股权激励方案落地执行
十年股权整理解决方案落地实施

　　Wind数据显示，2024年A股违规被罚的上市公司高达1011家，跟2023年的896家相比激增13%。注册制改革深化背景下，资本市场获得了更大活力，但并不意味监管的放松，合规性仍然是参与市场的大前提。

　　According to Wind data, there were as many as 1011 listed companies fined for violations in the A-share market in 2024, a 13% increase from 896 in 2023. Under the background of deepening the registration system reform, the capital market has gained greater vitality, but it does not mean that regulation has been relaxed. Compliance remains a major prerequisite for participating in the market.

　　注册制改革深化背景下，股权激励的合规性已成为上市公司治理能力的重要标尺。

　　Under the background of deepening the registration system reform, the compliance of equity incentives has become an important benchmark for the governance ability of listed companies.

　　小编将结合市场中的实际案例，紧扣《上市公司股权激励管理办法》（以下简称《管理办法》）核心条款，聚焦财务资格、操作程序及穿透核查三大领域，梳理触发合规性的一些操作，起到警示作用，助力拟开展股权激励的上市公司，避开相关“雷区”。

　　The editor will combine actual cases in the market, closely follow the core provisions of the "Management Measures for Equity Incentives of Listed Companies" (hereinafter referred to as the "Management Measures"), focus on the three major areas of financial qualifications, operating procedures, and penetration verification, sort out some operations that trigger compliance, play a warning role, and help listed companies planning to carry out equity incentives to avoid relevant "minefields".

　　一、公司主体资格失效：触发禁止性条款的致命缺陷

　　1、 Invalidation of company entity qualification: fatal flaw triggering prohibitive clauses

　　财务报告真实性崩塌

　　The collapse of the authenticity of financial reports

　　2021年某企业虚增营收，A会计师事务所出具无法表示意见审计报告。证监会终止其股权激励计划，并对19名责任人处以市场禁入。

　　In 2021, a certain enterprise inflated its revenue, and A accounting firm issued an audit report that cannot express an opinion. The China Securities Regulatory Commission terminated its equity incentive plan and imposed market bans on 19 responsible persons.

　　违反了哪一条？

　　Which rule was violated?

　　违反《管理办法》第七条第一项“上市公司具有下列情形之一的，不得实行股权激励：（一）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法表示意见的审计报告”。该企业通过系统性财务造假导致审计机构无法确认财报真实性，本质上动摇了上市公司信息披露制度的根基。财务信息虚假记载已构成重大违法行为，在此情形下实施股权激励，不仅违背“促进企业持续发展”的立法初衷，更可能成为利益输送的隐蔽通道。

　　Violation of Article 7, Paragraph 1 of the Management Measures: "If a listed company has any of the following circumstances, it shall not implement equity incentives: (1) The financial accounting report for the most recent fiscal year has been issued a negative opinion or an audit report that cannot express an opinion by a registered accountant. The company's systematic financial fraud has caused audit institutions to be unable to confirm the authenticity of financial reports, fundamentally shaking the foundation of the information disclosure system for listed companies. False recording of financial information has constituted a significant illegal act. Implementing equity incentives in this situation not only violates the legislative intention of "promoting sustainable development of enterprises", but may also become a hidden channel for the transmission of benefits.

　　内控机制实质性瘫痪

　　Substantial paralysis of internal control mechanism

　　某制造企业因实控人违规占用资金，财务报告内部控制被出具否定意见，股权激励方案被交易所否决。

　　A manufacturing enterprise was issued a negative opinion on its internal control of financial reporting due to the illegal occupation of funds by its actual controller, and its equity incentive plan was rejected by the exchange.

　　违反了哪一条？

　　Which rule was violated?

　　违反《管理办法》第七条第二项“最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无法表示意见的审计报告”。内控否定意见表明企业资金管理、关联交易等核心控制环节失效。此类企业存在资产被侵占的重大风险，此时推行股权激励，将加剧“激励对象与实控人共谋掏空上市公司”的道德风险，直接违反《管理办法》第三条“不得损害上市公司利益”的核心原则。

　　Violation of Article 7, Item 2 of the Management Measures, which states that the internal control of the financial report for the most recent fiscal year has been audited by a registered accountant with a negative opinion or unable to express an opinion. Negative opinions on internal control indicate that core control processes such as fund management and related party transactions have failed. There is a significant risk of asset misappropriation in such enterprises, and implementing equity incentives at this time will exacerbate the moral hazard of "incentive targets and actual controllers colluding to embezzle listed companies", directly violating the core principle of Article 3 of the Management Measures, which states that "the interests of listed companies shall not be harmed".

　　二、操作程序违规的致命雷区

　　2、 Deadly minefield of operating program violations

　　定价机制突破监管底线，但缺乏合理解释

　　Pricing mechanism breaks through regulatory bottom line, but lacks reasonable explanation

　　某软件企业将限制性股票授予价定为草案公告前1日均价的30%，但未给出合理解释，被监管部门强制要求上调至50%。

　　A software company set the restricted stock grant price at 30% of the average price on the day before the draft announcement, but did not provide a reasonable explanation, and was forced by regulatory authorities to raise it to 50%.

