確定激勵價格和數量是激勵機制設計中的關鍵環節之一，直接影響到激勵效果的好壞。對于企業家來說，合理地制定激勵價格和數量，可以更好地激發員工的積極性和創造性，提高企業的競爭力。以下將從確定激勵價格和數量的方法以及需考慮的因素展開，供企業家參考。

　　Determining the incentive price and quantity is one of the key links in the design of incentive mechanisms, which directly affects the effectiveness of incentives. For entrepreneurs, setting reasonable incentive prices and quantities can better stimulate employees' enthusiasm and creativity, and improve the competitiveness of the enterprise. The following will elaborate on methods for determining incentive prices and quantities, as well as factors to consider, for entrepreneurs' reference.

　　一、激勵價格激勵價格即激勵對象獲得每一激勵份額所支付的對價。對于公眾公司而言，其股價公開透明，激勵價格也受到相關法規的約束，例如《上市公司股權激勵管理辦法（2018修正）》規定上市公司在授予激勵對象限制性股票時，其授予價格不得低于股票票面金額，且原則上不得低于下列價格較高者：①股權激勵計劃草案公布前1 個交易日的公司股票交易均價的50%；②股權激勵計劃草案公布前20個交易日、60個交易日或120個交易日的公司股票交易均價之一的50%；上市公司在授予激勵對象股票期權時，其行權價格不得低于股票票面金額，且原則上不得低于下列價格較高者：①股權激勵計劃草案公布前1 個交易日的公司股票交易均價；②股權激勵計劃草案公布前20 個交易日、60 個交易日或者120 個交易日的公司股票交易均價之一。又如《非上市公眾公司監管指引第6號——股權激勵和員工持股計劃的監管要求（試行）》規定掛牌公司實施股權激勵計劃的，限制性股票的授予價格原則上不得低于有效的市場參考價的50%；股票期權的行權價格原則上不得低于有效的市場參考價。

　　1、 Incentive price refers to the consideration paid by the incentive object for obtaining each incentive share. For public companies, their stock prices are open and transparent, and incentive prices are also subject to relevant regulations. For example, the "Management Measures for Equity Incentives of Listed Companies (2018 Amendment)" stipulate that when a listed company grants restricted stocks to incentive recipients, the grant price shall not be lower than the face value of the stock, and in principle shall not be lower than the higher of the following prices: ① 50% of the average trading price of the company's stock on the trading day before the announcement of the draft equity incentive plan; ② 50% of the average trading price of the company's stock for the 20 trading days, 60 trading days, or 120 trading days prior to the announcement of the draft equity incentive plan; When a listed company grants stock options to incentive recipients, the exercise price shall not be lower than the face value of the stock, and in principle shall not be lower than the higher of the following prices: ① the average trading price of the company's stock on the trading day before the announcement of the draft equity incentive plan; ② One of the average trading prices of the company's stocks for the 20 trading days, 60 trading days, or 120 trading days prior to the announcement of the draft equity incentive plan. For example, the "Regulatory Guidelines for Non listed Public Companies No. 6- Regulatory Requirements for Equity Incentives and Employee Stock Ownership Plans (Trial)" stipulate that for listed companies implementing equity incentive plans, the grant price of restricted stocks shall not be lower than 50% of the effective market reference price in principle; The exercise price of stock options shall generally not be lower than the effective market reference price.

　　而非公眾公司由于不受這些規定限制，其股權激勵價格由公司自行決定，定價方式更加靈活，通常有以下四種方式：

　　As non-public companies are not subject to these regulations, their equity incentive prices are determined by the company itself, and the pricing method is more flexible, usually in the following four ways:

　　1.? 零對價指激勵對象以無償或極低的對價（如總價1元的象征性價格）獲得激勵股權。實務中，零對價的股權激勵往往會在公司實際控制人以自有股權向創始團隊或關鍵高層管理人員授予股權時出現，這些激勵對象通常已經對公司投入了大量的初始資本，包括但不限于時間、精力和資金，他們的個人利益與公司的未來發展已緊密相連，通過該等極具吸引力的價格，獎勵和留住對公司有重要貢獻的核心人物。

　　1. Zero consideration refers to the incentive object obtaining incentive equity for free or at a very low consideration (such as a symbolic price of 1 yuan). In practice, zero consideration equity incentives often appear when the actual controller of a company grants equity to the founding team or key senior management personnel with their own equity. These incentive objects have usually invested a large amount of initial capital in the company, including but not limited to time, energy, and funds, and their personal interests are closely linked to the future development of the company. Through such attractive prices, core figures who have made important contributions to the company are rewarded and retained.

