股权激励的定义与意义

　　Definition and Significance of Equity Incentives

　　股权激励就是使员工通过获得公司股权的形式，享有一定的经济权利，能够以股东的身份参与企业决策、分享利润、承担风险，从而勤勉尽责地为公司的长期发展服务的一种激励方法。股权激励的重要意义有两大块一是通过股权激励进行融资，包括吸引核心人才、留住核心人才、激励核心人才、新老核心人才的更替。二是通过股权激励进行融资，从目前来看，如果需要进行资本运作，让投资机构看上进行投资，公司必须要有完善的治理结构，投资机构投资公司不是投资创始人一个人，而是投资一个团队，因此很多投资机构进行投资时一般有要求公司设置股权激励池。

　　Equity incentive is an incentive method that enables employees to enjoy certain economic rights through the acquisition of company equity, and to participate in corporate decision-making, share profits, and bear risks as shareholders, so as to diligently and responsibly serve the long-term development of the company. The significance of equity incentives lies in two aspects: firstly, financing through equity incentives, including attracting core talents, retaining core talents, incentivizing core talents, and replacing new and old core talents. The second is to raise funds through equity incentives. From the current perspective, if capital operation is needed to attract investment institutions to invest, the company must have a sound governance structure. Investment institutions invest in a team instead of investing in the founder alone. Therefore, many investment institutions generally require the company to set up equity incentive pools when investing.

　　股权激励要不要做

　　Should equity incentives be implemented

　　股权激励一直以来都是一把双刃剑，公司的股权激励要不要做，或者操作不当及施行时机不当都会对企业造成不可挽回的损失。因此，不能盲目的选择进行股权激励，需要综合多方面因素考虑才能做出最后的判断。

　　Equity incentives have always been a double-edged sword. Whether or not a company implements equity incentives, or if the operation and timing are improper, can cause irreparable losses to the enterprise. Therefore, it is not advisable to blindly choose equity incentives, and a comprehensive consideration of multiple factors is needed to make a final judgment.

　　1、行业属性智力服务、高科技、互联网等行业更需要股权激励，资金密集、资源垄断行业等行业对股权激励需求较小。

　　1. Industry based intellectual services, high-tech, Internet and other industries need more equity incentives, while capital intensive, resource monopoly and other industries have less demand for equity incentives.

　　2、企业发展前景行业及企业发展前景不好不建议实施股权激励，CEO的愿景是做生意还是做事业也很关键。

　　2. The industry and business development prospects of the enterprise are not ideal, and it is recommended to implement equity incentives. Whether the CEO's vision is to do business or to do business is also crucial.

　　3、市场竞争充分的市场竞争会凸显人才的重要性，国企、垄断性企业实施股权激励的必要性不高。

　　3. A fully competitive market will highlight the importance of talent, and the necessity of implementing equity incentives in state-owned and monopolistic enterprises is not high.

　　4、人员流动性区域不同及公司不同代际人员意识的不同，人员流动性差别较大，股权激励要有所差别。

　　4. Due to differences in personnel mobility regions and intergenerational awareness within companies, there are significant differences in personnel mobility, and equity incentives should be differentiated accordingly.

　　5、时机一家企业不同发展阶段，需要不同的激励方式，什么时机做股权激励有待考虑。一句话，企业股权激励如果没有考虑好或者没有周密的方案，建议不要轻易地去做或者跟核心员工过多承诺，一旦股权激励方案不合理或跟员工承诺太多无法兑现，都对核心员工的稳定性有很大影响。进行股权激励的适当时机

　　5. At different stages of development, a company requires different incentive methods, and the timing for equity incentives needs to be considered. In short, if a company's equity incentive plan is not well considered or well planned, it is recommended not to easily implement it or make too many promises to core employees. Once the equity incentive plan is unreasonable or too many promises to employees cannot be fulfilled, it will have a great impact on the stability of core employees. Appropriate timing for equity incentives

　　1、创业初期

　　1. Early stage of entrepreneurship

　　公司初步建立，人才是关键，主要针对合伙人级别的股权激励，往往采取实股股权进行激励；

　　In the initial establishment of the company, talent is the key, mainly targeted at partner level equity incentives, often using actual equity as incentives;

　　2、企业快速上升阶段

　　2. Rapid growth stage of enterprises

　　企业快速扩张时，往往需要较多的人才，这个时候通过实施股权激励，对于保持核心人才的稳定非常重要。

　　When a company expands rapidly, it often requires a large number of talents. At this time, implementing equity incentives is very important for maintaining the stability of core talents.

　　3、企业成熟稳定期

　　3. Mature and stable period of enterprise

　　这个时候企业主应该追求的是自动运转，把自己给解放出来，这个时候股权激励无疑是很好。

　　At this time, business owners should pursue automatic operation and liberate themselves, and equity incentives are undoubtedly very good.

　　4、企业进行股权融资时或IPO之际

　　4. At the time of equity financing or IPO for enterprises

　　当公司的资本战略以股权融资为目标时，比如引入战略投资者、财务投资者或者谋求企业挂牌，都需要股权激励措施来配合。因为，投资者进行投资的一个重要考虑因素，就是股权激励的情况。这个时候给员工股权激励，也是凝聚人心的大好时机。

　　When a company's capital strategy aims for equity financing, such as introducing strategic investors, financial investors, or seeking company listing, equity incentive measures are needed to complement it. Because an important consideration for investors when making investments is the situation of equity incentives. At this time, giving employees equity incentives is also a great opportunity to unite people's hearts.

　　股权方案就是希望员工不要认为“这公司跟我没关系，我就是打工的”。如果总以这种“打工仔”观念来想问题，就没有跟公司建立起一种生死与共的命运观念。股权激励有利于公司业绩增长和市值增长。好的股权激励计划，是可以达到激励对象、公司、股东三方面都获益的效果的。

　　The equity plan is to encourage employees not to think that 'this company has nothing to do with me, I am just a worker'. If we always think in terms of this "working-class" mindset, we have not established a sense of shared destiny with the company. Equity incentives are beneficial for the growth of company performance and market value. A good equity incentive plan can achieve benefits for the incentive target, company, and shareholders in all three aspects.

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