有些企业在实施股权激励后，发现员工并没有展现出多么高的能力，也没有起到股东应有的作用，老板是希望员工能够以股东的身份积极工作，但有时候，结果却不尽人意。老板会说，为什么我把公司这么便宜给他们股权，员工不但不感恩，反正还总是要这权利，要那权利，工作也和之前没什么区别。

After the implementation of equity incentive, some enterprises find that employees do not show much ability and do not play the due role of shareholders. The boss wants employees to work actively as shareholders, but sometimes the results are unsatisfactory. The boss will say, why do I give them equity so cheaply? The employees are not grateful. Anyway, they always want this right and that right. The work is no different from before.

这也是企业在做股权激励之前，不去认真估算公司的价值 ，核算股权的价值。估值的背后是公司的实际价值和股权价值的体现。如果没有明确的方式来说明这个价值，员工会认为你给我的股权是我理所应当的。

This is why enterprises do not seriously estimate the value of the company and calculate the value of equity before equity incentive. Behind the valuation is the embodiment of the company's actual value and equity value. If there is no clear way to explain this value, employees will think that the equity you give me is what I deserve.

公司的估值，也就决定了企业在授予员工股权时的价格。当你明白估值的价值才会认真对待这件事情，更应该向员工去讲明白这件事情。企业做股权激励不同于对外部吸引投资者的逻辑，所以一般可采用的方式，建议有以下几种：

The valuation of the company also determines the price at which the enterprise grants equity to employees. When you understand the value of valuation, you will take this matter seriously, and you should explain it to employees. Equity incentive for enterprises is different from the logic of attracting external investors, so the following methods can be adopted:

以注册资本金为参照

By reference to the registered capital

当公司的注册资本金等于或者略小于其净资产时，公司可以选择以注册资本为基准确定公司的基础估值，从而确定股权激励授予的价格。

When the registered capital of the company is equal to or slightly less than its net assets, the company can choose to determine the basic valuation of the company based on the registered capital, so as to determine the price of equity incentive grant.

公司注册资本金略小于其净资产时，以注册资本金为基准确定股价可以兼顾现有股东和激励对象的利益，双方都有积极性实施股权激励。

When the company's registered capital is slightly less than its net assets, determining the stock price based on the registered capital can take into account the interests of existing shareholders and incentive objects, and both parties have the initiative to implement equity incentive.

以净资产为参照

By reference to net assets

对公司的每项资产进行评估，得出每项资产的公允市场价值，然后将各类资产的价值进行加总，得出公司的总资产价值，再减去各类负债的公允市场价值总和，就得到公司股权的公允市场价值。

First, evaluate each asset of the company to obtain the fair market value of each asset, then sum up the values of various assets to obtain the total asset value of the company, and then subtract the sum of the fair market values of various liabilities to obtain the fair market value of the company's equity.

用公允市场价格除去公司总股本，就得到股权激励授予时的公平价格。即：公平价格=公司股权的公允市场价值/公司总股本。

The fair price at the time of equity incentive grant is obtained by removing the total share capital of the company from the fair market price. That is: fair price = fair market value of the company's equity / total share capital of the company.

以净利润为参照

Based on net profit

净现金流折现法是资本投资和资本预算的基本模型，被看做是企业估值定价在理论上有成效的模型，又称获利还原法，是把企业整个寿命周期内的现金流量以货币的时间价值为贴现率，据此计算出公司净现值，并按照一定的折扣比例折算来确定公司的股票价格。

Net cash flow discount method is the basic model of capital investment and capital budget. It is regarded as the most effective model of enterprise valuation and pricing in theory, also known as profit reduction method. It takes the cash flow in the whole life cycle of the enterprise as the discount rate based on the time value of money, calculates the company's net present value, and converts it according to a certain discount proportion to determine the company's stock price.

使用这种方法的要点：一是要科学合理地预测企业未来存续期间各年度的现金流量；二是找出一种对各方都合理的公允折现率。折现率的大小取决于未来的现金流量的风险，风险越大，要求的折现率就越高；风险越小，要求的折现率就越低。

The main points of using this method are as follows: first, it is necessary to scientifically and reasonably predict the cash flow of each year during the future existence of the enterprise; The second is to find a reasonable fair discount rate for all parties. The discount rate depends on the risk of future cash flow. The greater the risk, the higher the required discount rate; The smaller the risk, the lower the discount rate required.

以销售额为参照

By reference to sales

按照公司连续过三年的平均销额额，作为公司的估值，也是可以的。如果公司的财务净利润、净资产不是太清晰或者核算，也可以参照销售额的估值方式，这个数据是全体员工都能显而易见的。

According to the average sales volume of the company for three consecutive years, it is also possible to take it as the valuation of the company. If the company's financial net profit and net assets are not clear or calculated, you can also refer to the valuation method of sales, which can be obvious to all employees.

以资本市场估值为参照

With reference to capital market valuation

这种方法实际上就是相对业绩评价在股权定价中的应用，主要思想是在定价过程中，一定要找几家同行业具有可比性的上市公司或挂牌公司进行比较，从而算出本公司的股份价格。相对于其它几种方法来说，这种方法更加客观和准确。

This method is actually the application of relative performance evaluation in equity pricing. The main idea is that in the pricing process, we must find several comparable listed companies or listed companies in the same industry for comparison, so as to calculate the share price of the company. Compared with other methods, this method is more objective and accurate.

以原有股东转让或增资的价格为参照

Refer to the price of transfer or capital increase by the original shareholders

如果公司在实施股权激励的时候，刚好近期有过股东股权的转让或者进行过增资，那么可以参照这时股东转让的价格，或者增资时的价格，来做一个参考。

If the company has just recently transferred shareholders' equity or increased capital when implementing equity incentive, it can refer to the price of shareholders' transfer or capital increase.

结合各定价因素综合确定

Comprehensively determined in combination with various pricing factors

如果公司发展时间长，情况比较复杂，也可以综合以上定价因素、行业发展前景，外部经济环境等确定授予股权的价格。

If the company has developed for a long time and the situation is complex, the price of equity granted can also be determined by combining the above pricing factors, industry development prospects and external economic environment.

以上各种公司估值的方式，具体使用起来，还是要结合公司的实际情况，以及发展阶段，不可盲目的使用。

The above methods of company valuation should be used in combination with the actual situation and development stage of the company, and should not be used blindly.

公司估值确定好，就是确定股权的价格，也就是每股多少钱，一般初期公司做股权激励的时候，会采用公司估值=公司总股本，即当下股权的价格，为每股1元。

When the company's valuation is determined, it is to determine the price of equity, that is, how much per share. Generally, when the company makes equity incentive in the initial stage, the company's valuation = the total share capital of the company, that is, the price of current equity, which is 1 yuan per share.

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