一、引言

　　1. Introduction

　　股权激励是企业为了吸引和留住人才，将部分股票或股权授予高级管理人员或技术骨干，激发其工作热情，积极参与公司决策，并将公司利益与员工自身利益捆绑在一起，分享企业发展成果、共同承担风险，从而提高员工的向心力和企业竞争力，使企业与员工处于互利共赢的合作关系中。随着中国资本市场的不断发展，股权激励在上市公司中的运用也越来越广泛。然而部分上市公司股权激励方案设计得不合理，最终导致激励与约束效果同时大打折扣。因此，如何对上市公司股权激励方案进行安排与设计，方案设计过程中应重点考虑哪些方面的因素，从而实现激励的预期效果并规避潜在的风险成为人们关注的焦点。

　　Equity incentives refer to the practice of companies awarding a portion of stocks or equity to senior management or technical personnel in order to attract and retain talent, stimulate their enthusiasm for work, actively participate in company decision-making, and link company interests with employees' own interests. By sharing the fruits of enterprise development and assuming risks together, companies can enhance employee centripetal force and competitiveness, and establish a mutually beneficial and win-win cooperative relationship between the company and its employees. With the continuous development of China's capital market, the use of equity incentives in listed companies is becoming increasingly widespread. However, some listed companies have designed equity incentive plans that are unreasonable, ultimately resulting in a significant reduction in both incentive and constraint effects. Therefore, how to arrange and design equity incentive plans for listed companies, and what factors should be considered in the design process, in order to achieve the expected effects of incentives and avoid potential risks, have become the focus of people's attention.

　　二、股权激励的来源及发展

　　2、 The Source and Development of Equity Incentives

　　具有现代意义的股权激励起源于美国，最初被当作一种薪酬模式进行运用，目的是避免公司高管因获得巨额现金薪酬而缴纳高昂的个人所得税。同时在运用的过程中，人们发现在所有权与经营权分离的现代企业制度下，各种方式的长期股权激励计划很好地解决了公司股东与经营者之间的利益矛盾，能起到聚集人才、激发企业活力、促进公司发展的多重效果。20世纪八九十年代，股权激励在美国得到迅猛发展，其他西方国家也纷纷效仿。

　　Modern equity incentives originated in the United States and were initially used as a compensation model to avoid high personal income tax for company executives who received large cash compensation. At the same time, in the process of application, people have found that under the modern enterprise system where ownership and management rights are separated, various forms of long-term equity incentive plans have effectively resolved the conflicts of interest between company shareholders and managers, and can have multiple effects such as gathering talents, stimulating enterprise vitality, and promoting company development. In the 1980s and 1990s, equity incentives developed rapidly in the United States, and other Western countries followed suit.

　　我国的股权激励制度起步较晚。1993年，万科推出了期股制度，标志着我国股权激励进入探索阶段，万科也是国内最早实施股权激励计划的上市公司之一。随后，随着《上市公司股权激励管理办法（试行）》，《国有控股上市公司（境内）实施股权激励试行办法》，《股权激励有关事项备忘录》，财政部、国家税务总局《关于个人股票期权所得征收个人所得税问题的通知》，中国证监会《关于上市公司实施员工持股计划试点的指导意见》等一系列法规及相关配套政策的出台，股权激励相关制度日益完善，为企业在实务中的操作提供了具体指引，越来越多的企业特别是上市公司更倾向于将股权激励作为完善公司治理结构、提升管理效率、提高公司竞争力的有效手段。以在深圳证券交易所上市的公司为例，公开资料显示，截至2020年12月31日，共有1171家上市公司推出1948单股权激励计划，所涉股份数量达286.52亿股，涉及行业广泛，其中排在前三位的行业分别为计算机、通信和其他电子设备制造业，软件和信息技术服务业，电气机械和器材制造业。

　　China's equity incentive system started relatively late. In 1993, Vanke launched a stock option system, marking the exploration stage of equity incentives in China. Vanke was also one of the earliest listed companies in China to implement equity incentive plans. Subsequently, with the promulgation of a series of regulations and related supporting policies such as the "Management Measures for Equity Incentives of Listed Companies (Trial)", the "Implementation Measures for Equity Incentives of State owned Holding Listed Companies (Domestic)", the "Memorandum on Relevant Matters of Equity Incentives", the "Notice on the Collection of Personal Income Tax on Personal Stock Option Income" issued by the Ministry of Finance and the State Administration of Taxation, and the "Guiding Opinions on the Pilot Implementation of Employee Stock Ownership Plans by Listed Companies" issued by the China Securities Regulatory Commission, the relevant systems of equity incentives have become increasingly perfect, providing specific guidance for enterprises to operate in practice. More and more enterprises, especially listed companies, tend to use equity incentives as an effective means to improve corporate governance structure, enhance management efficiency, and enhance competitiveness. Taking companies listed on the Shenzhen Stock Exchange as an example, public information shows that as of December 31, 2020, a total of 1171 listed companies have launched 1948 single share incentive plans, involving 28.652 billion shares and covering a wide range of industries. The top three industries are computer, communication, and other electronic equipment manufacturing, software and information technology services, and electrical machinery and equipment manufacturing.

