在很多领导看来，企业实施股权激励，皆是一件让人欢喜的事，以为股权激励计划实施是一件很简单的事，只要做个计划，开个会，签字就能解决的事，就能留住员工，让其与公司共同发展。

In the view of many leaders, the implementation of equity incentive in enterprises is a happy thing. They think that the implementation of equity incentive plan is a very simple thing. As long as they make a plan, hold a meeting and sign, they can retain employees and develop together with the company.

但其实很多细节是他们所忽略的，开展股权激励过程中，若激励计划设计不当，可能对企业产生不利的负面影响。股权激励到底是有助于提高公司价值，解决代理人问题；还是具有负面的公司治理效应，本身就容易形成代理问题；亦或是股权激励与公司绩效之间存在着复杂多变的联系。

But in fact, many details are ignored by them. In the process of equity incentive, if the incentive plan is not designed properly, it may have an adverse impact on the enterprise. Equity incentive is helpful to improve the value of the company and solve the agent problem; Or has the negative corporate governance effect, itself is easy to form the agency problem; Or there is a complex and changeable relationship between equity incentive and corporate performance.

那么实施股权激励计划对于公司的股东有什么影响呢？

So what impact does the implementation of equity incentive plan have on the shareholders of the company?

1、稀释股权，减低现股东持股占比

1. Diluting equity and reducing the shareholding proportion of current shareholders

期权的授于其结果势必使现股东的股权得到稀释，是原来相对集中化的股份变成分散，现股东的控制权在一定水平上将会消弱。

As a result of the grant of options, the current shareholders' equity will be diluted. The original relatively centralized shares will become decentralized, and the current shareholders' control will be weakened to a certain extent.

2、导入监管，经营管理和分配利润的透明化水平要求提高

2. The transparency level of supervision, operation management and profit distribution is required to be improved

公司股东(不论持股比例多少)依法享有资产收益、参与重大决策和选择管理者等权利，具体而言，股东还享有：股东会表决权、查阅公司章程、文件和财务报告、会计帐簿的权利、分红权、以及对其他股东出让股权的优先认 购权等诸多权利。

The shareholders of the company (regardless of the shareholding ratio) enjoy the rights to return on assets, participate in major decisions and select managers according to law. Specifically, the shareholders also enjoy many rights, such as the voting right of the shareholders' meeting, the right to consult the articles of association, documents and financial reports, accounting books, the right to dividends, and the preemptive right to transfer shares to other shareholders.

股权分散化导致的结果必然是对现有股东的经营管理带来监督。在此情况下，公司的经营管理及利润分配等都应当走向规范化、透明化，重大事项的决策应当民 主化。以往“家长制”、“一言堂”的管理模式需要逐步改变。

The result of equity decentralization must bring supervision to the operation and management of existing shareholders. In this case, the company's operation and management and profit distribution should be standardized and transparent, and the decision-making of major matters should be democratized. In the past, the management mode of "paternalism" and "one speech hall" needs to be changed gradually.

3、带来潜在的纠 纷风险

3. Potential dispute risk

既然股权由集中转为分散，股东对公司经营管理、持续发展的思路就有可能出现分歧，股东之间出现矛盾并导致纠 纷的风险就大大提高。

Since the equity has changed from centralized to decentralized, shareholders may have differences on the company's operation and management and sustainable development, and the risk of contradictions and disputes between shareholders will be greatly increased.

从经营风险角度出发，余老师探究了高管股权激励与企业绩效之间的关系，认为高管得到股权激励之后，企业的经营风险会有所增加，随着经营风险的增加，会使企业经营业绩也得到提高。

From the perspective of operational risk, Mr. Yu explored the relationship between executive equity incentive and enterprise performance, and believed that after executives get equity incentive, the enterprise's operational risk will increase. With the increase of operational risk, the enterprise's operational performance will also be improved.

因此，必须加大股权激励的力度，完善高管薪酬激励的考核指标，并且加强对国企的监管力度，才能促进减少企业的非效率投资行为，大大增加企业的效率投资，使股权激励对企业绩效产生积极影响。

Therefore, we must strengthen equity incentive, improve the evaluation indicators of executive compensation incentive, and strengthen the supervision of state-owned enterprises, so as to promote the reduction of inefficient investment behavior, greatly increase the efficiency investment of enterprises, and make equity incentive have a positive impact on enterprise performance.