股权激励的必要性股权激励，是将企业未来发展与个人利益取得深度链接的桥梁。股权激励的实施具有以下几个方面的必要性：

　　The necessity of equity incentives is that equity incentives are a bridge that deeply links the future development of enterprises with personal interests. The implementation of equity incentives is necessary in the following aspects:

　　1.股权激励的财务战略价值通过实施股权激励，企业可以优化员工薪酬结构。对于初创型企业而言，人员开支往往在企业支出中占据大头，高精尖的人才难觅，所需的薪酬负担对于企业而言也极重。但是通过实施股权激励，可以将100%的现金薪酬开支调整为员工“现金收入与长期的未来持续性收益”的组合方案，轻松化解企业的短期现金支出压力，为企业释放更多的可支配资金。

　　1. The financial strategic value of equity incentives. By implementing equity incentives, companies can optimize their employee compensation structure. For start-up companies, personnel expenses often account for the majority of the company's expenses, and it is difficult to find high-precision and cutting-edge talents. The required salary burden is also extremely heavy for the company. However, by implementing equity incentives, 100% of cash compensation expenses can be adjusted to a combination of employee "cash income and long-term sustainable future returns", easily resolving the short-term cash expenditure pressure of the enterprise and releasing more disposable funds for the enterprise.

　　2.股权激励的人力战略价值通过实施股权激励，企业可以实现骨干精英、核心团队的内嵌式绑定。从马斯洛需求理论的角度出发，股权激励为员工创造了一个持续性的、高层次的、建立在精神和社会认同层面的追求。马斯洛需求理论为人的需求划分了阶梯，生存是基本的需求，是永恒的需求，但也是最容易被满足的需求。对于高新企业、上市公司的骨干人才来说，生存需求很容易被满足，此时他们所追求的，往往更在于成就一番事业，获得来自家人朋友乃至于广大社会的认同感。股权激励将他们的个人得失与企业兴衰、个人成就与企业荣辱牢牢绑定在了一起，员工的贡献与企业的成长相互嵌套、相互促进，构成了坚不可摧的紧密联系。

　　2. The human strategic value of equity incentives. By implementing equity incentives, enterprises can achieve embedded binding of backbone elites and core teams. From the perspective of Maslow's needs theory, equity incentives create a sustained, high-level pursuit for employees based on spiritual and social identity. Maslow's theory of needs divides human needs into a ladder, where survival is a fundamental and eternal need, but also the most easily satisfied one. For the backbone talents of high-tech enterprises and listed companies, their survival needs are easily met. At this time, what they pursue is often more about achieving a career and gaining recognition from family, friends, and even the broader society. Equity incentives firmly link their personal gains and losses with the rise and fall of the enterprise, and their personal achievements with the honor and disgrace of the enterprise. The contributions of employees and the growth of the enterprise are nested and mutually promoted, forming an unbreakable and close connection.

　　3.股权激励的金融战略价值通过实施股权激励，企业可以向资本市场释放出如下关键信号：

　　3. The financial strategic value of equity incentives. By implementing equity incentives, companies can send the following key signals to the capital market:

　　（1）企业看好自身未来前景，有把握通过企业股权激励为员工创造远超于工资本身的价值；

　　(1) Enterprises are optimistic about their future prospects and have the confidence to create value for employees that far exceeds the salary itself through equity incentives;

　　（2）企业拥有完善的治理结构及未来规划，能通过设置各个股权授予成熟节点实现企业的长远发展；

　　(2) The enterprise has a sound governance structure and future planning, and can achieve long-term development by setting up mature nodes for equity grants;

　　（3）企业团队具备凝聚力，上下一心，旨在将企业做大做强。通过实施股权激励、释放信号，企业将在资本市场拥有更多的吸引力，吸引到更多的潜在投资者，创造更高的企业估值，为企业顺利融资打下坚实基础。由此可见，股权激励对于企业的成长而言，具备相当的必要性。从财务、人力的基本结构，到金融、融资这类的发展需要，股权激励在各方各面都有助于企业发展壮大。

　　(3) The enterprise team has cohesion and unity, aiming to make the enterprise bigger and stronger. By implementing equity incentives and releasing signals, companies will have more attractiveness in the capital market, attract more potential investors, create higher corporate valuations, and lay a solid foundation for smooth financing. It can be seen that equity incentives are quite necessary for the growth of enterprises. From the basic structure of finance and human resources to the development needs of finance and financing, equity incentives contribute to the growth and development of enterprises in all aspects.