　　2.? 根據注冊資本定價指激勵對象以1元/注冊資本或1元/股的對價獲得激勵股權。這種定價方式在初創企業中較為常見，尤其是公司還未產生收入的情況下，激勵對象以有限的激勵成本取得激勵股權，一定程度上激發他們對公司貢獻的積極性。但這一定價往往沒有反映出公司成立后經營狀況的潛在變化，可能會導致激勵對象對公司價值的誤判。

　　2. Pricing based on registered capital refers to the incentive object obtaining incentive equity at a consideration of 1 yuan/registered capital or 1 yuan/share. This pricing method is quite common in startups, especially when the company has not yet generated revenue. The incentive recipients obtain incentive equity with limited incentive costs, which to some extent stimulates their enthusiasm to contribute to the company. However, this fixed price often does not reflect the potential changes in the company's operating conditions after its establishment, which may lead to misjudgment of the company's value by incentive recipients.

　　3.? 根據凈資產定價指激勵對象以公司每一激勵份額對應的凈資產為基礎，適當上浮或下浮確定的對價獲得激勵股權。這種定價方式常見于具有一定規模的公司，能夠直觀的反映公司激勵股權的賬面價值，但局限性在于未能反映因公司發展預期而產生的未來價值。

　　3. According to net asset pricing, the incentive object obtains incentive equity based on the net assets corresponding to each incentive share of the company, and the consideration is appropriately adjusted upwards or downwards. This pricing method is common in companies with a certain scale, which can intuitively reflect the book value of the company's incentive equity, but its limitation is that it fails to reflect the future value generated by the company's development expectations.

　　4.? 根據同期公允價值定價指激勵對象以公司最近引入的外部投資人的增資價格為基礎，適當下浮確定的對價獲得激勵股權。采用這種定價方式，可以確保激勵對象對公司股權的價值有一個清晰的認識，從而更好地體會到股權激勵的實際價值。然而，這種方法的缺點在于，激勵價格往往較高，可能會給激勵對象帶來較大的經濟壓力，影響激勵對象認購積極性。

　　4. Pricing based on fair value during the same period refers to the incentive object obtaining incentive equity based on the recently introduced external investors' capital increase price of the company, and appropriately lowering the determined consideration. By adopting this pricing method, it can ensure that the incentive recipients have a clear understanding of the value of the company's equity, thereby better experiencing the actual value of equity incentives. However, the disadvantage of this method is that the incentive price is often high, which may bring significant economic pressure to the incentive recipients and affect their subscription enthusiasm.

　　二、激勵數量激勵數量指激勵對象獲授的激勵股權數量，包括總量和個量。公眾公司受《上市公司股權激勵管理辦法（2018修正）》以及各板塊上市規則、新三板掛牌規則規定限制，滬深主板、科創板/創業板和北交所/新三板的上市/掛牌公司全部在有效期內的股權激勵計劃所涉及的標的股票總數分別累計不得超過該公司股本總額的10%、20%、30%；且非經股東大會特別批準，任何一名激勵對象累計獲得股票不得超過該公司股本總額的1%。而對于非公眾公司而言，現行《公司法》和新《公司法》均未對股權激勵的數量作出限制。

　　2、 The incentive quantity refers to the number of incentive equity granted to the incentive object, including the total amount and individual amount. Public companies are subject to the "Management Measures for Equity Incentives of Listed Companies (2018 Amendment)" and the listing rules of various sectors, as well as the listing rules of the New Third Board. The total number of target stocks involved in the equity incentive plans of all listed/listed companies on the Shanghai and Shenzhen Main Board, Science and Technology Innovation Board/Growth Enterprise Board, and Beijing Stock Exchange/New Third Board during the validity period shall not exceed 10%, 20%, and 30% of the total share capital of the company, respectively; And without special approval from the shareholders' meeting, any incentive recipient shall not accumulate more than 1% of the total share capital of the company. For non-public companies, neither the current Company Law nor the new Company Law imposes restrictions on the number of equity incentives.

　　1.? 總量公司在制定股權激勵計劃時，應充分考慮股權結構穩定性，避免觸及股權比例的關鍵節點（詳見前文：什么是創始人必知的六大股權生命線？）。具體而言，公司需要仔細評估和管理歷次股權激勵的規模，每一輪激勵的總量應當根據當時激勵目標及擬激勵人員的情況綜合決定。同時，由于早期股權激勵方案可能會因后續投資者加入導致激勵股份被稀釋，公司應在發展初期就預留一定的空間，以適應未來的融資需求。

　　When formulating equity incentive plans, the total amount company should fully consider the stability of the equity structure and avoid touching on the key nodes of equity ratio (see previous text: What are the six essential equity lifelines that founders must know?). Specifically, the company needs to carefully evaluate and manage the scale of each equity incentive, and the total amount of each round of incentives should be determined comprehensively based on the current incentive goals and the situation of the proposed incentive personnel. Meanwhile, as early equity incentive plans may result in dilution of incentive shares due to subsequent investors joining, the company should reserve a certain amount of space in the early stages of development to meet future financing needs.

