激勵(lì)對(duì)象參與股權(quán)激勵(lì)的本質(zhì)亦是一種投資行為，基于投資風(fēng)險(xiǎn)，激勵(lì)對(duì)象應(yīng)當(dāng)結(jié)合自身的財(cái)務(wù)狀況和風(fēng)險(xiǎn)承受能力劃定安全邊界，審慎確認(rèn)最終認(rèn)購(gòu)的激勵(lì)股權(quán)數(shù)量，并按照激勵(lì)文件的約定向指定主體按時(shí)、足額支付股權(quán)激勵(lì)認(rèn)購(gòu)價(jià)款。實(shí)務(wù)中，激勵(lì)對(duì)象參與股權(quán)激勵(lì)的資金來源有哪些？存在資金壓力的激勵(lì)對(duì)象可以向公司或?qū)嶋H控制人借款嗎？針對(duì)上述問題，我們結(jié)合實(shí)務(wù)經(jīng)驗(yàn)總結(jié)了如下操作指引。

　　The essence of incentive objects participating in equity incentives is also an investment behavior. Based on investment risks, incentive objects should set a safety boundary based on their own financial situation and risk tolerance, carefully confirm the final number of incentive equity subscribed, and pay the equity incentive subscription price to the designated entity on time and in full according to the provisions of the incentive documents. In practice, what are the sources of funds for incentive recipients to participate in equity incentives? Can incentive recipients with financial pressure borrow from the company or actual controller? In response to the above issues, we have summarized the following operational guidelines based on practical experience.

　　一、自有資金任何投資均存在風(fēng)險(xiǎn)，激勵(lì)對(duì)象參與股權(quán)激勵(lì)時(shí)更應(yīng)量力而為，其中，可自主支配、無需外部借入的自有資金應(yīng)為激勵(lì)對(duì)象參與股權(quán)激勵(lì)的主要資金來源，這種資金來源可以有效避免因外部借貸給激勵(lì)對(duì)象帶來的還款壓力和潛在債務(wù)風(fēng)險(xiǎn)，無需支付利息等額外資金成本，形式主要包括個(gè)人積累的工資性收入、投資收益等。

　　1、 Any investment with self owned funds carries risks, and incentive recipients should act within their means when participating in equity incentives. Among them, self owned funds that can be independently controlled and do not require external borrowing should be the main source of funds for incentive recipients to participate in equity incentives. This source of funds can effectively avoid repayment pressure and potential debt risks caused by external borrowing to incentive recipients, without the need to pay additional capital costs such as interest. The forms mainly include personal accumulated wage income, investment income, etc.

　　二、銀行貸款部分激勵(lì)對(duì)象為緩解資金壓力，可能會(huì)選擇銀行貸款的方式借錢參與股權(quán)激勵(lì)，實(shí)務(wù)中，不少商業(yè)銀行或金融機(jī)構(gòu)也推出了類似產(chǎn)品，需要特別提示注意的是，盡管相關(guān)法律法規(guī)并不禁止或限制激勵(lì)對(duì)象向銀行等金融機(jī)構(gòu)融資，但激勵(lì)對(duì)象采取該種出資方案時(shí)應(yīng)當(dāng)關(guān)注如下問題：

　　2、 The incentive objects for bank loans may choose to borrow money through bank loans to participate in equity incentives in order to alleviate financial pressure. In practice, many commercial banks or financial institutions have also launched similar products. It should be noted that although relevant laws and regulations do not prevent or restrict incentive objects from financing from banks and other financial institutions, incentive objects should pay attention to the following issues when adopting this investment plan:

