股权激励方案落地执行
十年股权整理解决方案落地实施

　　山东股权激励方案：拟上市企业股权激励的全流程设计与合规实施指南

　　Shandong Equity Incentive Plan: Guidelines for the Full Process Design and Compliance Implementation of Equity Incentives for Proposed Listed Companies

　　一、IPO进程中股权激励的战略定位与价值重塑

　　1、 Strategic positioning and value reshaping of equity incentives in the IPO process

　　在注册制改革的大背景下，科创板和创业板的监管动态不断变化，股权激励在企业IPO全周期中的战略价值愈发凸显。根据最新数据，2023年A股市场中，科创板和创业板公司实施股权激励的比例显著提高，其中科创板公司中实施股权激励的比例高达95.52%，创业板公司中这一比例也达到了87.27%，相较于2018年A股IPO过会企业中实施股权激励计划的较低比例，2023年的数据表明股权激励在企业IPO全周期中的战略价值得到了显著提升。以科创板为例，2023年成功上市的67家公司中，有64家披露了在上市前实施了股权激励，占比高达95.52%。这一数据变化揭示了股权激励对企业上市进程的实际影响，它不仅能吸引和留住核心人才，提升团队凝聚力，还能促进企业的可持续发展，为企业的上市之路增添助力。

　　Against the backdrop of the registration system reform, the regulatory dynamics of the Science and Technology Innovation Board and the Growth Enterprise Market are constantly changing, and the strategic value of equity incentives in the entire IPO cycle of enterprises is becoming increasingly prominent. According to the latest data, the proportion of companies on the Science and Technology Innovation Board and the Growth Enterprise Board implementing equity incentives in the A-share market in 2023 has significantly increased. Among them, the proportion of companies on the Science and Technology Innovation Board implementing equity incentives is as high as 95.52%, and the proportion of companies on the Growth Enterprise Board has also reached 87.27%. Compared with the lower proportion of companies implementing equity incentive plans in A-share IPO meetings in 2018, the data in 2023 shows that the strategic value of equity incentives in the entire IPO cycle of enterprises has been significantly improved. Taking the Science and Technology Innovation Board as an example, among the 67 companies that successfully went public in 2023, 64 disclosed implementing equity incentives before listing, accounting for a staggering 95.52%. This data change reveals the actual impact of equity incentives on the listing process of enterprises. It can not only attract and retain core talents, enhance team cohesion, but also promote the sustainable development of enterprises, adding support to the path of enterprise listing.

　　拟上市企业实施股权激励具有一定的特殊性。企业一方面需遵循上市要求，精心设计合理高效的激励方案，确保各方利益均衡；另一方面，激励方案的执行须与企业战略目标紧密相连，为企业的长远发展奠定坚实基础。

　　The implementation of equity incentives by companies planning to go public has certain particularities. On the one hand, enterprises need to comply with listing requirements, carefully design reasonable and efficient incentive plans, and ensure a balance of interests among all parties; On the other hand, the implementation of incentive plans must be closely linked to the strategic goals of the enterprise, laying a solid foundation for its long-term development.

　　1、资本运作视角下的激励定位

　　1. Incentive positioning from the perspective of capital operation

　　从资本运作的角度来看，Pre - IPO阶段的股权激励与上市后的股权管理存在着紧密的衔接逻辑。Pre - IPO阶段的股权激励旨在吸引和留住核心人才，提升企业的竞争力，为上市做好准备。而上市后的股权管理则需要考虑如何维护股东利益，促进企业的稳定发展。

　　From the perspective of capital operation, there is a close connection between equity incentives during the Pre IPO stage and equity management after listing. Pre IPO stage equity incentives aim to attract and retain core talents, enhance the competitiveness of the enterprise, and prepare for listing. After going public, equity management needs to consider how to safeguard shareholder interests and promote the stable development of the enterprise.

　　ESOP（员工持股计划）对企业的估值管理具有双向影响。合理的ESOP可以提升企业的估值，因为它能够激励员工积极工作，提高企业的业绩和市场竞争力。然而，如果ESOP设计不合理，可能会对企业的估值产生负面影响。

　　ESOP (Employee Stock Ownership Plan) has a dual impact on the valuation management of enterprises. A reasonable ESOP can enhance the valuation of a company, as it can motivate employees to work actively, improve the company's performance and market competitiveness. However, if the ESOP design is not reasonable, it may have a negative impact on the valuation of the enterprise.

　　以2023年某生物医药企业为例，该企业在Pre - IPO阶段实施了股权激励计划，但由于激励计划设计存在缺陷，如华昊中天案例所示，导致了上市审核的延期。在激励计划实施前，企业的股权结构较为清晰，创始人持股比例为60%，核心团队持股比例为20%，外部投资者持股比例为20%。实施激励计划后，由于激励对象范围设定不合理，导致部分员工获得了过多的股权，使得创始人的持股比例下降至50%，核心团队持股比例上升至30%，外部投资者持股比例不变。这一股权结构的变化引起了监管部门的关注，要求企业重新调整激励计划，补充相关材料，从而导致上市审核延期。以下是该企业股权结构变化的数据图表：