　　2.? 個量公司授予每個激勵對象的份額應根據自身的實際情況和激勵對象的人數，制定每個激勵對象授予股份的配比。為達到最大程度激發激勵對象激勵性的目的，公司可以采取動態授予機制，根據時間節點或業績指標分階段發放激勵份額，或通過實施多次激勵計劃，靈活調整激勵力度和時間安排，確保激勵計劃的持續性，避免一次性分配造成的利益固化。

　　2. The proportion of shares granted to each incentive recipient by a company should be determined based on its actual situation and the number of incentive recipients. To achieve the goal of maximizing the motivation of incentive targets, companies can adopt a dynamic grant mechanism, issuing incentive shares in stages based on time nodes or performance indicators, or flexibly adjusting incentive intensity and time arrangements through the implementation of multiple incentive plans to ensure the sustainability of incentive plans and avoid the solidification of benefits caused by one-time distribution.

　　三、注意事項公司在確定股權激勵的價格和數量時，需考慮以下四個因素：

　　3、 When determining the price and quantity of equity incentives, companies need to consider the following four factors:

　　1.? 股份支付公司以低于同期公允市場價格的金額將股權授予給激勵對象時，應當將市場價格和授予價格之間的差額計提管理成本，即確認股份支付。若公司激勵價格較低、激勵數量較大的，對應的股份支付成本也將增加，從而影響公司當期凈利潤。若公司擬進行IPO申報的且因激勵計劃導致在報告期內進行股份支付處理的，對公司申報財務數據將產生影響。

　　When a share based payment company grants equity to incentive recipients at a price lower than the fair market price of the same period, the difference between the market price and the grant price should be recognized as management costs, that is, share based payments. If the company's incentive price is low and the incentive quantity is large, the corresponding share based payment cost will also increase, thereby affecting the company's current net profit. If the company intends to apply for an IPO and the incentive plan results in the processing of share based payments during the reporting period, it will have an impact on the financial data of the company's application.

　　2.? 激勵對象經濟成本包括激勵對象支付的激勵對價以及由此產生的稅負成本，且低于公司凈資產或同期公允價值進行股權轉讓的，存在被主管稅務機關進行納稅調整的風險。公司應當考慮擬激勵對象的期望、需求和普遍資金實力，設定合理的激勵價格和激勵數量，或制定分期付款等支付方案。

　　2. If the economic cost of the incentive object includes the incentive consideration paid by the incentive object and the resulting tax burden cost, and the equity transfer is lower than the company's net assets or fair value during the same period, there is a risk of tax adjustment by the competent tax authority. The company should consider the expectations, needs, and general financial strength of the intended incentive recipients, set reasonable incentive prices and quantities, or develop payment plans such as installment payments.

　　3.? 股權結構公司應考慮股權的集中度、創始股東的持股比例以及企業規模，結合激勵對象的崗位、人數和激勵目標來確定激勵的價格和數量，以確保激勵計劃的有效性和股權結構的穩定性。此外，還需兼顧原股東的利益，確保激勵方案的公平性和合理性，防止股權過度稀釋。

　　3. Equity structure: Companies should consider the concentration of equity, the shareholding ratio of founding shareholders, and the size of the enterprise, and determine the price and quantity of incentives based on the positions, number of people, and incentive goals of the incentive targets to ensure the effectiveness of the incentive plan and the stability of the equity structure. In addition, it is necessary to take into account the interests of the original shareholders, ensure the fairness and rationality of the incentive plan, and prevent excessive dilution of equity.

　　4.? 激勵持續性通常而言，同次激勵方案中的激勵價格應保持一致，即“同股同價”；在公司不虧損的前提下，后期的激勵價格應高于早期的激勵價格，以鼓勵激勵對象長期的業績提升。此外，公司應根據不同激勵對象的特點和目標，制定出具有持續性的激勵方案；通過少量多次、針對性強的激勵方案，可以更好地維持員工的積極性和忠誠度。

　　4. Generally speaking, the incentive prices in the same incentive plan should remain consistent, that is, "same stock, same price"; On the premise that the company does not incur losses, the incentive price in the later stage should be higher than that in the early stage to encourage long-term performance improvement of the incentive targets. In addition, companies should develop sustainable incentive plans based on the characteristics and goals of different incentive targets; By implementing a small number of targeted incentive plans, employees' motivation and loyalty can be better maintained.

　　總結

　　summary

　　合理控制激勵股權的價格和數量，是股權激勵成功的關鍵。企業在實施股權激勵時，應充分考慮公司、激勵對象和其他股東的需求，制定具有發展性和持續性的激勵計劃。

　　Reasonably controlling the price and quantity of incentive equity is the key to the success of equity incentives. When implementing equity incentives, enterprises should fully consider the needs of the company, incentive recipients, and other shareholders, and develop incentive plans that are both developmental and sustainable.

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