　　1. 資金成本通過銀行等金融機(jī)構(gòu)融資必然涉及利息，盡管股權(quán)激勵(lì)可能帶來潛在的收益，比如獲得公司成長(zhǎng)帶來的價(jià)值增長(zhǎng)，通過分紅或轉(zhuǎn)讓取得相對(duì)可觀的收益，但是，股權(quán)激勵(lì)通常著眼于對(duì)員工的長(zhǎng)期激勵(lì)，如果公司仍處于早期階段，每年尚未產(chǎn)生可分配收益或距離上市仍有一定時(shí)間，可能會(huì)導(dǎo)致激勵(lì)對(duì)象短期內(nèi)面臨較大的資金成本和還款壓力。

　　1. The cost of capital financing through financial institutions such as banks inevitably involves interest. Although equity incentives may bring potential benefits, such as gaining value growth from company growth and obtaining relatively considerable returns through dividends or transfers, equity incentives usually focus on long-term incentives for employees. If the company is still in the early stages, has not yet generated distributable income each year, or is still some time away from going public, it may lead to significant capital costs and repayment pressure for incentive recipients in the short term.

　　2. 提前還款風(fēng)險(xiǎn)如選擇信用貸產(chǎn)品的，除了年化借款利率較高、借款周期較短、額度較低之外，還需關(guān)注該類產(chǎn)品對(duì)借款資金使用用途的限制，如明確禁止用于股票等風(fēng)險(xiǎn)投資的，可能面臨違約及被要求提前還款的風(fēng)險(xiǎn)。我們不建議激勵(lì)對(duì)象使用該種方式獲得參與股權(quán)激勵(lì)的資金。

　　2. Early repayment risk: For those who choose credit loan products, in addition to the high annualized loan interest rate, short loan period, and low amount, they also need to pay attention to the restrictions on the use of loan funds in such products. For example, if they are explicitly prohibited from being used for risky investments such as stocks, they may face the risk of default and being required to repay in advance. We do not recommend that incentive recipients use this method to obtain funds for participating in equity incentives.

　　三、第三方借款

　　3、 Third party borrowing

　　1. 公司針對(duì)公眾公司，現(xiàn)行《上市公司股權(quán)激勵(lì)管理辦法》第21條及《非上市公眾公司監(jiān)管指引第6號(hào)——股權(quán)激勵(lì)和員工持股計(jì)劃的監(jiān)管要求（試行）》均明確禁止公司為激勵(lì)對(duì)象依據(jù)股權(quán)激勵(lì)計(jì)劃獲取有關(guān)權(quán)益提供貸款以及其他任何形式的財(cái)務(wù)資助，包括為其貸款提供擔(dān)保。

　　1. Regarding public companies, Article 21 of the current "Management Measures for Equity Incentives of Listed Companies" and "Regulatory Guidelines for Non Listed Public Companies No. 6- Regulatory Requirements for Equity Incentives and Employee Stock Ownership Plans (Trial)" both explicitly prohibit companies from providing loans and any other form of financial assistance, including providing guarantees for loans, to incentivized objects to obtain relevant rights and interests based on equity incentive plans.

　　本次新《公司法》的修訂，刪除了股份公司不得直接或者通過子公司向董事、監(jiān)事、高級(jí)管理人員提供借款的規(guī)定，同時(shí)在第163條明確股份公司實(shí)施員工持股計(jì)劃的，公司可以為其提供財(cái)務(wù)資助，并進(jìn)一步明確：“為公司利益，經(jīng)股東會(huì)決議，或者董事會(huì)按照公司章程或者股東會(huì)的授權(quán)作出決議，公司可以為他人取得本公司或者其母公司的股份提供財(cái)務(wù)資助，但財(cái)務(wù)資助的累計(jì)總額不得超過已發(fā)行股本總額的百分之十。董事會(huì)作出決議應(yīng)當(dāng)經(jīng)全體董事的三分之二以上通過。”有限公司則不受限于該條規(guī)定，仍延續(xù)現(xiàn)行《公司法》的安排，對(duì)公司提供財(cái)務(wù)資助無禁止性規(guī)定。