　　Taking a biopharmaceutical company in 2023 as an example, the company implemented an equity incentive plan during the Pre IPO stage. However, due to design flaws in the incentive plan, as shown in the case of Huahao Zhongtian, the listing review was delayed. Before the implementation of the incentive plan, the equity structure of the enterprise was relatively clear, with the founder holding 60% of the shares, the core team holding 20% of the shares, and external investors holding 20% of the shares. After the implementation of the incentive plan, due to the unreasonable setting of the incentive target range, some employees obtained excessive equity, resulting in the founder's shareholding ratio decreasing to 50%, the core team's shareholding ratio increasing to 30%, and the external investors' shareholding ratio remaining unchanged. The change in equity structure has attracted the attention of regulatory authorities, requiring companies to readjust their incentive plans and supplement relevant materials, resulting in a delay in the listing review. The following is a data chart of the changes in the equity structure of the company:

　　|时间｜创始人持股比例｜核心团队持股比例｜外部投资者持股比例|

　　|Time | Founder's shareholding ratio | Core team shareholding ratio | External investor shareholding ratio|

　　| ---- | ---- | ---- | ---- |

　　| ---- | ---- | ---- | ---- |

　　|激励计划实施前|60%|20%|20%|

　　|Before the implementation of the incentive plan | 60% | 20% | 20%|

　　|激励计划实施后|50%|30%|20%|

　　|After the implementation of the incentive plan | 50% | 30% | 20%|

　　2、监管红线与合规边界

　　2. Regulatory red lines and compliance boundaries

　　根据《上海证券交易所科创板股票上市规则》第4.4.5条，激励对象的范围和条件已明确，包括董事、高级管理人员、核心技术人员或核心业务人员等，这些人员需对公司的经营业绩和未来发展产生直接影响。这一规定的变化旨在确保股权激励的有效性和针对性，防止激励对象范围过宽或过窄。

　　According to Article 4.4.5 of the Shanghai Stock Exchange Science and Technology Innovation Board Listing Rules, the scope and conditions of incentive targets have been clearly defined, including directors, senior management personnel, core technical personnel, or core business personnel, who need to have a direct impact on the company's operating performance and future development. The change in this regulation aims to ensure the effectiveness and targeting of equity incentives, and prevent the scope of incentive targets from being too wide or too narrow.

　　2024年，证监会出台新规，对期权费用的会计处理施以更为严格的标准，敦促企业精细核算期权费用，力保财务报表的透明度与精确度。

　　In 2024, the China Securities Regulatory Commission (CSRC) issued new regulations to impose stricter standards on the accounting treatment of option fees, urging companies to accurately calculate option fees and ensure the transparency and accuracy of financial statements.

　　某半导体企业因未及时调整激励计划，导致需要补充法律意见书。该企业在激励计划实施过程中，没有根据《科创板股票上市规则》第4.4.5条的规定及时调整激励对象范围，使得部分不符合条件的人员被纳入激励对象名单。上市审核之际，监管部门敏锐洞察出此问题，随即责令企业提交法律意见书，详尽阐述激励计划的合规依据。这一操作失误不仅增加了企业的上市成本，还延长了上市时间。

　　A semiconductor company needs to supplement a legal opinion due to failure to adjust its incentive plan in a timely manner. During the implementation of the incentive plan, the company did not timely adjust the scope of incentive targets in accordance with Article 4.4.5 of the Science and Technology Innovation Board Listing Rules, resulting in some ineligible individuals being included in the list of incentive targets. At the time of the listing review, the regulatory authorities keenly identified this issue and immediately ordered the company to submit a legal opinion, detailing the compliance basis of the incentive plan. This operational error not only increases the cost of the company's listing, but also prolongs the listing time.

　　这一案例强调了上市前合规审查的要点。企业在设计和实施股权激励计划时，必须严格遵守相关法律法规和监管要求，及时关注监管政策的变化，对激励计划进行适时调整，确保激励计划的合法性和合规性。同时，企业还应加强内部审核，建立健全的合规管理体系，防范合规风险。

　　This case emphasizes the key points of pre-market compliance review. When designing and implementing equity incentive plans, enterprises must strictly comply with relevant laws, regulations, and regulatory requirements, timely pay attention to changes in regulatory policies, make timely adjustments to incentive plans, and ensure the legality and compliance of incentive plans. At the same time, enterprises should strengthen internal audits, establish a sound compliance management system, and prevent compliance risks.

　　二、注册制下股权激励方案设计六维模型

　　2、 Six dimensional model for designing equity incentive schemes under the registration system

　　1、战略导向型工具选择矩阵

　　1. Strategic oriented tool selection matrix

　　注册制背景下，企业设计股权激励方案，关键在于构建涵盖限制性股票、期权及虚拟股权的三维决策模型。这些工具各具特色，企业需结合战略目标、发展阶段、财务状况等因素全面权衡。

　　Under the registration system, the key to designing equity incentive plans for enterprises is to construct a three-dimensional decision-making model that covers restricted stocks, options, and virtual equity. These tools have their own characteristics, and enterprises need to comprehensively weigh factors such as strategic goals, development stages, and financial conditions.

　　限制性股票是指激励对象按照股权激励计划规定的条件，获得的转让等部分权利受到限制的本公司股票。这种工具能够让激励对象直接成为股东，增强其归属感和责任感，但可能会对公司的股权结构产生一定影响。

　　Restricted stocks refer to the company's stocks that are subject to restrictions on the transfer and other rights obtained by incentive recipients in accordance with the conditions stipulated in the equity incentive plan. This tool can enable incentive targets to become shareholders directly, enhancing their sense of belonging and responsibility, but it may have a certain impact on the company's equity structure.

　　期权是指公司授予激励对象在未来一定期限内以预先确定的价格和条件购买本公司一定数量股份的权利。期权具有较强的激励性，能够充分调动激励对象的积极性，但也存在一定的不确定性，若股价下跌，激励对象可能会放弃行权。

　　Option refers to the right granted by a company to incentivized individuals to purchase a certain number of shares of the company at a predetermined price and conditions within a certain period of time in the future. Options have strong incentives and can fully motivate the incentive recipients, but there is also a certain degree of uncertainty. If the stock price falls, the incentive recipients may give up exercising.