　　三、股权激励模式

　　3、 Equity incentive model

　　股权激励模式主要包括限制性股票、股票期权、员工持股计划、股票增值权、虚拟股票等。在我国上市公司中运用最为广泛的为限制性股票、股票期权及员工持股计划，上市公司可根据自身情况选择单独采用或者三者结合的方式实施激励计划。

　　The equity incentive model mainly includes restricted stocks, stock options, employee stock ownership plans, stock appreciation rights, virtual stocks, etc. The most widely used incentive plans among listed companies in China are restricted stocks, stock options, and employee stock ownership plans. Listed companies can choose to implement incentive plans separately or in combination according to their own situation.

　　（一）限制性股票

　　（1） Restricted Stocks

　　限制性股票，是指职工按照股份支付协议规定的条款和条件，从企业获得一定数量的本企业股票。企业授予职工一定数量的股票，在一个确定的等待期内或满足特定的业绩指标之前，职工出售股票受到服务期限或特定的业绩指标条件限制，如不符合相关考核标准，则公司需以一定的价格回购股票。职工认购股票的资金一般来自自筹资金。

　　Restricted stock refers to a certain amount of company stock obtained by employees from the company in accordance with the terms and conditions stipulated in the share based payment agreement. Enterprises grant employees a certain number of stocks. During a certain waiting period or before meeting specific performance indicators, employees are subject to service period or specific performance indicator conditions when selling stocks. If they do not meet the relevant assessment standards, the company needs to repurchase the stocks at a certain price. The funds for employees to subscribe to stocks generally come from self raised funds.

　　（二）股票期权

　　（2） Stock options

　　股票期权，是指企业按照规定的程序授予激励对象在未来一定期限内以预

　　Stock options refer to the granting of incentive targets by enterprises in accordance with prescribed procedures for a certain period of time in the future

　　先确定的价格和条件购买一定数量的本企业股票的权利。股票价格波动对激励对象是否行权的决策有重要的影响，如果股票价格上涨后大于行权价格，激励对象可以通过行权获得市场价格与行权价格的差异所带来的收益；当股票价格下降后小于行权价格，激励对象则放弃行使权利，避免因股权贬值造成损失。

　　The right to purchase a certain number of shares of the company at a predetermined price and conditions. The fluctuation of stock prices has a significant impact on the decision of incentive recipients to exercise their rights. If the stock price rises above the exercise price, incentive recipients can obtain profits from the difference between the market price and the exercise price through exercise; When the stock price drops below the exercise price, the incentive object waives the exercise of rights to avoid losses caused by equity depreciation.

　　（三）员工持股计划

　　（3） Employee Stock Ownership Plan

　　员工持股计划，是指企业内部员工出资认购本公司部分股权，委托员工持股会或专业金融机构管理、运作。规模较大的公司一般委托信托或基金管理公司管理；规模较小的公司一般成立员工持股会，负责员工股票的集中托管和日常管理工作。

　　Employee stock ownership plan refers to the practice of internal employees subscribing to a portion of the company's equity and entrusting employee stock ownership associations or professional financial institutions to manage and operate it. Large scale companies generally entrust trust or fund management companies to manage them; Smaller companies generally establish employee stock ownership associations, responsible for centralized custody and daily management of employee stocks.

　　限制性股票期权和股票期权特点如下：对于企业来说，激励成本较低，无须支付现金。当激励对象达到了预定的行权条件，其持有的股票得到解禁，激励对象可与股东一起分享经营成果；但是因为股票价格受各种因素的影响较大，其价格波动使激励对象解禁后获得的收益相应变动，可能导致激励力度不足或过度。

　　The characteristics of restricted stock options and stock options are as follows: for enterprises, the incentive cost is low and there is no need to pay cash. When the incentive object meets the predetermined exercise conditions, the stocks held by them are unlocked, and the incentive object can share the business results with shareholders; However, due to the significant influence of various factors on stock prices, their price fluctuations can cause corresponding changes in the returns obtained by incentive recipients after unlocking, which may lead to insufficient or excessive incentive intensity.

　　员工持股计划的主要特点有：持股者必须是企业员工；员工所认购的股份不能转让、交易、继承。

　　The main characteristics of employee stock ownership plans are: shareholders must be employees of the company; The shares subscribed by employees cannot be transferred, traded, or inherited.

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