山东股权激励避坑！70%企业栽在“免费授予”，出资型激励才是长效破局关键

　　Shandong equity incentive avoids pitfalls! 70% of enterprises are trapped in 'free grants', and investment incentives are the key to long-term breakthroughs

　　在山东企业转型升级、提质增效的进程中，股权激励已成为绑定核心人才、激活团队活力、凝聚发展合力的核心工具。但据山东企业管理协会调研数据显示，70%的山东企业实施股权激励后效果不及预期，其中62%的失败案例源于“免费授予”的误区——企业为降低落地难度，盲目采用零元授予、名义定价未实际出资等方式，最终导致激励沦为“形式主义”，核心人才积极性未被激活，甚至出现人才流失、团队涣散的问题。本文结合山东企业股权激励实操经验，立足人性本质，详解出资型股权激励的核心逻辑、实操要点与优势，帮山东企业避开激励误区，实现人才绑定与企业发展的双向共赢。

　　In the process of transformation and upgrading, improving quality and efficiency of Shandong enterprises, equity incentives have become the core tool for binding core talents, activating team vitality, and consolidating development synergy. However, according to research data from the Shandong Enterprise Management Association, 70% of Shandong enterprises have implemented equity incentives with less than expected results. Among them, 62% of failed cases stem from the misconception of "free grants" - companies blindly adopt zero yuan grants, nominal pricing without actual investment in order to reduce the difficulty of implementation, ultimately leading to incentives becoming "formalism", core talent enthusiasm not being activated, and even problems such as talent loss and team disintegration. This article combines the practical experience of equity incentives in Shandong enterprises, based on the essence of human nature, and elaborates on the core logic, practical points, and advantages of capital based equity incentives, helping Shandong enterprises avoid incentive misconceptions and achieve a win-win situation between talent binding and enterprise development.

　　股权激励的核心逻辑，本质是“利益共享、风险共担”，而这一逻辑的落地，离不开对人性的精准洞察与合理引导。很多山东企业在设计股权激励方案时，陷入“为了落地而落地”的误区，认为“免费授予”能降低员工接受门槛、快速推进方案落地，却忽视了人性的核心特质——免费获得的东西，往往难以被珍惜，激励效果也会大打折扣，最终导致股权激励“发了跟没发一样”，不仅浪费企业资源，还可能挫伤核心人才的积极性。

　　The core logic of equity incentives is essentially "benefit sharing and risk sharing", and the implementation of this logic cannot be separated from accurate insight into human nature and reasonable guidance. Many Shandong enterprises fall into the misconception of "landing for the sake of landing" when designing equity incentive plans, believing that "free grants" can lower the threshold for employee acceptance and quickly promote the implementation of the plan, but ignoring the core human trait - the things obtained for free are often difficult to cherish, and the incentive effect will be greatly reduced, ultimately leading to equity incentives being "as good as not", which not only wastes enterprise resources but may also dampen the enthusiasm of core talents.

　　从人性角度来看，股权激励的设计不应“逆人性而为”，而应“顺人性引导”，而出资型激励，正是契合人性、实现长效激励的关键路径。客观而言，无论从企业发展还是人才绑定的角度，都不建议采用免费授予的方式，即便存在特殊场景需要变通，也应避免“零元授予”，可采用“名义定价、变现时补足出资”的方式，但这种方式的激励效果，仍远不及员工真金白银出资的激励效果。

　　From a human perspective, the design of equity incentives should not be "against human nature", but should be "guided by human nature". Capital based incentives are the key path to aligning with human nature and achieving long-term incentives. Objectively speaking, whether from the perspective of enterprise development or talent binding, it is not recommended to use free grants. Even if there are special circumstances that require flexibility, "zero yuan grants" should be avoided, and the incentive effect of "nominal pricing and supplementary investment when realizing" can be adopted. However, the incentive effect of this method is still far less than that of employees' real capital investment.