　　虚拟股权是指公司授予激励对象一种虚拟的股权，激励对象可以据此享受一定数量的分红权和股价升值收益，但没有所有权和表决权，不能转让和出售，在离开公司时自动失效。虚拟股权不会影响公司的股权结构，操作相对灵活，但激励效果可能相对较弱。

　　Virtual equity refers to a type of virtual equity granted by a company to incentive recipients, which allows them to enjoy a certain amount of dividend rights and stock price appreciation benefits, but without ownership and voting rights, and cannot be transferred or sold. It automatically becomes invalid when leaving the company. Virtual equity will not affect the company's equity structure and is relatively flexible to operate, but the incentive effect may be relatively weak.

　　不同的激励工具对财务报表的影响也存在差异。限制性股票在授予时，公司需要确认相关的费用，会对当期利润产生一定的影响；期权在等待期内，公司需要按照一定的方法对期权费用进行摊销，也会影响利润；虚拟股权的分红支出通常计入当期费用，同样会对利润产生影响。

　　The impact of different incentive tools on financial statements also varies. When granting restricted stocks, the company needs to confirm the relevant expenses, which will have a certain impact on the current profit; During the waiting period of options, the company needs to amortize the option cost according to a certain method, which will also affect profits; The dividend expenses of virtual equity are usually included in current expenses, which can also have an impact on profits.

　　某智能制造企业结合第二类限制性股票与业绩对赌条款进行了创新实践。该企业处于快速发展阶段，需要激励核心团队提升业绩，同时吸引外部投资者。根据参考资料0，第二类限制性股票实质上是公司赋予员工在满足可行权条件后以约定价格购买公司股票的权利，员工可获取行权日股票价格高于授予价格的上行收益，但不承担股价下行风险。业绩对赌条款则规定，若公司在一定期限内达到特定的业绩目标，激励对象可以获得额外的股权奖励；若未达到目标，激励对象需要按照约定回购部分股权。这种工具组合运用带来了显著的估值提升效果。在实施该激励方案前，企业的估值为5亿元；实施后，由于核心团队的积极性得到充分调动，公司业绩大幅提升，估值上升至8亿元，提升了60%。

　　A certain intelligent manufacturing enterprise has innovatively implemented the second type of restricted stock and performance betting clause. The enterprise is in a rapid development stage and needs to motivate the core team to improve performance while attracting external investors. According to reference 0, the second type of restricted stock is essentially the right granted by the company to employees to purchase company stocks at an agreed price after meeting the conditions for exercise. Employees can receive upward returns on the exercise date when the stock price is higher than the grant price, but do not bear the risk of stock price decline. The performance betting clause stipulates that if the company achieves specific performance goals within a certain period of time, the incentive object can receive additional equity rewards; If the target is not achieved, the incentive recipient needs to repurchase a portion of the equity as agreed. This combination of tools has brought significant valuation improvement effects. Before implementing the incentive plan, the company's valuation was 500 million yuan; After implementation, due to the full mobilization of the core team's enthusiasm, the company's performance significantly improved, and the valuation rose to 800 million yuan, an increase of 60%.

　　2、动态调整机制的合规设计

　　2. Compliance design of dynamic adjustment mechanism

　　上市审核对回购条款有特殊要求，这些要求旨在规范上市公司的回购行为，保护投资者和公司的合法权益。回购条款作为股权激励方案中的重要组成部分，详细规定了在特定情况下公司有权回购激励对象持有的股权，例如为了稳定公司股价、改善公司财务状况、提高每股收益，或是用于员工持股计划、股权激励计划等特定用途。在上市审核过程中，监管部门会关注回购条款的合理性和合规性，要求回购价格、回购条件等符合相关法律法规和监管政策的要求。

　　The listing review has special requirements for repurchase terms, which aim to regulate the repurchase behavior of listed companies and protect the legitimate rights and interests of investors and companies. The repurchase clause, as an important component of equity incentive plans, specifies in detail the company's right to repurchase the equity held by incentive recipients under specific circumstances, such as to stabilize the company's stock price, improve its financial condition, increase earnings per share, or for specific purposes such as employee stock ownership plans and equity incentive plans. During the listing review process, regulatory authorities will pay attention to the reasonableness and compliance of repurchase terms, requiring repurchase prices, repurchase conditions, and other requirements to comply with relevant laws, regulations, and regulatory policies.

　　业绩考核指标与招股书披露数据的紧密衔接至关重要。作为股权激励方案的核心要素，业绩考核指标直接关乎激励对象能否赢得股权奖励。招股书披露数据则是向投资者展示公司经营状况和发展前景的重要依据。企业在设计业绩考核指标时，应确保其与招股书披露数据具有一致性和可比性，遵循会计准则和规定，使用一致的会计政策，并提供详细的注释和说明，以避免误导投资者。

　　The close connection between performance evaluation indicators and the disclosed data in the prospectus is crucial. As the core element of equity incentive schemes, performance evaluation indicators directly affect whether incentive recipients can win equity rewards. The disclosure of data in the prospectus is an important basis for showing investors the company's operating conditions and development prospects. When designing performance evaluation indicators, enterprises should ensure consistency and comparability with the disclosed data in the prospectus, follow accounting standards and regulations, use consistent accounting policies, and provide detailed annotations and explanations to avoid misleading investors.