　　The revision of the new Company Law has removed the provision that joint-stock companies are not allowed to directly or through subsidiaries provide loans to directors, supervisors, and senior management personnel. At the same time, Article 163 clarifies that if a joint-stock company implements an employee stock ownership plan, the company may provide financial assistance to it, and further clarifies: "For the benefit of the company, with the resolution of the shareholders' meeting or the resolution made by the board of directors in accordance with the company's articles of association or the authorization of the shareholders' meeting, the company may provide financial assistance to others to obtain shares of the company or its parent company, but the cumulative total amount of financial assistance shall not exceed 10% of the total issued share capital. The resolution made by the board of directors shall be passed by more than two-thirds of all directors." Limited liability companies are not limited by this provision and continue to be subject to the current situation. The arrangement of the Company Law, There is no prohibition on providing financial assistance to companies.

　　鑒于在公眾公司話語(yǔ)體系下，“員工持股計(jì)劃”與“股權(quán)激勵(lì)”并不完全相同，新《公司法》規(guī)定的“員工持股計(jì)劃”是否包含“股權(quán)激勵(lì)”，有待相關(guān)配套規(guī)定予以進(jìn)一步明確。

　　Given that in the discourse system of public companies, "employee stock ownership plans" and "equity incentives" are not completely the same, whether the "employee stock ownership plans" stipulated in the new Company Law include "equity incentives" needs further clarification from relevant supporting regulations.

　　在相關(guān)事項(xiàng)明確前，我們建議公眾公司仍遵循現(xiàn)有的監(jiān)管規(guī)則，避免由公司向激勵(lì)對(duì)象提供財(cái)務(wù)資助；非公眾公司如有明確上市計(jì)劃的，謹(jǐn)慎操作；非公眾公司中暫無上市計(jì)劃的有限公司，公司可為激勵(lì)對(duì)象提供財(cái)務(wù)資助，但執(zhí)行過程中應(yīng)注意如下事項(xiàng)：

　　Until the relevant matters are clarified, we suggest that public companies still follow existing regulatory rules and avoid providing financial assistance to incentive recipients by the company; Non public companies with clear listing plans should operate with caution; Limited companies that do not have a listing plan among non-public companies may provide financial assistance to incentive recipients, but the following should be noted during the implementation process:

　　（1）履行相應(yīng)決策程序。激勵(lì)對(duì)象如為公司董監(jiān)高或其關(guān)聯(lián)方的，依據(jù)新《公司法》第182條的規(guī)定，其與公司發(fā)生的借款事項(xiàng)屬于關(guān)聯(lián)交易，應(yīng)當(dāng)就該事項(xiàng)向董事會(huì)或者股東會(huì)報(bào)告，并按照公司章程的規(guī)定履行相應(yīng)的董事會(huì)或者股東會(huì)決策程序；

　　(1) Perform the corresponding decision-making procedures. If the incentive targets are the company's directors, supervisors, senior executives or their affiliated parties, according to Article 182 of the new Company Law, the borrowing matters between them and the company belong to related party transactions, and they should report the matter to the board of directors or shareholders' meeting, and follow the corresponding decision-making procedures of the board of directors or shareholders' meeting in accordance with the provisions of the company's articles of association;

　　（2）把握借款比例，不建議全部出資均來源于公司借款；

　　(2) Grasp the loan ratio and do not recommend that all capital comes from company loans;

　　（3）確保交易流水清晰可查。公司提供借款、激勵(lì)對(duì)象對(duì)公司增資建議分別進(jìn)行，避免以抵銷等方式處理為無實(shí)際資金轉(zhuǎn)移過程而被認(rèn)定為虛假出資；

　　(3) Ensure clear and traceable transaction records. The company provides loans and incentive targets to propose capital increase separately, in order to avoid being identified as false capital contributions due to the lack of actual fund transfer process through offsetting and other means;

　　（4）還款計(jì)劃需明確可執(zhí)行，激勵(lì)對(duì)象未償還借款前，取得的激勵(lì)股權(quán)建議鎖定處理，不能依約償還的公司應(yīng)及時(shí)回購(gòu)注銷。

　　(4) The repayment plan should be clear and executable. Before the incentive object repays the loan, it is recommended to lock up the incentive equity obtained. Companies that cannot repay according to the agreement should promptly repurchase and cancel it.