　　股权激励的的主要时间节点何时做股权激励，并没有一个一成不变的通解，对于每一家企业而言，都需要结合企业的实际情况与需求来综合性权衡利弊后实施。对于企业而言，将有如下几个主要的时间节点可供考虑：

　　There is no fixed general solution for when to implement equity incentives, and for every enterprise, it is necessary to comprehensively weigh the pros and cons based on the actual situation and needs of the enterprise before implementation. For enterprises, there will be several main time points to consider:

　　1.初创期初创期的企业，往往不具备成熟的产品及盈利模式，一切都是未知数。在此阶段，企业吸纳的员工，往往拥有如下潜质：

　　1. Start up companies often lack mature products and profit models, and everything is unknown. At this stage, the employees recruited by enterprises often have the following potential:

　　（1）对企业的规划有着更高程度的认可；

　　(1) Has a higher degree of recognition for enterprise planning;

　　（2）对企业的未来存着更高程度的追求。此时对员工进行股权激励，往往能在接受该等方式的员工身上取得最强的激励效果，因为这时候的企业正处在起点，未来成长空间巨大，取得股权成本也更低。但也正因如此，这一阶段企业实施的股权激励，一方面难以确定公允价值锚点，另一方面也难以对员工产生普遍的强吸引力。

　　(2) There is a higher level of pursuit for the future of the enterprise. At this point, offering equity incentives to employees can often achieve the strongest incentive effect on those who accept such methods, because the enterprise is at the starting point, with huge growth potential in the future and lower cost of acquiring equity. But precisely because of this, the equity incentives implemented by enterprises at this stage are difficult to determine the fair value anchor point on the one hand, and also difficult to generate universal strong attraction to employees on the other hand.

　　2.成长期成长期/发展期的企业，往往已经接受过了首轮融资，也在市场中实践、磨合出了一套属于自己的盈利模式，具备相对稳定的增长能力。这一阶段的企业有较为明确的估值，对人才资源的需求也达到了新的顶峰。因此在此阶段实施股权激励，具备如下优势:

　　2. Enterprises in the growth/development stage often have already received the first round of financing and have developed their own profit model through market practice and adaptation, possessing relatively stable growth capabilities. At this stage, enterprises have a relatively clear valuation and the demand for talent resources has reached a new peak. Therefore, implementing equity incentives at this stage has the following advantages:

　　（1）激励股权可期待利益相对明确，具备足够的吸引力，更容易为员工所接纳；

　　(1) Incentive equity offers relatively clear expected benefits, sufficient attractiveness, and is more easily accepted by employees;

　　（2）激励股权价值锚点清晰，为日后行权扫清障碍；

　　(2) Clear anchor points for incentive equity value, clearing obstacles for future exercise;

　　（3）实施股权激励可以向市场传递企业信心，进一步增加企业获得融资的机会。但与之相对的，此时的激励股权取得对价也水涨船高，对于员工而言，亦需付出更多的成本才能获得相应的股权。

　　(3) Implementing equity incentives can convey business confidence to the market and further increase opportunities for companies to obtain financing. However, in contrast, the consideration for obtaining incentive equity at this time has also skyrocketed, and for employees, they also need to pay more costs to obtain the corresponding equity.

　　3.成熟期成熟期的企业，商业模式完成稳定，发展目标转向了规模化盈利、并购整合及上市准备。此时的企业手握充足的现金流，不再为短期支出而发愁，在这个阶段实施股权激励，具备如下特点：

　　3. Mature enterprises have achieved stable business models and shifted their development goals towards large-scale profitability, merger and acquisition integration, and preparation for listing. At this stage, enterprises have sufficient cash flow and no longer worry about short-term expenses. Implementing equity incentives at this stage has the following characteristics:

　　（1）激励股权风险降至最低，公司发展前景明朗，取得股权收益之日可待；

　　(1) The incentive equity risk is minimized, the company's development prospects are bright, and the date of obtaining equity returns can be postponed;

　　（2）股权激励取得成本升至最高，此时公司估值已经达到顶峰，距离上市只差临门一脚，员工即使支付折后对价，依然是一笔高额的成本；

　　(2) The cost of obtaining equity incentives has risen to its highest point, at which point the company's valuation has reached its peak and is only one step away from going public. Even if employees pay discounted consideration, it is still a high cost;

　　（3）股权增长空间相对降至最低。此时公司与初创期完全相反，其在本领域市场的体谅已经发展到趋近饱和，除非在新的领域、新的赛道再做出一番事业，否则股权增长空间难以迎来飞跃。

　　(3) The potential for equity growth has relatively decreased to the lowest level. At this point, the company is completely opposite to the start-up stage, and its understanding of the market in this field has reached saturation. Unless it makes another career in a new field and track, the space for equity growth is difficult to leap forward.

　　小 结

　　Summary

　　现如今工资与股权激励相结合的薪金激励模式已经几乎成为了高新领域、科创类企业的标配，笼罩在股权激励面上的轻纱已经借由时代的风，伴随着发展而吹落。到了今天，股权激励不再是只有上市的大公司、大企业才能实施的特殊激励方案。我们将继续总结股权激励相关知识与要点，并在日后逐渐与各位读者朋友们进行分享，希望能使每一个需要帮助的企业家，都能探索出属于自己的员工管理体系。

　　Nowadays, the salary incentive model that combines salary and equity incentives has almost become a standard configuration for high-tech and science and technology innovation enterprises. The veil of light covering equity incentives has been blown away with the development of the times. Today, equity incentives are no longer a special incentive scheme that can only be implemented by large listed companies and enterprises. We will continue to summarize the knowledge and key points related to equity incentives, and gradually share them with readers in the future, hoping to enable every entrepreneur in need to explore their own employee management system.

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