股权激励方案落地执行
十年股权整理解决方案落地实施

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　　股票期权

　　Stock options

　　股票期权，较常见的股权激励模式，也称认股权证，指公司授予激励对象的一项权利。通俗来讲，股票期权是公司与激励对象约定：未来某段时间内（行权期），对方可按固定价格（行权价）购买约定数量的公司股票（即行权）。

　　Stock options, a common form of equity incentive, also known as stock warrants, refer to a right granted by a company to an incentive recipient. In layman's terms, stock options are agreements between a company and an incentive recipient: within a certain period of time in the future (exercise period), the other party can purchase a predetermined number of company stocks at a fixed price (exercise price) (i.e. exercise).

　　优点

　　Advantages

　　实现激励对象与股东利益深度绑定；

　　Realize deep binding between incentive targets and shareholder interests;

　　锁定激励对象风险，不行权则无额外损失；

　　Lock in the risk of incentive targets, and if not authorized, there will be no additional losses;

　　有助于企业降低激励成本；

　　Helps companies reduce incentive costs;

　　激励力度较强。

　　Strong motivation.

　　缺点

　　Disadvantages

　　对股票市场有效性依赖度较高；

　　High dependence on stock market efficiency;

　　可能诱发激励对象的短期行为；

　　May induce short-term behavior of incentive targets;

　　易拉大激励与非激励对象的薪酬差距。

　　The salary gap between incentive and non incentive targets is significant.

　　适用范围

　　Scope of application

　　上市公司；

　　Listed companies;

　　人力资本依赖性强、处于创业期或快速成长期的非上市公司。

　　Non listed companies with strong dependence on human capital and in the start-up or rapid growth stage.

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　　期股

　　Futures stocks

　　期股，又称股份期权，是具有中国特色的 “股票期权” 衍生模式，在我国实践中形成了 “北京模式” 和 “上海模式”。

　　Futures stocks, also known as stock options, are a derivative model of "stock options" with Chinese characteristics, which have formed the "Beijing model" and "Shanghai model" in China's practice.

　　与股票期权不同：股票期权授予时无需付费购买资格，等待期结束后再决定是否行权；而期股需激励对象先支付部分首付获取资格，后续以分期付款方式最终获得股份。

　　Unlike stock options: there is no need to pay for purchasing eligibility when stock options are granted, and the decision to exercise them is made after the waiting period has ended; And for stock options, the incentive recipients need to pay a partial down payment to qualify, and then ultimately obtain the shares through installment payments.

　　优点

　　Advantages

　　1、股票增值与企业资产增值、效益直接挂钩，推动激励对象关注长期发展；

　　1. The appreciation of stocks is directly linked to the appreciation and benefits of corporate assets, promoting incentive targets to focus on long-term development;

　　2、有效解决激励对象购股的融资难题；

　　2. Effectively solve the financing difficulties for incentive recipients to purchase stocks;

　　3、缓解一次性重奖导致的收入差距矛盾；

　　3. Relieve the income gap contradiction caused by one-time heavy rewards;

　　4、“首付” 机制增强对激励对象的约束。

　　4. The 'down payment' mechanism strengthens the constraints on incentive targets.

　　缺点

　　Disadvantages

　　1、需支付首付，行权具有强制性，风险高于股票期权；

　　1. A down payment is required, exercise is mandatory, and the risk is higher than that of stock options;

　　2、若公司经营不善，激励对象可能亏损，降低参与积极性。

　　2. If the company is poorly managed, the incentive recipients may suffer losses and reduce their participation enthusiasm.

　　适用范围

　　Scope of application

　　1、国有独资企业、改制后的国有控股企业；

　　1. State owned sole proprietorship enterprises and restructured state-owned holding enterprises;

　　2、人力资本依赖性强、处于创业期或快速成长期的非上市公司。

　　2. Non listed companies with strong dependence on human capital and in the start-up or rapid growth stage.

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　　业绩股票

　　Performance stocks

　　业绩股票，指公司年初设定合理业绩目标，若激励对象年末达成目标，公司将授予其一定数量股票，或提取奖励基金供其购买公司股票。在当前激烈竞争环境下，成立时间短却能盈利的企业并不多见，业绩股票更强调目标导向。

　　Performance stocks refer to the reasonable performance targets set by a company at the beginning of the year. If the incentive targets are achieved by the end of the year, the company will grant them a certain number of stocks or extract incentive funds for them to purchase company stocks. In the current fiercely competitive environment, there are not many companies that have been established for a short time but can make profits, and performance stocks emphasize more on goal orientation.

