山东企业股权激励怎么玩？看华为模式，读懂虚拟股的核心逻辑

　　How to Play Equity Incentives for Shandong Enterprises? Observe Huawei's model and understand the core logic of virtual stocks

　　山东做企业的老板们、职场朋友们，大家是不是经常听到这样的说法：华为全员持股，所以员工才拼命干，遍布世界各国。今天就跟大家掏心窝子唠唠，这其实是个大误区，华为根本不是真正的全员持股，更不是大家理解的“拿得到、能转让”的实股，它玩的是虚拟股，核心就是分红权加增值权，这也是现在很多山东企业值得借鉴的股权激励模式，不玩虚的，用实在的案例把逻辑讲透彻，不管是企业老板想做激励，还是员工想了解其中门道，都能看懂。

　　Shandong entrepreneurs and workplace friends often hear the saying: Huawei has full shareholding, which is why its employees work hard and are spread all over the world. Today, let me talk to you from the bottom of my heart. This is actually a big misconception. Huawei is not truly a fully owned company, nor is it a tangible stock that can be obtained and transferred as we understand it. It is playing with virtual stocks, with the core being dividend rights and value-added rights. This is also a stock incentive model worth learning from for many Shandong enterprises nowadays. We should not play with virtual stocks, but use real cases to explain the logic thoroughly. Whether the enterprise owner wants to be incentivized or the employees want to understand the tricks behind it, they can understand it.

　　先澄清一个关键误区：外界推崇的华为“全员持股”，本质是虚拟股激励，而且所谓的POP计划，就是外界说的单位时间股权激励，周期一般是5年，核心不是让员工“持股当老板”，而是把员工和企业绑成利益共同体，让员工拼命干的同时，也能拿到实实在在的收益，这一点，特别适合山东各类企业，尤其是想留住核心人才、激发员工动力，又不想稀释股权的企业。

　　Let's clarify a key misconception: the Huawei "all employee stock ownership" advocated by the outside world is essentially a virtual stock incentive, and the so-called POP plan is what the outside world calls unit time equity incentive, with a period of usually 5 years. The core is not to let employees "hold shares as bosses", but to bind employees and the enterprise into a community of shared interests, allowing employees to work hard while also receiving tangible benefits. This is particularly suitable for various enterprises in Shandong, especially those that want to retain core talents, stimulate employee motivation, and do not want to dilute equity.

　　咱们用一个通俗的例子，把华为这套虚拟股模式讲明白，大家一看就懂，比讲专业术语管用多了。假设2021年是考核期，有个小伙子现在月薪8000块，华为HR找他谈：“别在那边干了，来我们这，月薪1万，不跟你吹未来，就看眼前，你愿意来不？” 月薪从8000涨到1万，换谁都愿意聊，小伙子很快就入职了。

　　Let's use a simple example to explain Huawei's virtual stock model clearly. Everyone can understand it at a glance, which is much more effective than using professional terminology. Assuming 2021 is the assessment period, there is a young man with a monthly salary of 8000 yuan. Huawei HR approached him and said, 'Don't work there anymore, come to us with a monthly salary of 10000 yuan. If we don't talk about the future, it depends on the present. Would you be willing to come?' The monthly salary increased from 8000 yuan to 10000 yuan, and anyone would be willing to talk about it. The young man quickly joined the company.

　　考核期一年下来，小伙子干得不错，华为根据他的岗位和贡献，给他核定了30万股的虚拟股增值权，但这30万股不会一次性给到位，而是分3年兑现：2022年给10万股，2023年、2024年各给10万股。重点来了，这10万股不是免费送的，是需要员工自己掏钱买的，很多人这时候就犹豫了：“我没钱，也不敢赌啊？”

　　After one year of assessment, the young man did a good job. Huawei approved 300000 virtual stock appreciation rights for him based on his position and contributions. However, these 300000 shares will not be given in one go, but will be redeemed in three years: 100000 shares in 2022, and 100000 shares in 2023 and 2024 respectively. The key point is that these 100000 shares are not given away for free, but need to be purchased by employees themselves. Many people hesitate at this point and say, "I don't have money, so I dare not gamble

