通过探析华为从实股转向出资型虚拟股权激励的动因，可以对出资型虚拟股权激励机制的优势窥探一二。

By analyzing the motivation of Huawei from real shares to capital contribution virtual equity incentive, we can peep into the advantages of capital contribution virtual equity incentive mechanism.

（一）保持公司股权结构与控制关系稳定

（1） Maintain the stability of the company's ownership structure and control relationship

华为的虚拟股权激励中，持有虚拟股权的员工不会出现在工商登记的股东名单中，从法律层面，持有虚拟股权的员工并非企业的真正股东。因此，虚拟股权激励对象的多少和变更都不会直接影响公司的股权结构，如此就可以避免实股激励模式下稀释既有股东利益，摊薄公司控制权的弊端。

In Huawei's virtual equity incentive, employees holding virtual equity will not appear in the list of shareholders registered with the industry and commerce. From the legal level, employees holding virtual equity are not real shareholders of the enterprise. Therefore, the number and change of virtual equity incentive objects will not directly affect the ownership structure of the company, so we can avoid the disadvantages of diluting the interests of existing shareholders and diluting the control right of the company under the real share incentive mode.

此外，由于虚拟股权仅是一种企业内部或企业股东发起的激励模式，与公司权益没有实质关联关系，虚拟股权持有者无权依据其持有的虚拟股权参与公司治理或公司决策，不具备投票权或决策权。

In addition, because the virtual equity is only an incentive mode initiated by the enterprise or enterprise shareholders, and has no substantive relationship with the company's rights and interests, the virtual equity holders have no right to participate in corporate governance or corporate decision-making according to their virtual equity, and do not have the right to vote or decision-making.

（二）避免股权流转风险，激励资源价值大化

（2） Avoid the risk of equity transfer and maximize the value of incentive resources

由于虚拟股权是属于劳动合同关系的一种升级形式，本质上仍然属于劳动合同关系，因此劳动合同关系终止后，虚拟股权就丧失了存在的基础。所以说虚拟股权具备很强的人身依赖性，其转让受限、且本身并不具备流动性和变现价值。即由于员工出资购买的公司虚拟股权权力受限本质上仅在公司内部有效，亦无向外部转让的可能性，员工离职只能将虚拟股权退回公司。

As virtual equity is an upgraded form of labor contract relationship, it still belongs to labor contract relationship in essence. Therefore, after the termination of labor contract relationship, virtual equity will lose its foundation of existence. Therefore, virtual equity has strong personal dependence, its transfer is limited, and it does not have liquidity and realization value. That is, because the power of the company's virtual equity purchased by employees is limited, it is essentially only effective within the company, and there is no possibility of transfer to the outside, employees can only return the virtual equity to the company after resignation.

此外，员工离职后对应的虚拟股权资源退回公司后，公司可继续将其用于在职员工的激励。因而虚拟股权能够大大降低实股中由于股权转让或退出机制不健全导致的公司所有权变化或资产流失风险的同时，公司还能牢牢掌握激励资源，实现激励资源价值大化。

In addition, after the virtual equity resources corresponding to employees' resignation are returned to the company, the company can continue to use them for the incentive of on-the-job employees. Therefore, virtual equity can greatly reduce the risk of ownership change or asset loss caused by imperfect equity transfer or exit mechanism. At the same time, the company can firmly grasp the incentive resources and maximize the value of incentive resources.

（三）激励股权总量可“无限做大”

（3） The total amount of incentive equity can be "infinitely larger"

华为2003年对其虚拟股权激励机制调整的重要一点就是增加匹配虚拟股权额度，新增虚拟股权配股总额达到员工已有虚拟股权总和。

An important point of Huawei's adjustment of its virtual equity incentive mechanism in 2003 is to increase the amount of matching virtual equity, and the total amount of new virtual equity allotments reaches the total amount of employees' existing virtual equity.

由于员工持有的虚拟股权不会改变公司的股权结构和控制关系，亦不同于实股激励需要通过回购、股东出让、增资扩股等方式获取激励股权，虚拟股权激励总量可以根据公司发展和扩张，基于激励对象数量和想要达成的激励效果，“无限做大”激励股权总盘子。

Since the virtual equity held by employees will not change the ownership structure and control relationship of the company, and is different from the real stock incentive, it is necessary to obtain the incentive equity through repurchase, shareholder transfer, capital increase and share expansion, the total amount of virtual equity incentive can be "unlimited" based on the number of incentive objects and the desired incentive effect according to the development and expansion of the company.

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