow of funds. When weighing various factors, it is also necessary to fully consider internal and external factors to ensure that incentive plans are both fair and reasonable, and can effectively promote the achievement of company goals.

　　4.?稅務影響公司應考慮股權激勵的稅務成本因素，例如在股權轉讓方案下出讓方需就轉讓所得履行相應的繳稅義務，低于公司凈資產或同期公允價值進行股權轉讓的，仍存在被主管稅務機關進行納稅調整的風險，相比之下增資模式通常不涉及激勵對象的即時繳稅義務。

　　4. Tax impact: Companies should consider the tax cost factors of equity incentives. For example, under the equity transfer plan, the transferor needs to fulfill corresponding tax obligations on the transfer income. If the equity transfer is lower than the company's net assets or fair value during the same period, there is still a risk of being subject to tax adjustments by the competent tax authorities. In contrast, the capital increase model usually does not involve immediate tax obligations for the incentive object.

　　總結綜上，非公眾公司在設計股權激勵計劃時，應綜合自身的具體狀況、戰略目標，以及此次激勵的目標和擬激勵對象的需求，全面考慮股權結構、現有股東權益、資金流動性和稅務影響等多方面的因素，選擇股權轉讓、增資或二者結合的激勵方案，使得股權激勵能夠真正發揮激勵作用，推動企業的發展。

　　In summary, non-public companies should consider their specific situation, strategic goals, as well as the goals of the incentive and the needs of the intended incentive recipients when designing equity incentive plans. They should comprehensively consider various factors such as equity structure, existing shareholder equity, liquidity of funds, and tax impact, and choose incentive plans that involve equity transfer, capital increase, or a combination of both, so that equity incentives can truly play an incentive role and promote the development of the enterprise.

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