　　2. 股東借款無論是公眾公司還是非公眾公司，現(xiàn)行法律法規(guī)均不禁止股東為激勵(lì)對(duì)象提供借款等財(cái)務(wù)資助事項(xiàng)，法不禁止皆可為，我們理解該種操作具備可行性。需特別提示注意的是，對(duì)于擬上市公司而言，股東尤其是實(shí)際控制人向激勵(lì)對(duì)象提供財(cái)務(wù)資助的，可能會(huì)被監(jiān)管部門質(zhì)疑是否存在股權(quán)代持，需要謹(jǐn)慎為之，確實(shí)無法避免的，執(zhí)行過程中應(yīng)注意如下事項(xiàng)：

　　2. Whether it is a public company or a non-public company, current laws and regulations do not prohibit shareholders from providing financial assistance such as loans to incentive targets. Any action that is not prohibited by law is acceptable, and we understand that this operation is feasible. It should be noted that for companies planning to go public, shareholders, especially actual controllers, who provide financial assistance to incentive targets may be questioned by regulatory authorities about the existence of equity proxy holdings. Caution should be exercised, and if it is indeed unavoidable, the following precautions should be taken during the execution process:

　　（1）雙方應(yīng)簽訂書面《借款協(xié)議》；

　　(1) Both parties shall sign a written Loan Agreement;

　　（2）借款期限的約定不得偏離市場(chǎng)慣例；

　　(2) The agreement on the loan term shall not deviate from market practices;

　　（3）借款利息的約定建議比照銀行同期借款利率，無息或低息借款需有合理解釋；

　　(3) The agreement on loan interest is recommended to be based on the same period loan interest rate as the bank, and there should be a reasonable explanation for interest free or low interest loans;

　　（4）還款計(jì)劃需明確可執(zhí)行，借款及還款流水的憑證應(yīng)清晰可查。

　　(4) The repayment plan should be clear and executable, and the vouchers for the loan and repayment records should be clear and traceable.

　　總結(jié)

　　summary

　　綜上所述，投資有風(fēng)險(xiǎn)，入場(chǎng)需謹(jǐn)慎。激勵(lì)對(duì)象參與股權(quán)激勵(lì)的資金來源主要包括自有資金和自籌資金，在合法合規(guī)的前提下，自籌資金包括但不限于銀行融資、公司及股東提供的財(cái)務(wù)資助，激勵(lì)對(duì)象應(yīng)當(dāng)結(jié)合自身財(cái)務(wù)情況、風(fēng)險(xiǎn)承受能力，審慎確認(rèn)參與股權(quán)激勵(lì)的額度、合理規(guī)劃認(rèn)購(gòu)資金來源。

　　In summary, investment carries risks and entry should be cautious. The main sources of funds for incentive recipients to participate in equity incentives include self owned funds and self raised funds. Under the premise of legality and compliance, self raised funds include but are not limited to bank financing, financial assistance provided by companies and shareholders. Incentive recipients should carefully confirm the amount of participation in equity incentives and reasonably plan the source of subscription funds based on their own financial situation and risk tolerance.

　　本文由 濟(jì)南股權(quán)設(shè)計(jì)  友情奉獻(xiàn).更多有關(guān)的知識(shí)請(qǐng)點(diǎn)擊  http://www.aibangwang.cn/   真誠(chéng)的態(tài)度.為您提供為全面的服務(wù).更多有關(guān)的知識(shí)我們將會(huì)陸續(xù)向大家奉獻(xiàn).敬請(qǐng)期待.

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