股权激励方案落地执行
十年股权整理解决方案落地实施

　　一、虚拟股票

　　1、 Virtual stocks

　　虚拟股票，是股票期权的衍生形式，指公司授予激励对象虚拟股票，对方可享受分红权和股价升值收益，但无所有权、表决权，不可转让出售，离职后自动失效。公司与激励对象签订合约，约定授予数量、行权时间及条件，也可约定满足条件后虚拟股票转为实股，让对方获得所有权。

　　Virtual stocks are a derivative form of stock options, which refer to virtual stocks granted by a company to incentive recipients, who can enjoy dividend rights and stock price appreciation benefits, but have no ownership or voting rights, cannot be transferred or sold, and automatically become invalid after resignation. The company signs a contract with the incentive object, stipulating the number of grants, exercise time and conditions, and may also agree to convert virtual stocks into real stocks after meeting the conditions, allowing the other party to obtain ownership.

　　优点

　　Advantages

　　1、不影响股权结构：不会改变总股本和股权架构，不稀释实际控制权，适合股权集中的公司；

　　1. Does not affect equity structure: Will not change the total share capital and equity structure, does not dilute actual control, suitable for companies with concentrated equity;

　　2、激励与约束并存：收益与业绩直接挂钩，推动员工关注长期发展，避免短期行为；

　　2. Coexistence of incentives and constraints: directly linking benefits and performance, promoting employees to focus on long-term development and avoid short-term behavior;

　　3、操作简便灵活：无需复杂股权变更，无需解决股票来源，内部协议即可实施，降低管理成本；

　　3. Easy and flexible operation: No need for complex equity changes, no need to solve stock sources, internal agreements can be implemented, reducing management costs;

　　4、适配多种企业：尤其适合非上市公司和现金流充裕的公司，前者可避开股权交易，后者能承担现金支出；

　　4. Suitable for various enterprises: especially suitable for non listed companies and companies with ample cash flow, the former can avoid equity transactions, while the latter can bear cash expenditures;

　　5、精神激励显著：让员工以 “特殊股东” 身份参与经营，增强归属感、责任感与创造力，减少道德风险。

　　5. Significant spiritual motivation: allowing employees to participate in business as "special shareholders", enhancing their sense of belonging, responsibility, and creativity, and reducing moral hazards.

　　缺点

　　Disadvantages

　　1、现金支付压力大：需以现金支付分红或收益，对现金流要求高，业绩不佳时可能影响运营；

　　1. Cash payment pressure is high: dividends or income need to be paid in cash, which requires high cash flow and may affect operations when performance is poor;

　　2、易引发短期导向：激励对象可能为短期分红忽视长期战略，减少资本积累，影响可持续发展；

　　2. Easy to trigger short-term orientation: The incentive target may be short-term dividends, ignoring long-term strategies, reducing capital accumulation, and affecting sustainable development;

　　3、激励效果有限：无所有权和表决权，“股东意识” 较弱，效果不及实股激励；

　　3. The incentive effect is limited: without ownership and voting rights, the "shareholder awareness" is weak, and the effect is not as good as actual stock incentives;

　　4、考核难度大：指标不合理易导致不公，依赖财务指标则可能诱发短期行为；

　　4. Difficulty in assessment: Unreasonable indicators can easily lead to unfairness, and relying on financial indicators may trigger short-term behavior;

　　5、市场与兑付风险：上市公司溢价型虚拟股票收益与股价挂钩，市场波动可能引发兑付危机。

　　5. Market and redemption risk: The returns of premium virtual stocks of listed companies are linked to their stock prices, and market fluctuations may trigger redemption crises.

　　适用范围

　　Scope of application

　　适合现金流量比较充裕的上市公司和非上市公司。

　　Suitable for both listed and non listed companies with ample cash flow.

　　二、股票增值权

　　2、 Stock appreciation right

　　股票增值权与股票期权类似，但行权方式不同：股票期权需先购股再卖出获利，而股票增值权行权时无需买卖股票，公司直接将行权时股票实际价格与授予行权价的差价支付给激励对象，支付方式可为现金、股票或 “现金 + 股票” 组合。激励对象获授的并非实际股票，而是未来获取资本增值收益的权利，无所有权和表决权。

　　Stock appreciation rights are similar to stock options, but the exercise method is different: stock options require the purchase and sale of stocks for profit, while stock appreciation rights do not require buying or selling stocks when exercised. The company directly pays the incentive object the difference between the actual stock price at the time of exercise and the grant exercise price, which can be in cash, stocks, or a combination of cash and stocks. The incentive object is not granted actual stocks, but the right to obtain future capital appreciation income, without ownership or voting rights.

