股权激励方案落地执行
十年股权整理解决方案落地实施

山东企业股权激励的核心问题​

The Core Issues of Equity Incentives for Shandong Enterprises

国有企业：审批繁琐与考核严苛​

State owned enterprises: cumbersome approval and strict assessment

山东国有企业实施股权激励的进程缓慢，2024 年省属国有上市公司中，仅有 36.62% 实施了股权激励方案 。这主要源于审批程序复杂，需历经多部门层层审核，项目落地周期长；业绩考核受政策限制，既要兼顾短期效益，又要考虑国有资产保值等因素，难以设定合理指标。​

The process of implementing equity incentives in state-owned enterprises in Shandong is slow, with only 36.62% of provincial state-owned listed companies implementing equity incentive plans in 2024. This is mainly due to the complex approval process, which requires multiple departments and layers of review, and the long project implementation cycle; Performance evaluation is limited by policies, which require consideration of both short-term benefits and factors such as the preservation of state-owned assets, making it difficult to set reasonable indicators. ​

民营企业：规划与工具应用失当​

Private enterprises: improper planning and tool application

民营企业虽积极尝试，但效果不佳。部分企业激励对象范围设定随意，核心员工未受重视；激励工具选择盲目，未结合自身财务、股权结构，导致激励效果大打折扣。​

Although private enterprises have actively tried, the results have been unsatisfactory. Some companies set the scope of incentive targets arbitrarily, and core employees are not valued; Blind selection of incentive tools without considering their own financial and equity structure has resulted in a significant reduction in incentive effectiveness. ​

总量与定价不合理​

Unreasonable total quantity and pricing

激励总量上，多数企业设定偏低，难以满足扩张期需求；定价方面，限制性股票定价过高、股票期权未考虑企业前景等问题，都削弱了激励的吸引力。​

In terms of the total incentive amount, most enterprises set it too low to meet the needs during the expansion period; In terms of pricing, issues such as excessively high pricing of restricted stocks and lack of consideration for corporate prospects in stock options have weakened the attractiveness of incentives. ​

股权激励引发的争议焦点​

Controversy over Equity Incentives

国有资产流失争议​

Controversy over the loss of state-owned assets

国有企业实施股权激励时，价格与考核指标设定若不合理，易引发国有资产流失质疑。但也有观点认为，合理激励能推动企业发展，实现国有资产增值，关键在于规范操作。​

When implementing equity incentives in state-owned enterprises, if the price and assessment indicators are not set reasonably, it is easy to raise doubts about the loss of state-owned assets. But there are also views that reasonable incentives can promote the development of enterprises and achieve the appreciation of state-owned assets, and the key lies in standardized operations. ​

民营企业股权稀释风险​

Risk of dilution of equity in private enterprises

民营企业主担心股权稀释影响控制权，而支持者强调，合理的股权激励能吸引人才，推动企业发展，通过优化股权结构设计，可平衡激励与控制权。​

Private business owners are concerned about the dilution of equity affecting control, while supporters emphasize that reasonable equity incentives can attract talent and promote enterprise development. By optimizing equity structure design, incentives and control can be balanced. ​

激励公平性争议​

Controversy over Incentive Fairness

确定激励对象时的 “关系导向”，以及不同岗位激励力度差异，都引发员工对公平性的质疑。企业则认为岗位价值不同，需科学评估以确保公平。​

The "relationship orientation" in determining incentive targets, as well as the differences in incentive intensity among different positions, have raised questions among employees about fairness. Enterprises believe that job values vary and require scientific evaluation to ensure fairness. ​

山东企业股权激励的解决方案​

Solution to Equity Incentives for Shandong Enterprises

国有企业：简化流程，科学考核​

State owned enterprises: simplifying processes and conducting scientific assessments

建立多部门联合审批机制，缩短审批时间；完善业绩考核体系，纳入非财务指标，依行业和发展阶段灵活调整考核标准。​

Establish a multi departmental joint approval mechanism to shorten the approval time; Improve the performance evaluation system, incorporate non-financial indicators, and flexibly adjust the evaluation standards according to the industry and development stage. ​

民营企业：精准规划，多元激励​

Private enterprises: precise planning, diversified incentives

围绕战略确定激励对象，选择限制性股票、虚拟股票等多元激励工具，定期评估优化方案。​

Determine incentive targets based on strategy, choose diversified incentive tools such as restricted stocks and virtual stocks, and regularly evaluate optimization plans. ​

优化总量与定价​

Optimize total quantity and pricing

根据企业发展阶段确定激励总量；限制性股票定价参考市场估值，股票期权依企业前景设定行权价。​

Determine the total amount of incentives based on the stage of enterprise development; Restricted stock pricing refers to market valuation, and stock options are set at exercise prices based on the company's prospects. ​

构建公平体系​

Building a fair system

建立岗位价值评估体系，透明选拔激励对象，加强与员工沟通，及时公开方案信息 。​

Establish a job value evaluation system, transparently select incentive targets, strengthen communication with employees, and timely disclose program information. ​

通过直面问题、化解争议、落实解决方案，山东企业有望发挥股权激励的积极作用，实现企业与员工的共同发展。

By facing problems directly, resolving disputes, and implementing solutions, Shandong enterprises are expected to play a positive role in equity incentives and achieve common development between enterprises and employees.

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