　　优点

　　Advantages

　　1、激励高管为达成业绩目标努力，推动公司业绩提升，进而增加股价上涨收益；

　　1. Motivate executives to work hard towards achieving performance goals, drive company performance improvement, and thereby increase stock price gains;

　　2、约束性强，促使激励对象关注长期利益，减少短期行为；

　　2. Strong constraint, prompting incentive targets to focus on long-term benefits and reduce short-term behavior;

　　3、符合法律法规，方案实施相对简便；

　　3. Compliant with laws and regulations, the implementation of the plan is relatively simple;

　　4、激励与约束机制配套，持续提升公司绩效。

　　4. Supporting incentive and constraint mechanisms to continuously improve company performance.

　　缺点

　　Disadvantages

　　1、业绩目标设定的科学性难保障，易引发高管弄虚作假；

　　1. The scientificity of performance target setting is difficult to guarantee, which can easily lead to executive fraud;

　　2、激励成本较高，可能增加公司现金支付压力，尤其限制传统行业上市公司的激励范围；

　　2. The incentive cost is relatively high, which may increase the company's cash payment pressure, especially limiting the incentive scope of traditional industry listed companies;

　　3、对岗位责任界定、业绩指标设计要求高，方案制定难度大。

　　3. The requirements for defining job responsibilities and designing performance indicators are high, and the difficulty of developing plans is high.

　　适用范围

　　Scope of application

　　适合业绩稳定、处于成长期后期或成熟期的上市公司及非上市公司。

　　Suitable for listed and non listed companies with stable performance, in the late stage of maturity or maturity.

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　　干股

　　Dry stocks

　　干股，是股份公司无偿赠予的股份，常用于奖励发起人、激励员工或维系合作关系。其核心特点包括：无偿性（无需出资即可获股权）、权益性（享有分红权、知情权等部分权益，通常无投票权或权限有限）、激励性（吸引留存人才）、灵活性（授予对象、数量和条件可灵活设定，无需严格法定程序）。

　　Dry shares are shares gifted by a joint-stock company without compensation, often used to reward initiators, motivate employees, or maintain cooperative relationships. Its core characteristics include: gratuitousness (obtaining equity without capital contribution), equity (enjoying partial rights such as dividend rights and information rights, usually without voting rights or limited authority), incentive (attracting retained talents), flexibility (granting objects, quantities, and conditions can be flexibly set without strict legal procedures).

　　优点

　　Advantages

　　1、激励与引才效果显著：无需员工出资，激发工作积极性与忠诚度，帮助资金紧张但有潜力的企业吸引人才；

　　1. The incentive and talent attraction effect is significant: without the need for employee investment, it stimulates work enthusiasm and loyalty, helping financially constrained but promising enterprises attract talent;

　　2、强化合作关系：向合作伙伴授予干股可绑定利益，推动协同发展、互利共赢；

　　2. Strengthening cooperative relationships: Granting dry shares with binding benefits to partners to promote collaborative development and mutual benefit;

　　3、不稀释控制权：干股通常无投票权或权限有限，不影响实际控制人对公司的掌控；

　　3. Non diluted control: Dry shares usually have no voting rights or limited authority, which does not affect the actual controller's control over the company;

　　4、股权结构调整灵活：无需遵循新股发行的严格程序，可便捷优化治理结构。

　　4. Flexible equity structure adjustment: There is no need to follow the strict procedures for issuing new shares, which can conveniently optimize the governance structure.