　　某互联网企业因未设置动态调整机制导致股权纠纷。该企业在实施股权激励方案时，没有考虑到市场环境和公司经营状况的变化，业绩考核指标和回购条款等内容固定不变。面对日益激烈的市场竞争，公司业绩未能达标，导致部分激励对象质疑业绩考核指标的合理性，进而提出调整要求。而公司则坚持按照原方案执行，双方无法达成一致，最终引发了股权纠纷。该纠纷的诉讼标的金额为500万元，涉及的股权比例为5%。在纠纷发生前，激励对象持有公司5%的股权；纠纷发生后，由于部分股权被冻结，激励对象实际可支配的股权比例下降至3%。

　　An Internet enterprise has not set up a dynamic adjustment mechanism, resulting in equity disputes. When implementing the equity incentive plan, the company did not take into account changes in the market environment and the company's operating conditions, and the performance evaluation indicators and repurchase terms remained fixed and unchanged. Faced with increasingly fierce market competition, the company's performance has not met the standards, leading some incentive recipients to question the rationality of performance evaluation indicators and propose adjustment requirements. However, the company insisted on implementing the original plan, but the two parties were unable to reach an agreement, which ultimately led to an equity dispute. The subject matter of the dispute is 5 million yuan, and the equity involved is 5%. Prior to the dispute, the incentive recipient held 5% of the company's equity; After the dispute, due to the freezing of some equity, the proportion of actual disposable equity of the incentive object decreased to 3%.

　　3、成本管控与股份支付测算

　　3. Cost control and calculation of share based payments

　　为了有效管控股权激励成本，企业需要建立包含等待期、归属期、市场参数的量化测算模型。等待期，即激励对象获取股权后须静待的特定期限，期间内无法行使相关权利；归属期，则是激励对象达成既定条件后，股权正式划归其所有的时段。市场参数则包括股价、波动率等因素。通过对这些因素进行量化分析，企业可以准确测算出股份支付费用，合理安排资金，避免因成本过高影响公司的财务状况。

　　In order to effectively control the cost of equity incentives, companies need to establish a quantitative calculation model that includes waiting periods, attribution periods, and market parameters. Waiting period, which refers to a specific period during which incentive recipients must wait patiently after acquiring equity, during which they are unable to exercise their relevant rights; The attribution period refers to the period during which the equity is officially transferred to the incentive recipient after they meet the predetermined conditions. Market parameters include factors such as stock price and volatility. By quantitatively analyzing these factors, enterprises can accurately calculate the cost of share based payments, arrange funds reasonably, and avoid the impact of high costs on the company's financial situation.

　　不同的定价方式对净利润的影响程度也有所不同。常见的定价方式包括公平市场价格定价、折扣定价等。公平市场价格定价，虽能精准映射股权的真实价值，却也可能推高股份支付费用，从而对净利润造成显著波动。折扣定价可以降低股份支付费用，但可能会引发监管部门的关注，需要确保定价的合理性和合规性。

　　The impact of different pricing methods on net profit also varies. Common pricing methods include fair market pricing, discount pricing, etc. Fair market pricing, while accurately reflecting the true value of equity, may also drive up share based payment fees, resulting in significant fluctuations in net profit. Discount pricing can reduce the cost of share based payments, but it may attract the attention of regulatory authorities, and it is necessary to ensure the rationality and compliance of pricing.

　　某芯片设计企业因股份支付费用测算误差导致净利润调整30%。该企业在测算股份支付费用时，对市场参数的估计不准确，导致费用计算出现偏差。在审计过程中，审计机构发现了这一问题，要求企业进行调整。调整后的净利润较原报表减少了30%。以下是审计调整分录示例：

　　A chip design company's net profit was adjusted by 30% due to calculation errors in share based payment expenses. The company's inaccurate estimation of market parameters in calculating share based payment expenses resulted in a deviation in the cost calculation. During the audit process, the auditing agency discovered this issue and requested the company to make adjustments. The adjusted net profit decreased by 30% compared to the original report. The following is an example of audit adjustment entries:

　　借：管理费用 - 股份支付费用（调整增加金额）

　　Borrowing: Management expenses - Share based payment expenses (adjusted to increase amount)

　　贷：资本公积 - 其他资本公积（调整增加金额）

　　Loan: Capital reserve - Other capital reserve (adjusted increase amount)

　　这一案例提醒企业，在进行股份支付测算时，必须依据《企业会计准则第19号——股份支付》的规定，谨慎对待市场参数的估计，确保费用计算的准确性。这包括考虑股份支付的条件、期限、行权价格、行权方式等因素，以及市场上类似股份支付的交易价格等信息来确定公允价值，避免因测算误差对财务报表产生重大影响。

　　This case reminds companies that when calculating share based payments, they must be cautious in estimating market parameters and ensure the accuracy of cost calculations in accordance with the provisions of Enterprise Accounting Standard No. 19- Share based Payments. This includes considering factors such as the conditions, term, exercise price, exercise method, and similar transaction prices of share based payments in the market to determine fair value and avoid significant impact on financial statements due to measurement errors.

　　三、注册制审核要点与典型案例解析

　　3、 Key points and typical case analysis of registration system review

　　1、信息披露的雷区与排雷策略

　　1. The Minefield of Information Disclosure and Mine Clearance Strategies

　　注册制审核过程中，信息披露构成了企业面临的关键一环，其间潜藏的高频问询问题，犹如密布的雷区，要求企业必须以谨慎的态度加以应对。常见的问询问题包括离职回购条款和突击入股认定等。

　　In the process of registration system review, information disclosure constitutes a key link faced by enterprises, and the high-frequency inquiry issues hidden in it are like dense minefields, requiring enterprises to respond with caution. Common inquiry questions include the terms of resignation buyback and the determination of sudden investment.

