股权激励项目的顺利推行，除了与老板的决心、企业发展、方案细节设计、落地实施等息息相关以外，还与股权激励定价存在紧密关系。股权激励定价决定着激励对象获得股份的成本，因此往往决定着激励对象的参与意愿，同时也决定着激励对象未来的股份收益。

The successful implementation of equity incentive project is closely related to the determination of the boss, the development of the enterprise, the detailed design of the scheme and the implementation, as well as the pricing of equity incentive. Equity incentive pricing determines the cost of the incentive object to obtain shares, so it often determines the incentive object's willingness to participate, and also determines the incentive object's future share income.

实施股权激励过程中，必然存在关于股份数量、价位、条件等等方面的分歧，因此从心理层面来讲，股权激励价位的具体设计是股东和员工心理博弈的结果，如果双方没有共赢的意识，很难促成统一。

In the process of implementing equity incentive, there must be differences on the number of shares, price, conditions and so on. Therefore, from the psychological level, the specific design of equity incentive price is the result of psychological game between shareholders and employees. If both sides do not have the sense of win-win, it is difficult to promote unity.

项目组实施股权激励项目中，碰到不乏因定价无法达成一致意见的情形，股东认为公司的发展非常稳健、未来的发展明显可期，或者认为以较低的价位授予员工股份，对于原股东来说成本过高等等，因此在股份定价上倾向于以更高的价位授予股份;

During the implementation of equity incentive projects, the project team encountered many cases where the pricing could not reach an agreement. The shareholders thought that the development of the company was very stable and the future development was obvious. Or they thought that it was too expensive for the original shareholders to grant employees shares at a lower price, so they tended to grant shares at a higher price;

而激励对象认为价位过高，体现不出股东的诚意，激励力度不足等等。股权激励的定价，华扬资本认为有标价和出价的区别，标价即股权激励的每股价位=公司估值÷总股本，对于非上市公司而言，总股本即注册资本，因此标价的关键在于公司估值的确定。

The incentive objects think that the price is too high, which can not reflect the sincerity of shareholders, and the incentive strength is insufficient. Huayang capital thinks that there is a difference between bid price and bid price in the pricing of equity incentive, that is, the price per share of equity incentive = company valuation ÷ Total share capital, for non listed companies, is the registered capital, so the key to price is to determine the company's valuation.

公司估值的确定可以选择基于资产、收益、市场的估值方法，其中基于资产的估值方法包括账面价值法、资产评估法等，基于收益的估值方法包括现金流折现法、市盈率法等，基于市场的估值方法包括市场交易类比法等。公司估值是一门科学又是一门艺术，与估值的目的、行业、资本市场的定价、成长性、流动性、企业特点等有很大关联。

The company's valuation can be determined by the valuation methods based on assets, income and market. The valuation methods based on assets include book value method, asset valuation method, etc., the valuation methods based on income include discounted cash flow method, P / E ratio method, etc., and the valuation methods based on market include market transaction analogy method, etc. Company valuation is a science as well as an art, which is closely related to the purpose of valuation, industry, capital market pricing, growth, liquidity and enterprise characteristics.