　　缺点

　　Disadvantages

　　1、法律风险：若赠与或持有不符合法规，可能导致协议无效或纠纷（如逃避债务、利益输送）；协议不规范也易引发争议；

　　1. Legal risk: If the gift or holding does not comply with regulations, it may result in the invalidity or dispute of the agreement (such as evading debt, transferring benefits); Non standardized agreements can also easily lead to disputes;

　　2、道德风险：无需出资可能降低责任心，甚至出现泄露机密、谋私损企等行为；

　　2. Moral hazard: Without the need for capital, it may reduce one's sense of responsibility and even lead to behaviors such as leaking confidential information, seeking personal gain, and damaging the company;

　　3、财务风险：扩大股本可能降低每股收益，影响融资能力；业绩不佳时无法分红易引发不满；

　　3. Financial risk: Expanding share capital may reduce earnings per share and affect financing capacity; Not being able to distribute dividends when performance is poor can easily lead to dissatisfaction;

　　4、管理风险：干股持有者利益诉求与公司不一致时，可能引发内部矛盾，影响决策效率。

　　4. Risk management: When the interests and demands of equity holders are inconsistent with those of the company, it may lead to internal conflicts and affect decision-making efficiency.

　　适用范围

　　Scope of application

　　1、创业初期激励：资金紧张时，以干股吸引核心人才共享发展成果；

　　1. Early stage motivation for entrepreneurship: When funds are tight, attract core talents to share development achievements through dry stocks;

　　2、特殊贡献奖励：表彰为企业带来重大突破、技术研发或资源引入的员工 / 外部人士；

　　2. Special Contribution Award: Recognizing employees/external individuals who have brought significant breakthroughs, technological research and development, or resource introduction to the enterprise;

　　3、战略伙伴绑定：向合作伙伴授股以强化联盟，协同应对竞争与风险；

　　3. Strategic partner binding: Granting shares to partners to strengthen alliances and collaborate in responding to competition and risks;

　　4、家族企业管理：激励家族成员参与经营，同时保持控制权集中；

　　4. Family business management: incentivizing family members to participate in business operations while maintaining centralized control;

　　5、重组与并购：平衡各方利益，推动交易顺利进行（如激励被并购方留任人员）。

　　5. Restructuring and mergers and acquisitions: Balancing the interests of all parties and promoting smooth transactions (such as incentivizing the retained personnel of the acquired party).

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　　限制性股票

　　Restricted Stocks

　　限制性股票，指公司按预设条件授予激励对象一定数量股票，但对方不得随意处置；仅在完成规定服务期或业绩目标后，方可出售获利。若未达标，公司有权无偿收回或按购买折扣回购免费赠与的股票。

　　Restricted stocks refer to a certain number of stocks granted by a company to incentive recipients based on predetermined conditions, but the other party is not allowed to dispose of them at will; Selling for profit is only allowed after completing the prescribed service period or performance targets. If the standards are not met, the company has the right to reclaim or repurchase the gifted stocks free of charge at a purchase discount.

　　优点

　　Advantages

　　1、长效激励与绑定：推动员工为业绩目标努力，将个人利益与企业长期发展绑定，减少短期行为；

　　1. Long term incentives and binding: driving employees to strive for performance goals, linking personal interests with the long-term development of the enterprise, and reducing short-term behavior;

　　2、引才留才效果好：对看重长期利益的高素质人才吸引力强，助力留存核心团队；

　　2. The effect of attracting and retaining talents is good: it has a strong attraction to high-quality talents who value long-term benefits, helping to retain the core team;

　　3、成本相对较低：授予时无需大量现金支出，缓解公司资金压力。

　　3. Relatively low cost: No significant cash expenditure is required when granting, easing the company's financial pressure.

　　缺点

　　Disadvantages

　　1、业绩压力大：考核指标过高易打击信心，过低则无法发挥激励作用；

　　1. High performance pressure: If the performance indicators are too high, it can easily undermine confidence, while if they are too low, they cannot play a motivating role;

　　2、受市场波动影响：限制期内股价大跌，即使达标，收益也可能远低于预期；

　　2. Affected by market fluctuations: During the restricted period, if the stock price drops sharply, even if it meets the standard, the return may be far lower than expected;

　　3、管理成本高：涉及方案设计、考核评估、信息披露等复杂工作，需投入较多人力物力。

　　3. High management costs: involving complex tasks such as scheme design, assessment and evaluation, and information disclosure, requiring a significant investment of manpower and resources.

　　适用范围

　　Scope of application

　　1、成长型企业

　　1. Growth oriented enterprises

　　2、上市公司

　　2. Listed company

　　3、处于战略转型期的企业

　　3. Enterprises in the period of strategic transformation

　　4、家族企业

　　4. Family business

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