　　离职回购条款方面，监管部门关注其合理性和公平性。例如，回购价格的确定方式是否合理，是否会损害激励对象的利益；回购条件是否明确，是否存在模糊不清容易引发纠纷的情况。突击入股认定也是重点，监管会审查入股时间、入股价格、入股原因等，判断是否存在利益输送或其他违规行为。

　　In terms of the terms of resignation repurchase, regulatory authorities are concerned about their reasonableness and fairness. For example, whether the method of determining the repurchase price is reasonable and whether it will harm the interests of the incentive recipients; Whether the repurchase conditions are clear and whether there are ambiguous situations that may lead to disputes. The determination of sudden investment is also a key focus, and regulators will review the timing, price, and reasons for investment to determine whether there is any transfer of benefits or other violations.

　　在问询回复的表述技巧上，企业应做到清晰、准确、完整。应杜绝使用含糊不清、可能引起误解的语言，而应基于事实，对相关情况进行详尽无遗的阐述。同时，要突出重点，针对问题核心进行回答，不要冗长复杂却未触及关键。

　　In terms of expression skills for inquiry responses, enterprises should achieve clarity, accuracy, and completeness. Vague and potentially misleading language should be avoided, and detailed explanations of relevant situations should be based on facts. At the same time, it is important to highlight key points and provide answers to the core of the problem, avoiding being lengthy and complex without touching on the key points.

　　以某新能源车企IPO过程中关于ESOP的三轮问询为例。第一轮问询中，监管部门主要关注离职回购条款的具体内容，要求企业说明回购价格的计算方式以及是否与市场情况相符。企业详细解释了回购价格的确定方法，指出价格是基于公司净资产和市场估值的综合考量，并提供了相应的计算依据和市场参考数据。

　　Taking the three rounds of inquiries about ESOP during the IPO process of a new energy vehicle company as an example. In the first round of inquiries, regulatory authorities mainly focused on the specific content of the buyback terms for resignations, requiring companies to explain the calculation method of the buyback price and whether it is in line with market conditions. The company provided a detailed explanation of the method for determining the repurchase price, stating that the price is based on a comprehensive consideration of the company's net assets and market valuation, and provided corresponding calculation basis and market reference data.

　　第二轮问询，监管进一步询问突击入股的情况，包括入股股东的背景、入股资金来源等。企业在回复中明确阐述，所有入股股东均为对公司发展具有显著贡献的战略伙伴，其入股资金来源正当合法，且附上详尽的资金流水记录及正式的投资协议以资证明。

　　In the second round of inquiries, the regulatory authorities further inquired about the situation of the sudden investment, including the background of the shareholders and the source of the investment funds. The company clearly stated in its response that all shareholders who have invested in the company are strategic partners who have made significant contributions to the company's development. The source of their investment funds is legitimate and legal, and detailed financial records and formal investment agreements are attached as proof.

　　监管在第三轮问询中要求企业对离职回购条款和突击入股情况进行综合说明，并评估其对公司股权结构和治理的影响。企业回应强调，这些安排旨在激励员工和吸引战略投资者，以促进公司的长期发展。企业进一步指出，这些措施经过了法律风险评估，并且在实践中得到了专家的正面评价，认为它们对公司的股权结构和治理没有产生不利影响。

　　In the third round of inquiries, regulators require companies to provide a comprehensive explanation of the terms of exit buybacks and sudden equity investments, and evaluate their impact on the company's equity structure and governance. The company's response emphasizes that these arrangements are aimed at motivating employees and attracting strategic investors to promote the company's long-term development. The company further pointed out that these measures have undergone legal risk assessment and have received positive evaluations from experts in practice, believing that they have not had any adverse effects on the company's equity structure and governance.

　　通过这三轮问询，我们可以看到问询问题的演化路径是从具体条款的审查到综合影响的评估。企业的应对策略则是始终保持信息披露的真实性、准确性和完整性，以充分的证据和合理的解释来回应监管的质疑。

　　Through these three rounds of inquiries, we can see that the evolution path of inquiry questions is from the review of specific terms to the evaluation of comprehensive impact. The response strategy of enterprises is to always maintain the authenticity, accuracy, and completeness of information disclosure, and respond to regulatory questions with sufficient evidence and reasonable explanations.

　　2、科创板第五套标准企业的特殊考量

　　2. Special considerations for enterprises in the fifth standard of the Science and Technology Innovation Board

　　科创板第五套标准主要针对未盈利的企业，这类企业的激励计划设计具有特殊性。未盈利状态下，企业难以依赖净利润等财务指标作为激励考核的主导依据，故而需探索其他能够彰显企业发展潜力及价值的衡量标准。

　　The fifth set of standards for the Science and Technology Innovation Board mainly targets unprofitable enterprises, and the incentive plan design for such enterprises has special characteristics. In an unprofitable state, it is difficult for enterprises to rely on financial indicators such as net profit as the main basis for incentive assessment, so it is necessary to explore other measurement standards that can demonstrate the potential and value of enterprise development.

　　研发费用资本化与激励成本的协同管理也是关键问题。研发费用资本化可以增加企业的资产和利润，但需要符合一定的条件。在设计激励计划时，企业需要考虑如何将研发费用资本化与激励成本进行合理地匹配，避免因激励成本过高而影响研发费用资本化的合理性。

　　The synergistic management of R&D expense capitalization and incentive costs is also a key issue. Capitalization of research and development expenses can increase a company's assets and profits, but certain conditions must be met. When designing incentive plans, companies need to consider how to properly match the capitalization of R&D expenses with incentive costs, in order to avoid the impact of high incentive costs on the rationality of R&D expense capitalization.

