在现代企业，很多公司都希望能借助股权激励制度，用以解决目前公司在升级转型过程中一直困扰的激励约束机制的问题。大量的事实证明，适时有效的股权激励方案确实能帮助企业激励管理高层发挥积极性和主人翁的作用，给企业带来丰厚的回报。那么，制定股权激励计划时，到底应该注意哪些事项，规避哪些误区？

In modern enterprises, many companies hope to use the equity incentive system to solve the problem of incentive and constraint mechanism which has been plagued in the process of upgrading and transformation. A large number of facts have proved that timely and effective equity incentive scheme can really help the enterprise to motivate the senior management to play an active and master role, and bring rich returns to the enterprise. So, what should be paid attention to and what misunderstandings should be avoided when formulating the equity incentive plan?

误区一：认为股权激励就是股票期权激励

Misunderstanding 1: equity incentive is stock option incentive

其实，股权激励并非只有股票期权激励这一种方式，股权激励还包括限制性股票计划、员工持股计划、虚拟股票增值权等。因此并不表明企业对高管的激励只有这一个方法，企业（特别是非上市公司）完全可以根据自己的具体情况选择其他的激励方法。

In fact, equity incentive is not only stock option incentive, but also restricted stock plan, employee stock ownership plan and virtual stock appreciation right. Therefore, it does not mean that there is only one way to motivate executives. Enterprises (especially non listed companies) can choose other incentive methods according to their specific conditions.

误区二：股权激励存在“吃大锅饭”的现象

Misunderstanding 2: the phenomenon of "eating from a big pot" exists in equity incentive

许多上市公司做股权激励时都存在吃“大锅饭”的现象。许多上市企业操作股权激励时，把激励对象都放在同一层面进行激励和考核，殊不知这不仅达不到相应的激励效果，反而会挫伤相关人员的工作热情。

When many listed companies do equity incentive, there is a "big pot meal" phenomenon. When many listed companies operate equity incentive, they put the incentive objects on the same level to encourage and assess, but they do not know that this will not only fail to achieve the corresponding incentive effect, but will frustrate the enthusiasm of relevant personnel.

所以，这种把股权激励搞成“大锅饭”的做法不妥，并不能有效的激励到相关人员。

Therefore, this kind of equity incentive into a "big pot meal" approach is not appropriate, and can not effectively motivate the relevant personnel.

误区三：认为推行股权激励可以完善公司治理结构

The third mistake is that the implementation of equity incentive can improve the corporate governance structure

完善的公司治理结构是企业推行股权激励的前提条件，而不是相反。一个治理结构不完善的企业若贸然实施股权激励方案，甚至会引发企业生存危机。

A perfect corporate governance structure is the prerequisite for the implementation of equity incentive, not the opposite. If an enterprise with imperfect governance structure hastily implements the equity incentive scheme, it will even lead to the survival crisis of the enterprise.

完善的公司治理结构包含两个层面的意思。是形式上的完善。公司的法人治理结构应该包含这样一些要素：股东大会、董事会、监事会、经理层、职工大会等。

Perfect corporate governance structure contains two levels of meaning. The first is the perfection of form. The board of directors, the board of directors and the general meeting of shareholders should contain such elements as corporate governance, general meeting of shareholders, etc.

但更为重要的是实质上的完善。上述要素以合约关系为纽带，各司其职，互为制衡。股东大会选举出董事会，董事会作为委托人，要求公司高管尽职尽责，以使股东能够得到更多的投资回报。

But more important is the substantial improvement. The above-mentioned elements are linked by contractual relationship, and each performs its own duties and checks and balances each other. The board of directors is elected by the general meeting of shareholders. As the principal, the board of directors requires the company's executives to fulfill their duties, so as to enable shareholders to get more return on investment.

而作为代理人的经理人员，追求的是包括知识、才能、社会地位在内的自身人力资本增值，以及从事经营管理的人力资本报酬大化。因此，公司不仅必须为经理人员建立一套行之有效的激励机制，还必须建立与激励机制相配套的经理人员约束机制。

As an agent, managers pursue the value-added human capital including knowledge, talent and social status, and maximize the return of human capital engaged in business management. Therefore, the company must not only establish an effective incentive mechanism for managers, but also establish a constraint mechanism for managers matching with the incentive mechanism.

股权激励方案并非激励的万灵药，而是一把双刃剑。善用这把剑的企业，会成倍提高效率;不善用的，很可能会割伤自己。

Equity incentive scheme is not a panacea, but a double-edged sword. Enterprises that make good use of this sword will double their efficiency; those who don't use it will probably cut themselves.