　　结合山东企业实操案例来看，股权激励的效果与员工出资程度呈正相关，大致可分为三个层级，其中零元授予效果最差，真金白银出资效果最优。最差的是零元授予模式，员工无需付出任何成本即可获得股权，既不承担企业经营风险，也不会因股权而产生责任感，大多将其视为“额外福利”，不会主动为企业发展全力以赴，最终股权激励沦为“无效激励”，甚至出现员工拿到股权后消极怠工、离职套现的情况，山东某中小型制造企业就曾因采用零元授予模式，导致核心技术骨干拿到股权后离职，企业核心竞争力受损，直接经济损失超百万元。

　　Based on practical cases of Shandong enterprises, the effect of equity incentives is positively correlated with the degree of employee capital contribution, which can be roughly divided into three levels. Among them, zero yuan grants have the worst effect, while real money and silver contributions have the best effect. The worst is the zero yuan grant model, where employees can obtain equity without paying any cost, without assuming any business risks or feeling a sense of responsibility due to equity. Most of them regard it as an "extra benefit" and do not actively contribute to the development of the enterprise. In the end, equity incentives become "ineffective incentives", and there are even cases where employees slack off and leave to cash out after receiving equity. A small and medium-sized manufacturing enterprise in Shandong once used the zero yuan grant model, resulting in core technical backbone employees leaving after receiving equity, damaging the company's core competitiveness and causing direct economic losses exceeding one million yuan.

　　次之的是“名义定价、实际未出资”的变通模式，这种方式虽设定了股权价格，看似规避了“免费”的弊端，但员工未实际付出成本，本质上仍属于“无风险获得”，其工作积极性、责任心与真金白银出资的员工仍有明显差距。这类模式下，员工虽名义上持有股权，但不会真正将自身利益与企业利益深度绑定，面对企业经营困难时，不会主动承担责任、积极寻找解决方案，激励的长效性大打折扣，难以实现绑定人才、激活团队的核心目标。

　　The second is the flexible model of "nominal pricing, actual non investment", which sets the equity price and seems to avoid the drawbacks of "free", but employees do not actually pay the cost, and essentially still belong to "risk-free acquisition". There is still a significant gap in their work enthusiasm and sense of responsibility compared to employees who invest real money. In this type of model, although employees nominally hold equity, they do not truly bind their own interests deeply with the interests of the enterprise. When facing business difficulties, they do not actively take responsibility and seek solutions, which greatly reduces the long-term effectiveness of incentives and makes it difficult to achieve the core goals of binding talents and activating the team.

　　最优的则是员工真金白银出资的激励模式，这种模式虽在方案落地初期，会因要求员工出资而增加推进难度，看似“挑战人性”，但却能实现最有效的激励效果。当员工将自身资金投入企业，就相当于向企业递交了“投名状”，此时员工的身份不再是“单纯的打工者”，而是“企业的共同所有者”，其工作态度、努力程度、责任心都会发生质的转变——会主动关注企业经营状况，主动规避经营风险，全力以赴提升工作效率、创造企业价值，因为企业的盈利与亏损，直接关系到自身的切身利益。

　　The optimal incentive model is one where employees contribute real money. Although this model may increase the difficulty of implementation in the early stages of the plan due to the requirement for employees to contribute, it may seem like a "challenge to human nature", but it can achieve the most effective incentive effect. When employees invest their own funds in the enterprise, it is equivalent to submitting a "name application" to the enterprise. At this time, the employee's identity is no longer a "simple worker", but a "co owner of the enterprise". Their work attitude, effort level, and sense of responsibility will undergo a qualitative change - they will actively pay attention to the operation of the enterprise, actively avoid business risks, and make every effort to improve work efficiency and create enterprise value, because the profit and loss of the enterprise are directly related to their own vital interests.