　　某创新药企采用了里程碑式归属条件的创新方案，类似于通化东宝药业和南京医药股份所实施的股权激励计划。该方案根据药物的临床进展设置了不同的股权解锁条件，具体对应关系如下表：

　　A certain innovative pharmaceutical company has adopted an innovative plan with milestone attribution conditions, similar to the equity incentive plans implemented by Tonghua Dongbao Pharmaceutical and Nanjing Pharmaceutical Co., Ltd. This plan sets different equity unlocking conditions based on the clinical progress of the drug, and the specific corresponding relationship is shown in the table below:

　　临床进展阶段

　　Clinical progression stage

　　股权解锁比例

　　Equity unlocking ratio

　　临床试验获批

　　Clinical trial approved

　　10%

　　10%

　　一期临床试验完成

　　Phase I clinical trial completed

　　20%

　　20%

　　二期临床试验完成

　　Phase II clinical trial completed

　　30%

　　30%

　　三期临床试验完成

　　Phase III clinical trial completed

　　40%

　　40%

　　这种方案的优点在于能够将激励对象的利益与企业的研发进展紧密结合，激励他们积极推动药物研发进程。同时，也为企业在未盈利阶段提供了一种有效的激励方式，避免了单纯以财务指标考核的局限性。

　　The advantage of this approach is that it can closely integrate the interests of incentive targets with the research and development progress of the enterprise, motivating them to actively promote the drug development process. At the same time, it also provides an effective incentive method for enterprises in the unprofitable stage, avoiding the limitations of solely assessing based on financial indicators.

　　3、股权纠纷预防与危机处理

　　3. Prevention and Crisis Management of Equity Disputes

　　为防范股权纠纷，企业需构建涵盖代持、离职回购、税务争议、控制权争夺四大类常见纠纷的预警机制。对于代持纠纷，要明确代持协议的条款，确保双方的权利和义务清晰；离职回购纠纷方面，要提前制定合理的回购条款并严格执行；税务争议需要加强税务筹划和合规管理；控制权争夺则要通过合理的股权结构设计和公司章程规定来防范。

　　To prevent equity disputes, enterprises need to establish a warning mechanism covering four common types of disputes: proxy holding, resignation repurchase, tax disputes, and control disputes. For disputes over proxy ownership, it is necessary to clarify the terms of the proxy agreement to ensure that the rights and obligations of both parties are clear; In terms of disputes over resignation repurchase, reasonable repurchase terms should be formulated in advance and strictly enforced; Tax disputes require strengthened tax planning and compliance management; The competition for control rights should be prevented through reasonable equity structure design and company articles of association regulations.

　　在问询期，企业还需要制定应急响应流程。一旦股权纠纷浮现，企业需即刻激活应急机制，迅速与监管部门建立沟通渠道，并采取针对性措施，有效化解问题，从而确保上市进程不受重大干扰。

　　During the inquiry period, companies also need to establish emergency response procedures. Once equity disputes arise, companies need to immediately activate emergency mechanisms, quickly establish communication channels with regulatory authorities, and take targeted measures to effectively resolve the problem, thereby ensuring that the listing process is not significantly disrupted.

　　某AI企业上市前爆发了代持纠纷事件。事件起因是部分股东通过代持方式持有公司股权，但代持协议存在条款不明确的问题。随着公司上市进程的推进，代持双方在股权归属和利益分配上产生了分歧。

　　A dispute over proxy ownership erupted before a certain AI company went public. The cause of the incident was that some shareholders held the company's equity through proxy, but the proxy agreement had unclear terms. With the progress of the company's listing process, there have been differences in equity ownership and benefit distribution between the proxy holders.

　　经对股东会决议文本的关键条款进行深入剖析，发现其中对于代持股权的处理缺乏明确规定，这直接导致了双方在纠纷爆发时难以达成统一意见。在纠纷发生后，企业迅速启动了应急响应流程，成立了专门的纠纷处理小组，与监管部门保持密切沟通。同时，积极与代持双方进行协商，最终通过重新签订代持协议和调整股权结构的方式解决了纠纷，确保了上市进程的顺利进行。这一案例提醒企业，在股权管理过程中要重视代持协议等关键文件的制定，避免因条款不明确引发纠纷。

　　After in-depth analysis of the key provisions of the shareholder meeting resolution text, it was found that there is a lack of clear regulations on the handling of proxy shares, which directly leads to difficulties in reaching a unified opinion between the two parties when disputes arise. After the dispute occurred, the company quickly initiated the emergency response process, established a dedicated dispute resolution team, and maintained close communication with regulatory authorities. At the same time, we actively negotiated with both the proxy holders and ultimately resolved the dispute by re signing the proxy agreement and adjusting the equity structure, ensuring the smooth progress of the listing process. This case reminds companies to pay attention to the formulation of key documents such as proxy agreements in the process of equity management, in order to avoid disputes caused by unclear terms.

　　四、全生命周期管理体系的构建与迭代

　　4、 Construction and iteration of a full lifecycle management system

　　1、上市后行权管理的衔接机制

　　1. The linkage mechanism of exercise management after listing

　　企业企业上市后，构建一套涵盖限售期管理、减持信息披露及市值考核机制在内的延续方案，对于确保行权管理的有效性至关重要。限售期的设置能够稳定公司股权结构，避免短期内大量股权抛售对市场造成冲击。减持披露制度要求股东在减持股份时必须迅速且精确地向市场披露相关信息，以确保投资者的知情权得到充分保障。市值考核可以促使管理层和核心员工关注公司的市场价值，激励他们为提升公司市值而努力。

　　After a company goes public, it is crucial to establish a continuation plan that includes lock up period management, disclosure of reduction information, and market value assessment mechanism to ensure the effectiveness of exercise management. The establishment of a lock up period can stabilize the company's equity structure and avoid the impact of large-scale equity selling on the market in the short term. The disclosure system for share reduction requires shareholders to quickly and accurately disclose relevant information to the market when reducing their holdings, in order to ensure that investors' right to know is fully protected. Market value assessment can encourage management and core employees to pay attention to the company's market value and motivate them to work hard to increase the company's market value.