　　这时候华为就会抛出一个极具吸引力的数据：2000年到2010年这10年间，上证指数只增长了0.62倍，上海房价涨了8倍，而华为的内部虚拟股股价，足足增长了38倍！比在上海、深圳买房还赚钱，换做是你，你要不要买？答案肯定是要，这就是虚拟股的吸引力，也是山东企业做激励可以借鉴的核心——让员工看到实实在在的收益预期。

　　At this point, Huawei will present an extremely attractive data: from 2000 to 2010, the Shanghai Composite Index only increased by 0.62 times, Shanghai housing prices rose by 8 times, and Huawei's internal virtual stock price increased by 38 times! It's more profitable than buying a house in Shanghai or Shenzhen. If it were you, would you like to buy it? The answer is definitely yes, this is the attractiveness of virtual stocks, and it is also the core that Shandong enterprises can learn from for incentives - allowing employees to see tangible income expectations.

　　没钱买也没关系，华为会借钱给员工，不用员工自己凑钱，但借的钱总要还，怎么还？从每个月的工资里扣。咱们接着算：假设2022年华为虚拟股股价是1块钱1股，10万股就需要花10万块，员工没钱，公司借钱给他，然后每个月从他1万的工资里扣，扣完之后，他每个月实际拿到手的，还是跟以前一样的8000块。

　　It's okay if you don't have money to buy it. Huawei will lend money to its employees, and they don't have to raise the money themselves. However, the borrowed money must be repaid. How can it be repaid? Deduct from monthly salary. Let's continue with the calculation: assuming that the stock price of Huawei virtual stocks in 2022 is 1 yuan per share, 100000 shares will cost 100000 yuan. If the employee has no money, the company will lend him money and deduct it from his salary of 10000 yuan every month. After deducting it, the actual amount he receives every month will still be the same as before, which is 8000 yuan.

　　有人会问，那员工图啥？图的是资产增值！虽然月薪实际到手没涨，但他手里多了10万股虚拟股，这就是他的资产，只要公司发展好，股价涨了，他的资产就会跟着涨。而且他必须好好干，要是2022年干得不好，2023年的10万股就拿不到了，之前的投入也可能打水漂，这就倒逼员工拼命奋斗。

　　Someone may ask, what is the employee's plan? The picture shows asset appreciation! Although his monthly salary has not actually increased, he has 100000 virtual shares in his hands, which are his assets. As long as the company develops well and the stock price rises, his assets will increase accordingly. And he must work hard. If he doesn't do well in 2022, he won't be able to get the 100000 shares in 2023, and the previous investment may also be in vain, which forces employees to work hard.

　　到了2023年，小伙子干得依旧不错，顺利拿到了第二笔10万股虚拟股。这时候，2022年的10万股就开始有分红权了，咱们夸张点算，假设分了5万块。而这一年的虚拟股股价，涨到了1块5一股，他手里的10万股，已经从10万变成15万了。但第二笔10万股，按1块5一股算，需要花15万，分红的5万刚好抵扣一部分，剩下的10万，公司再接着借钱给他，还是从工资里扣，这下他每个月到手的，就只剩6000块了。

　　In 2023, the young man continued to do well and successfully obtained his second 100000 shares of virtual stocks. At this point, 100000 shares in 2022 will begin to have dividend rights. Let's exaggerate and assume that 50000 yuan will be distributed. And this year, the virtual stock price rose to 1.5 yuan per share, and his 100000 shares have increased from 100000 to 150000. But for the second 100000 shares, calculated at 1.5 yuan per share, it would cost 150000 yuan. The 50000 yuan in dividends would just offset a portion of it, and the remaining 100000 yuan would be borrowed by the company from his salary. Now he only receives 6000 yuan per month.

　　哪怕到手工资变少，员工也愿意，因为他的资产一直在增值。到了2024年，他拿到第三笔10万股，手里总共就有30万股了，这一年的分红也会翻倍，假设分了10万，而股价涨到了2块钱一股，分红抵扣一部分后，剩下的钱还是公司借，工资继续扣。这时候，公司说“玻利维亚有个项目，去的话能挣美金，月薪1万美金”，员工肯定愿意去，这就是为啥华为员工能遍布世界各国——说白了，都是为了多挣钱、还借款、赚增值，一群“负债”的奋斗者，也是一群和企业绑定的利益共同体。

　　Even if their salary decreases, employees are willing because their assets are constantly increasing in value. In 2024, he will receive his third installment of 100000 shares, bringing his total to 300000 shares. The dividend for this year will also double. Assuming 100000 shares are distributed and the stock price rises to 2 yuan per share, after deducting a portion of the dividend, the remaining money will still be borrowed by the company and his salary will continue to be deducted. At this point, the company said, 'There is a project in Bolivia that can earn US dollars with a monthly salary of 10000 US dollars.' The employees are definitely willing to go, which is why Huawei employees can be spread all over the world - in other words, they are all striving to earn more money, repay loans, and increase value. They are a group of 'debt' fighters and a community of shared interests bound to the company.