　　这一逻辑，在山东众多成功实施股权激励的企业中得到了充分验证。山东龙泉管业股份有限公司2025年实施的限制性股票激励计划，明确要求激励对象以2.42元/股的价格出资认购，激励对象的资金全部为自有或自筹资金，公司不提供任何形式的财务资助，最终该计划成功绑定4名核心管理人员及骨干，有效激发了团队积极性，助力企业营收稳步增长，其股权激励相关费用按规定分期摊销，既保障了企业财务稳定，也实现了人才与企业的共同成长。此外，青岛部分企业采用“1元象征价转让+持股满3年”的变通出资模式，既降低了员工初期出资压力，又通过“递延纳税”政策为员工减轻税负，同时借助持股锁定期，实现了人才长效绑定，兼顾了激励效果与实操可行性。

　　This logic has been fully validated among many enterprises in Shandong that have successfully implemented equity incentives. The restricted stock incentive plan implemented by Shandong Longquan Pipe Industry Co., Ltd. in 2025 clearly requires the incentive objects to subscribe at a price of 2.42 yuan per share. The funds of the incentive objects are all self owned or self raised, and the company does not provide any form of financial support. In the end, the plan successfully bound four core management personnel and backbone, effectively stimulated team enthusiasm, and helped the company's revenue steadily grow. The related expenses of equity incentives are amortized in installments according to regulations, which not only ensures the financial stability of the enterprise, but also achieves the common growth of talents and the enterprise. In addition, some enterprises in Qingdao have adopted a flexible investment model of "1 yuan symbolic price transfer+holding for at least 3 years", which not only reduces the initial investment pressure of employees, but also reduces their tax burden through the "deferred tax" policy. At the same time, by taking advantage of the holding lock up period, they have achieved long-term talent binding, taking into account both incentive effects and practical feasibility.

　　很多山东企业之所以抵触出资型股权激励，核心是担心“要求员工出资会引发员工抵触，增加方案落地难度”，但实际上，相较于“免费授予”的无效内耗，出资型激励的短期难度，能换来长期的人才绑定与企业发展。据统计，山东实施出资型股权激励的企业，核心人才留存率提升65%以上，员工工作效率提升40%，企业营收增速较实施前平均提升18.7%，远高于实施免费激励的企业，其中采用第二类限制性股票（激励对象达成业绩后出资购买）的科技类企业，业绩增速更是达到25%以上，研发投入增速超27%，充分体现了出资型激励的核心价值。

　　Many Shandong enterprises are resistant to capital based equity incentives because they are concerned that "requiring employees to contribute will trigger employee resistance and increase the difficulty of implementing the plan." However, in reality, compared to the ineffective internal friction of "free grants," the short-term difficulty of capital based incentives can lead to long-term talent binding and enterprise development. According to statistics, companies in Shandong that implement capital based equity incentives have seen a retention rate increase of over 65% for core talents, a 40% increase in employee work efficiency, and an average increase in revenue growth rate of 18.7% compared to before the implementation, which is much higher than companies that implement free incentives. Among them, technology companies that use the second type of restricted stock (purchased by the incentive object after achieving performance) have achieved a performance growth rate of over 25% and a research and development investment growth rate of over 27%, fully reflecting the core value of capital based incentives.

　　需要明确的是，山东企业实施出资型股权激励，并非“一刀切”要求员工高额出资，而是要结合企业自身规模、行业特性、人才层级，设计合理的出资方案，兼顾激励效果与员工承受能力。对于核心高管、核心技术骨干，可要求较高比例的真金白银出资，绑定其长期利益；对于基层核心员工，可采用“分期出资”“低额出资+业绩绑定”的方式，降低其出资门槛，同时通过业绩考核，确保激励的针对性与有效性。此外，还可借鉴A股市场第二类限制性股票的设计逻辑，采用“分期解锁”模式，将出资与业绩考核深度绑定，激励对象需达成相应业绩目标，才能逐步解锁股权，进一步强化激励效果。

　　It should be clarified that the implementation of capital based equity incentives by Shandong enterprises is not a "one size fits all" requirement for employees to make high contributions, but rather a reasonable investment plan that takes into account the company's own scale, industry characteristics, and talent level, balancing incentive effects and employee affordability. For core executives and technical backbones, a higher proportion of real money and silver investment can be required to bind their long-term interests; For core employees at the grassroots level, the methods of "installment contribution" and "low contribution+performance binding" can be adopted to lower their contribution threshold, while ensuring the pertinence and effectiveness of incentives through performance evaluation. In addition, we can also draw on the design logic of the second type of restricted stocks in the A-share market and adopt the "installment unlocking" model, which deeply binds investment with performance evaluation. The incentive objects need to achieve corresponding performance goals in order to gradually unlock equity and further strengthen the incentive effect.