　　同时，建立与股权质押、再融资的联动规则也不容忽视。股权质押是股东获取资金的一种方式，但过度质押可能会增加公司的风险。因此，制定恰当的质押比例和高效的预警机制至关重要，以确保公司股权结构的稳固。再融资则是公司扩大规模、提升竞争力的重要手段，行权管理需与再融资计划紧密配合，以防止对公司的资金流和股权结构造成任何负面冲击。

　　At the same time, the establishment of linkage rules with equity pledge and refinancing cannot be ignored. Equity pledge is a way for shareholders to obtain funds, but excessive pledge may increase the company's risk. Therefore, it is crucial to establish appropriate pledge ratios and efficient warning mechanisms to ensure the stability of the company's equity structure. Refinancing is an important means for companies to expand their scale and enhance their competitiveness. Exercise management needs to be closely coordinated with the refinancing plan to prevent any negative impact on the company's cash flow and equity structure.

　　某科创板上市公司上市后首年集中行权引发了股价波动。该公司在上市前实施了股权激励计划，上市后首年大量激励对象集中行权。行权前，公司股价为每股50元，行权后，由于市场上股票供应量大幅增加，股价迅速下跌至每股40元。以下是该公司的交易数据与大宗交易记录：

　　The concentrated exercise of rights by a company listed on the Science and Technology Innovation Board in its first year of listing triggered stock price fluctuations. The company implemented a stock incentive plan before going public, and in the first year after going public, a large number of incentive targets exercised their rights. Before exercising, the company's stock price was 50 yuan per share. After exercising, due to a significant increase in stock supply in the market, the stock price quickly dropped to 40 yuan per share. Here are the trading data and bulk trading records of the company:

　　时间

　　time

　　股价（元）

　　Stock price (yuan)

　　成交量（万股）

　　Trading volume (10000 shares)

　　大宗交易记录

　　Bulk transaction records

　　行权前

　　Before exercising the right

　　50

　　fifty

　　100

　　one hundred

　　无

　　none

　　行权后

　　After exercising the right

　　40

　　forty

　　300

　　three hundred

　　某机构以每股38元的价格买入50万股

　　A certain institution bought 500000 shares at a price of 38 yuan per share

　　这一案例提醒企业，在上市后行权管理中，要合理安排行权时间和数量，避免集中行权对股价造成过大冲击。同时，要加强与投资者的沟通，及时披露行权信息，稳定市场预期。

　　This case reminds companies to arrange exercise time and quantity reasonably in post listing exercise management, in order to avoid excessive impact on stock prices caused by concentrated exercise. At the same time, it is necessary to strengthen communication with investors, timely disclose exercise information, and stabilize market expectations.

　　2、税务筹划的合规边界与创新路径

　　2. The Compliance Boundary and Innovation Path of Tax Planning

　　2023年个税新政对境外架构产生了重要影响。新政加强了对境外所得的税收征管，要求居民个人就其全球所得缴纳个人所得税。对于采用境外架构的企业和个人来说，需要重新审视税务筹划方案，确保合规性。

　　The new individual income tax policy in 2023 has had a significant impact on overseas structures. The new policy strengthens the tax collection and management of overseas income, requiring individual residents to pay personal income tax on their global income. For enterprises and individuals adopting overseas architecture, it is necessary to re-examine their tax planning plans to ensure compliance.

　　合伙企业持股平台在税务筹划上蕴藏着不小的优化潜力。合伙企业在税收方面具有灵活性，可以根据合伙人的不同情况进行税务安排。例如，通过精心设计的利润分配方案，合伙人的税负得以有效减轻。此外，合伙企业还能受益于地方政府为促进投资而推出的税收返还等优惠政策。

　　The partnership enterprise shareholding platform has significant optimization potential in tax planning. Partnership enterprises have flexibility in taxation and can make tax arrangements based on the different situations of partners. For example, through a carefully designed profit distribution plan, the tax burden on partners can be effectively reduced. In addition, partnership enterprises can also benefit from preferential policies such as tax refunds introduced by local governments to promote investment.

　　通过采用双层开曼 - BVI架构，某红筹企业成功实现了税负的显著降低，具体而言，税负降低了42%。该企业在开曼设立母公司，在BVI设立子公司，通过合理的股权结构设计和利润分配安排，将大部分利润留在低税率地区。具体方案如下：

　　By adopting a dual layer Cayman BVI architecture, a certain red chip company successfully achieved a significant reduction in tax burden, specifically by 42%. The company has established a parent company in the Cayman Islands and a subsidiary in the BVI. Through a reasonable equity structure design and profit distribution arrangement, the majority of profits are kept in low tax areas. The specific plan is as follows:

　　开曼母公司作为控股公司，不从事实际经营活动，主要负责股权管理和利润分配。

　　The Cayman parent company, as the holding company, does not engage in actual business activities and is mainly responsible for equity management and profit distribution.

　　BVI子公司作为实际经营主体，承担公司的主要业务。

　　The BVI subsidiary, as the actual operating entity, undertakes the main business of the company.

　　通过合理的关联交易定价，将利润从高税率地区转移至低税率地区。

　　Transfer profits from high tax areas to low tax areas through reasonable pricing of related party transactions.