　　违反了哪一条？

　　Which rule was violated?

　　违反《管理办法》第二十三条“授予价格不得低于股票票面金额，且原则上不得低于下列价格较高者：（一）股权激励计划草案公布前1个交易日的公司股票交易均价的50%；（二）股权激励计划草案公布前20个交易日、60个交易日或者120个交易日的公司股票交易均价之一的50%”。该定价较法定最低标准低，但又未给出合理的解释，被监管认为存在低价授予侵蚀未参与激励的中小股东权益的情况。

　　Violation of Article 23 of the Management Measures: "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 first trading day before the announcement of the equity incentive plan draft; (2) 50% of one of the average trading prices of the company's stock on the 20th, 60th, or 120th trading days before the announcement of the equity incentive plan draft. The pricing is lower than the statutory minimum standard, but no reasonable explanation has been given, which is considered by regulators to have eroded the rights and interests of small and medium-sized shareholders who have not participated in incentives by granting low prices.

　　变相财务资助套取资金

　　Disguised financial support to embezzle funds

　　某科技企业通过控股子公司向激励对象提供担保，以获得认购股票的资金，被监管认定构成财务资助。

　　A certain technology enterprise provides guarantees to incentive targets through its holding subsidiary to obtain funds for subscribing to stocks, which is recognized by regulators as financial assistance.

　　违反了哪一条？、

　　Which rule was violated? 、

　　违反《管理办法》第二十一条第二款“上市公司不得为激励对象依股权激励计划获取有关权益提供贷款以及其他任何形式的财务资助，包括为其贷款提供担保”。该操作通过关联方通道，造成了激励对象脱离“风险共担”机制，违背股权激励“绑定核心人才与公司长期利益”的制度本源。

　　Violation of Article 21, Paragraph 2 of the Management Measures: "Listed companies shall not provide loans or any other form of financial assistance, including guarantees, for incentive objects to obtain relevant rights and interests under equity incentive plans. This operation, through the related party channel, has caused the incentive objects to deviate from the "risk sharing" mechanism, violating the institutional origin of equity incentives that "bind core talents with the long-term interests of the company".

　　程序性时限的刚性约束

　　Rigid constraints of procedural time limits

　　某芯片企业股东大会通过激励计划后，超12个月未授予预留权益，致2,300万元额度失效。

　　After the shareholder meeting of a certain chip company passed the incentive plan, the reserved equity was not granted for more than 12 months, resulting in the invalidation of the 23 million yuan quota.

　　违反了哪一条？

　　Which rule was violated?

　　违反《管理办法》第十五条第二款“上市公司应当在股权激励计划经股东大会审议通过后12个月内明确预留权益的授予对象”。时限规则旨在防止企业利用预留权益操纵激励对象选择，该企业拖延授予的行为，实质是为后续突击引入“关系人”预留操作空间。

　　Violation of Article 15, Paragraph 2 of the Management Measures: "Listed companies shall specify the recipients of reserved equity within 12 months after the equity incentive plan is approved by the shareholders' meeting. The time limit rule aims to prevent enterprises from using reserved rights to manipulate the selection of incentive objects. The act of delaying the grant by the enterprise is essentially to reserve operational space for the subsequent introduction of "related parties".

　　三、穿透式监管下的新型红线

　　3、 New red lines under penetrating supervision

　　亲属账户交易核查缺失

　　Missing verification of transactions in relatives' accounts

　　某医疗器械企业未核查到激励对象配偶在草案公布前1个月买入公司股票，导致3名激励对象被取消资格。违反了哪一条？

　　A certain medical device company failed to verify that the spouses of incentive recipients had purchased company stocks one month before the draft was announced, resulting in the disqualification of three incentive recipients. Which rule was violated?

　　违反《管理办法》第六条“任何人不得利用股权激励进行内幕交易、操纵证券市场等违法活动”。亲属账户作为信息传递的隐蔽渠道，触发了“不得利用股权激励进行内幕交易”的禁令。

　　Violation of Article 6 of the Management Measures: "No one shall use equity incentives to engage in illegal activities such as insider trading and manipulation of the securities market. As a covert channel for information transmission, family accounts have triggered a ban on insider trading through equity incentives.

　　当前监管的核心逻辑是“实质重于形式”，2023年以来，监管审查已从表面合规性转向资金流向、数据真实性与最终受益人的实质性清白等方面入手，加强了合规性审查，一些“有不当想法”技术性规避手段，基本是完全失效的；上市公司在实施股权激励计划时，不能有侥幸心理，要注意严格合规。

　　The core logic of current regulation is "substance over form". Since 2023, regulatory review has shifted from surface compliance to aspects such as fund flow, data authenticity, and substantive innocence of ultimate beneficiaries, strengthening compliance review. Some technical evasion methods with "improper ideas" are basically completely ineffective; When implementing equity incentive plans, listed companies should not have a lucky mentality and should pay attention to strict compliance.

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