　　优点

　　Advantages

　　1、激励效果直接：收益与股价增长紧密挂钩，有效激发员工提升业绩、推动股价上涨的积极性；

　　1. Direct incentive effect: closely linked to earnings and stock price growth, effectively stimulating employees' enthusiasm to improve performance and drive stock price increases;

　　2、不稀释股权：不改变股权结构，不影响原有股东控制权，利于治理稳定，适合股权集中的公司；

　　2. Non dilution of equity: does not change the equity structure, does not affect the control rights of existing shareholders, is conducive to stable governance, and is suitable for companies with concentrated equity;

　　3、操作简便：无需复杂股权变更，无需解决股票来源，确定授予数量、行权价后按约定支付即可，管理成本低；

　　3. Easy to operate: No need for complex equity changes, no need to solve stock sources, determine the grant quantity and exercise price, and pay according to the agreement, with low management costs;

　　4、灵活性强：可根据发展战略、财务状况和市场环境灵活设定行权条件、期限及收益计算方式，针对性更强；

　　4. Strong flexibility: It can flexibly set exercise conditions, terms, and profit calculation methods based on development strategies, financial conditions, and market environment, with stronger targeting;

　　5、具备约束性：仅当股价上涨且达标时方可获收益，推动员工关注长期发展，避免短期行为。

　　5. Constrained: Only when the stock price rises and meets the standard can profits be obtained, promoting employees to focus on long-term development and avoid short-term behavior.

　　缺点

　　Disadvantages

　　1、依赖市场表现：收益完全取决于股价，受宏观经济、行业趋势等外部因素影响大，股价未涨则激励失效；

　　1. Dependent on market performance: Returns are entirely dependent on stock prices and are greatly influenced by external factors such as macroeconomic and industry trends. If stock prices do not rise, incentives will be ineffective;

　　2、可能诱发短期行为：因收益与股价短期波动相关，可能促使员工操纵报表、炒作股价谋利，损害长期利益；

　　2. May induce short-term behavior: Due to the correlation between returns and short-term fluctuations in stock prices, it may prompt employees to manipulate financial statements, speculate on stock prices for profit, and harm long-term interests;

　　3、现金压力大：行权时需现金支付增值收益，现金流不足可能影响运营或引发信任危机；

　　3. High cash pressure: When exercising rights, cash is required to pay value-added income, and insufficient cash flow may affect operations or trigger a crisis of trust;

　　4、会计处理复杂：需按准则在授予日、等待期、行权日进行确认、计量和披露，涉及较多估计判断，增加财务工作难度；

　　4. Accounting processing is complex: it requires recognition, measurement, and disclosure according to standards on the grant date, waiting period, and exercise date, involving many estimation judgments and increasing the difficulty of financial work;

　　5、激励范围窄：主要适用于高管和核心技术人员，对普通员工激励效果有限，难调动全员积极性。

　　5. Narrow incentive scope: mainly applicable to executives and core technical personnel, with limited incentive effect on ordinary employees, making it difficult to mobilize the enthusiasm of all staff.

　　适用范围

　　Scope of application

　　适合现金流充裕且稳定的上市或非上市公司；上市公司需在有效性较好的资本市场上市（采用账面增值权方式的除外）。

　　Suitable for listed or non listed companies with sufficient and stable cash flow; Listed companies need to be listed on capital markets with good effectiveness (except for those using book appreciation rights).

　　三、延期支付

　　3、 Delayed payment

　　延期支付，也称延期支付计划，是公司为激励对象设计的综合薪酬计划：将部分年度奖金、股权激励收入等当年不发放，按当日公司股价折算为股票数量存入专属账户，在约定期限后或员工退休时，以股票形式或按期满市值以现金发放。

　　Deferred payment, also known as deferred payment plan, is a comprehensive compensation plan designed by companies for incentive objects: some annual bonuses, equity incentive income, etc. will not be paid in the current year, and will be converted into stock quantities based on the company's stock price on the day and deposited into a dedicated account. After the agreed period or when employees retire, they will be paid in cash in the form of stocks or according to the market value at the end of the period.