　　以下是该企业的外汇登记备案流程图：

　　The following is the foreign exchange registration and filing process diagram of the enterprise:

　　A[企业决策采用双层架构] --> B[办理开曼公司注册]

　　A [Enterprise decision-making adopts a dual layer structure] -->B [Handling Cayman company registration]

　　B --> C[办理BVI公司注册]

　　B -->C [Handling BVI company registration]

　　C --> D[外汇登记备案]

　　C -->D [Foreign Exchange Registration and Filing]

　　D --> E[资金跨境流动]

　　D -->E [Cross border flow of funds]

　　E --> F[利润分配与税务筹划]

　　E -->F [Profit Distribution and Tax Planning]

　　多个案例表明，在遵守税法规定的前提下，企业通过创新的税务筹划策略，如利用退税制度、税法优惠政策等，能够有效降低税负。但需要注意的是，税务筹划必须在法律法规允许的范围内进行，避免因违规行为带来税务风险。

　　Multiple cases have shown that, while complying with tax laws, enterprises can effectively reduce their tax burden through innovative tax planning strategies, such as utilizing tax refund systems and tax incentives. However, it should be noted that tax planning must be carried out within the scope permitted by laws and regulations to avoid tax risks caused by violations.

　　3、数字化管理系统的实施要点

　　3. Key Implementation Points of Digital Management System

　　通过构建涵盖授予、归属、行权、税务处理、信息披露及合规监控六大核心功能的IT系统架构，可全面实现股权激励的数字化管理流程。授予模块负责记录激励对象的基本信息和授予的股权数量；归属模块根据业绩考核指标和归属条件，自动判断激励对象是否满足归属要求；行权模块处理激励对象的行权申请，完成股权的过户和资金的结算；税务模块计算激励对象应缴纳的个人所得税，并协助企业进行税务申报和缴纳；披露模块按照监管要求，及时、准确地披露股权激励的相关信息；合规模块对股权激励计划的实施过程进行监控，确保符合法律法规和监管政策的要求。

　　By constructing an IT system architecture that covers six core functions including grant, attribution, exercise, tax processing, information disclosure, and compliance monitoring, the digital management process of equity incentives can be fully realized. The grant module is responsible for recording the basic information of incentive recipients and the number of equity granted; The attribution module automatically determines whether the incentive object meets the attribution requirements based on performance evaluation indicators and attribution conditions; The exercise module processes the exercise application of incentive objects, completes the transfer of equity and settlement of funds; The tax module calculates the personal income tax that incentive objects should pay, and assists enterprises in tax declaration and payment; The disclosure module shall timely and accurately disclose relevant information on equity incentives in accordance with regulatory requirements; The compliance module monitors the implementation process of equity incentive plans to ensure compliance with legal regulations and regulatory policies.

　　区块链技术在股权登记中具有广阔的应用前景。区块链的去中心化、不可篡改、可追溯等特点，能够提高股权登记的准确性和安全性，降低股权纠纷的发生概率。同时，区块链技术还可以实现股权的快速流转和交易，提高市场效率。

　　Blockchain technology has broad application prospects in equity registration. The decentralized, tamper proof, and traceable characteristics of blockchain can improve the accuracy and security of equity registration, and reduce the probability of equity disputes. At the same time, blockchain technology can also achieve rapid circulation and trading of equity, improving market efficiency.

　　某拟上市企业自主研发的ESOP管理系统，凭借其简洁明了的操作界面和实时数据看板，能够有效地展示股权激励的各项数据，正如在多个企业中应用ESOP系统所展现的那样，它不仅提升了生产效率，还增强了信息透明度和产品质量。操作界面分为激励对象管理、股权授予管理、归属管理、行权管理、税务管理、信息披露等多个功能模块，用户可以根据需要进行操作。数据看板展示了激励对象的基本信息、股权授予情况、归属情况、行权情况、税务缴纳情况等数据，方便企业管理层进行决策和监控。以下是该系统操作界面与数据看板的简单示意：

　　The ESOP management system independently developed by a prospective listed company, with its concise and clear operating interface and real-time data dashboard, can effectively display various data of equity incentives. As demonstrated by the application of ESOP system in multiple enterprises, it not only improves production efficiency, but also enhances information transparency and product quality. The operation interface is divided into multiple functional modules, including incentive object management, equity grant management, ownership management, exercise management, tax management, information disclosure, etc. Users can operate according to their needs. The data dashboard displays basic information, equity grants, ownership, exercise, tax payments, and other data of incentive recipients, facilitating decision-making and monitoring by the management of the enterprise. The following is a simple diagram of the system's operating interface and data dashboard:

　　操作界面功能模块

　　Operation interface function module

　　数据看板展示内容

　　Display content of data dashboard

　　激励对象管理

　　Incentive object management

　　激励对象姓名、职位、授予股权数量

　　Name, position, and number of granted equity of incentive recipients

　　股权授予管理

　　Equity grant management

　　授予时间、授予价格、授予条件

　　Grant time, grant price, grant conditions

　　归属管理

　　ownership management

　　归属时间、归属比例、业绩考核指标完成情况

　　Completion status of attribution time, attribution ratio, and performance evaluation indicators

　　行权管理

　　exercise right management

　　行权时间、行权价格、行权数量

　　Exercise time, exercise price, exercise quantity

　　税务管理

　　tax administration

　　应纳税额、已纳税额、税务申报情况

　　Taxable amount, paid amount, and tax declaration status

　　信息披露

　　information disclosure

　　披露时间、披露内容、监管反馈

　　Disclosure time, disclosure content, regulatory feedback

　　通过实施数字化管理系统，企业可以提高股权激励的管理效率和准确性，降低管理成本，同时提升企业的合规水平和透明度。

　　By implementing a digital management system, enterprises can improve the efficiency and accuracy of equity incentive management, reduce management costs, and enhance compliance and transparency.

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