　　当前，山东正大力推进企业高质量发展，核心人才的重要性日益凸显，股权激励作为绑定人才的核心工具，其设计的合理性直接决定企业的发展潜力。很多山东企业在股权激励设计中，为了规避短期落地难度，绕开“出资”这一核心环节，最终导致激励失效，反而浪费了企业资源、错失了发展机遇。实则，股权激励的核心价值，在于通过“利益绑定”激发人才活力，而出资，正是实现这一价值的关键载体——它不是对员工的“考验”，而是对人才的“筛选”，更是实现企业与人才共赢的“桥梁”。

　　Currently, Shandong is vigorously promoting high-quality development of enterprises, and the importance of core talents is increasingly prominent. As a core tool for binding talents, the rationality of equity incentives directly determines the development potential of enterprises. Many Shandong enterprises, in order to avoid short-term implementation difficulties, bypass the core link of "investment" in equity incentive design, ultimately leading to ineffective incentives and wasting enterprise resources and missing development opportunities. In fact, the core value of equity incentives lies in stimulating talent vitality through "interest binding", and investment is the key carrier to achieve this value - it is not a "test" for employees, but a "screening" for talents, and more importantly, a "bridge" to achieve win-win situations between enterprises and talents.

　　我们深耕山东股权激励领域多年，熟悉山东企业发展特性与人才需求，结合大量本地企业实操案例，总结出适配山东中小企业、大型企业的出资型股权激励方案，规避“免费授予”“名义出资”等常见误区，兼顾实操性与长效性，既帮助企业降低方案落地难度，又能实现核心人才绑定、团队激活、企业增效的目标。无论是限制性股票、股票期权，还是持股平台模式，我们都能根据企业实际情况，定制专属方案，确保股权激励真正落地见效，助力山东企业实现高质量发展。

　　We have been deeply involved in the field of equity incentives in Shandong for many years, familiar with the development characteristics and talent needs of Shandong enterprises. Based on a large number of practical cases of local enterprises, we have summarized a capital based equity incentive plan that is suitable for small and medium-sized enterprises and large enterprises in Shandong, avoiding common misconceptions such as "free grants" and "nominal contributions", and balancing practicality and long-term effectiveness. This not only helps enterprises reduce the difficulty of implementing the plan, but also achieves the goals of core talent binding, team activation, and enterprise efficiency enhancement. Whether it is restricted stocks, stock options, or shareholding platform models, we can customize exclusive plans based on the actual situation of the enterprise to ensure that equity incentives are truly implemented and effective, and help Shandong enterprises achieve high-quality development.

　　如果您是山东企业负责人、人力资源管理者，正面临股权激励设计难、落地难、效果不佳等问题，担心陷入“免费授予”的误区，不知道如何设计合理的出资方案、平衡激励效果与员工承受能力，欢迎咨询。我们将结合您企业的行业特性、人才结构、发展目标，一对一解析出资型股权激励的实操要点，帮您避开激励误区，设计出贴合企业实际、激发团队活力的山东股权激励方案，实现人才绑定与企业发展的双向共赢。

　　If you are a business leader or human resources manager in Shandong and are facing difficulties in designing and implementing equity incentives, as well as poor results, and are concerned about falling into the trap of "free grants", and do not know how to design a reasonable investment plan, balance incentive effects and employee affordability, please feel free to consult. We will analyze the practical points of capital based equity incentives one-on-one based on the industry characteristics, talent structure, and development goals of your company. We will help you avoid incentive misconceptions and design a Shandong equity incentive plan that is tailored to the actual situation of the enterprise and stimulates team vitality, achieving a win-win situation between talent binding and enterprise development.

　　本文由山东股权激励友情奉献.更多有关的知识请点击http://www.guquanzhanlue.com/真诚的态度.为您提供为全面的服务.更多有关的知识我们将会陆续向大家奉献.敬请期待.

　　This article is about Shandong Equity Incentive Friendship Dedication For more related knowledge, please click http://www.guquanzhanlue.com/ Sincere attitude To provide you with comprehensive services We will gradually contribute more relevant knowledge to everyone Coming soon.