　　到了2025年，5年激励周期结束，虚拟股股价涨到了3块钱一股，公司开始回购员工手里的30万股，按3块钱一股算，总共能回购90万。小伙子这3年，总共支付的股本金，大概是45万，相当于净赚45万，再加上每年的分红，收益相当可观。而公司回购的钱，其实是新加入股权激励计划的员工，按3块钱一股买股的钱，形成了一个良性循环。

　　By 2025, the 5-year incentive cycle will come to an end, and the stock price of virtual stocks will rise to 3 yuan per share. The company will begin to repurchase 300000 shares held by employees, and based on the 3 yuan per share, a total of 900000 shares can be repurchased. In the past three years, the young man has paid a total of approximately 450000 yuan in equity capital, which is equivalent to a net profit of 450000 yuan. In addition, with annual dividends, the income is quite considerable. The money repurchased by the company is actually the money paid by newly added employees to the equity incentive plan to buy shares at a rate of 3 yuan per share, forming a virtuous cycle.

　　讲到这，山东的企业老板们应该看明白了：华为这套虚拟股模式，核心就是“分红权+增值权”，员工掏钱买虚拟股，公司可借钱，工资里抵扣，员工拼命干才能拿到后续股权、获得分红和增值，而公司几乎不用付出太多现金成本，就能留住核心人才、激发员工动力，还不用稀释实股，这特别适合山东的中小企业、制造业、科技企业。

　　Speaking of which, business owners in Shandong should understand that Huawei's virtual stock model is based on "dividend rights+value-added rights". When employees buy virtual stocks, the company can borrow money and deduct it from their salary. Employees can work hard to obtain subsequent equity, dividends, and value-added. The company can retain core talents and stimulate employee motivation without having to dilute actual shares, which is particularly suitable for small and medium-sized enterprises, manufacturing enterprises, and technology enterprises in Shandong.

　　对山东企业来说，不用盲目跟风华为的模式，但其核心逻辑值得借鉴：股权激励不是“送福利”，而是“绑利益”，不用追求“全员持股”，重点是让核心员工看到收益预期，让员工和企业一起奋斗、一起赚钱。虚拟股不用转让、不用过户，员工离职后自动失效，操作简单，还能避免股权纠纷，特别贴合山东企业务实、稳健的经营风格。

　　For Shandong enterprises, there is no need to blindly follow the model of Fenghua Wei, but its core logic is worth learning from: equity incentives are not about "giving benefits", but about "binding interests", without pursuing "full shareholding". The key is to let core employees see the expected returns, and let employees work together with the enterprise to make money. Virtual stocks do not need to be transferred or transferred, and automatically become invalid after employees leave. The operation is simple and can also avoid equity disputes, which is particularly in line with the pragmatic and stable business style of Shandong enterprises.

　　总结一下，山东企业做股权激励，不用搞复杂的模式，华为的虚拟股逻辑就很实用：不玩虚的，让员工掏钱、公司助力，靠分红和增值吸引员工，靠考核倒逼员工奋斗，既激发了动力，又绑定了利益，还能节省企业现金成本。不管是大企业还是中小企业，只要吃透这个逻辑，结合自身情况调整，就能做好股权激励，留住核心人才，让企业越做越强。

　　To sum up, when Shandong enterprises implement equity incentives, there is no need to create complex models. Huawei's virtual stock logic is very practical: not playing virtual games, allowing employees to pay and the company to assist, attracting employees through dividends and value-added, and forcing employees to work hard through assessments. This not only stimulates motivation, but also binds interests and saves the company's cash costs. Whether it is a large enterprise or a small and medium-sized enterprise, as long as they understand this logic and adjust according to their own situation, they can do a good job in equity incentives, retain core talents, and make the enterprise stronger and stronger.