　　优点

　　Advantages

　　1、长期激励效果突出：将员工利益与企业长期发展绑定，减少短期行为，增强忠诚度与凝聚力，推动共同成长；

　　1. Outstanding long-term incentive effect: Linking employee interests with the long-term development of the enterprise, reducing short-term behavior, enhancing loyalty and cohesion, and promoting common growth;

　　2、缓解现金流压力：相当于企业获得无息贷款，为生产经营、投资扩张腾出资金，尤其利好资金密集型或扩张期企业；

　　2. Relieve cash flow pressure: It is equivalent to obtaining interest free loans for enterprises, freeing up funds for production and operation, investment expansion, especially for capital intensive or expansion period enterprises;

　　3、风险约束有效：薪酬延期发放促使员工谨慎工作，避免不当行为；离职或违规可能扣除部分薪酬，强化职业规范；

　　3. Effective risk constraint: Delayed salary distribution encourages employees to work cautiously and avoid inappropriate behavior; Resignation or violation may result in partial deduction of salary, strengthening professional norms;

　　4、税收筹划优势：企业可在未来年度扣除延期薪酬，降低当期税负；员工实际支付时才缴个税，获得税收递延收益。

　　4. Tax planning advantage: Enterprises can deduct deferred compensation in future years, reducing current tax burden; Employees only pay personal income tax upon actual payment and receive deferred tax income.

　　缺点

　　Disadvantages

　　1、限制员工流动性：期限内离职可能损失未发薪酬，阻碍员工追求更好机会，影响职业发展与积极性；

　　1. Restricting employee mobility: Resignation within the deadline may result in loss of unpaid compensation, hinder employees from pursuing better opportunities, and affect career development and motivation;

　　2、激励效果受未来经营影响大：若企业期内经营困难、业绩下滑或破产，员工可能无法足额获酬，导致信心丧失、人才流失；

　　2. The incentive effect is greatly affected by future business operations: if the enterprise encounters operational difficulties, performance declines, or bankruptcy during the period, employees may not be able to receive full compensation, resulting in loss of confidence and talent loss;

　　3、短期财务压力：依赖工资收入的员工可能因延期发放面临生活压力（如房贷、车贷），影响工作状态；

　　3. Short term financial pressure: Employees who rely on salary income may face life pressure (such as mortgage and car loans) due to delayed payments, which may affect their work status;

　　4、管理成本高：需建立完善制度与监督机制，定期评估考核、管理资金风险，增加工作量与成本。

　　4. High management costs: It is necessary to establish and improve systems and supervision mechanisms, regularly evaluate and assess, manage financial risks, and increase workload and costs.

　　适用范围

　　Scope of application

　　适合业绩稳定型上市公司及非上市公司。

　　Suitable for stable performance listed companies and non listed companies.

　　四：员工持股计划

　　4： Employee Stock Ownership Plan

　　员工持股计划，指公司拿出一定比例股份由员工持股公司持有，再由持股公司按规则分配给符合条件的正式员工；员工个人出资认购公司部分股份，委托公司集中管理的股权激励方式。通常通过信托基金组织用免税利润回购股东股权，分配给员工；或由企业成立员工信托基金（如员工持股会）购买股东股权，按计划向员工出售。

　　Employee stock ownership plan refers to a company providing a certain percentage of shares to be held by an employee stock holding company, which then distributes them to eligible formal employees according to rules; The equity incentive method in which employees personally contribute to subscribe for a portion of the company's shares and entrust the company to manage them centrally. Usually, shareholder equity is repurchased through trust funds using tax-free profits and distributed to employees; Alternatively, the enterprise can establish an employee trust fund (such as an employee stock ownership association) to purchase shareholder equity and sell it to employees according to the plan.

　　优点

　　Advantages

　　1、增强员工话语权与监督权，推动关注企业发展，提升凝聚力；

　　1. Enhance employees' voice and supervision, promote attention to enterprise development, and enhance cohesion;

　　2、为国有法人股减持提供有效通道；

　　2. Provide an effective channel for the reduction of state-owned corporate shares;

　　3、增强抵御敌意收购的能力；

　　3. Enhance the ability to resist hostile takeovers;

　　4、具备普遍福利属性；

　　4. Having universal welfare attributes;

　　5、缓解高管与员工收入不均衡问题。

　　5. Relieve the problem of income inequality between executives and employees.

　　缺点

　　Disadvantages

　　1、可能导致股权过度分散；

　　1. May lead to excessive dispersion of equity;

　　2、平均化分配可能削弱员工积极性，激励力度不足；

　　2. Equal distribution may weaken employee motivation and insufficient motivation;

　　3、操作缺乏明确法律基础与政策指导。

　　3. Lack of clear legal basis and policy guidance for operation.

　　适用范围

　　Scope of application

　　1、国有企业 “国退民进” 改制阶段；

　　1. The stage of restructuring state-owned enterprises through "national withdrawal and private progress";

　　2、解决高管股权激励导致的收入差距过大问题。

　　2. Resolve the issue of excessive income disparity caused by executive equity incentives.

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