1、激励对象所被授子的激励工具的性质不同

1. The nature of the incentive tools given by the incentive object is different

激励对象得到的股票期权不是实股，而是一种期权，是一种在未来以一定价格行权的权利。因而得到股票期权持有人并不能参与分红等实股股东享有的权利。

The stock option obtained by the incentive object is not real stock, but an option, which is a right to exercise at a certain price in the future. Therefore, the holders of stock options cannot participate in the rights enjoyed by real shareholders such as dividends.

激励对象得到的限制性股票。无论是折扣购股型限制性股票，还是业绩奖励型限制性股票:无论是定向增发授予，还是提取激励基金从二级市场购买后授予，激励对象得到的都是一种实殷，当然这种实股是一种有限制条件的实股，经过禁售期后，激励对象有权分批把自己被授予的实股解锁出来，而不是向股票期权那样经过行权才把股票期权变成股票的实股。

Restricted stock obtained by the incentive object. Whether it is restricted stock of discount purchase type or restricted stock of performance reward type: whether it is granted by private placement or by withdrawing the incentive fund and purchasing it from the secondary market, the incentive object gets a kind of real money. Of course, this kind of real stock is a kind of real stock with restricted conditions. After the lock-up period, the incentive object has the right to unlock its granted real shares in batches, Instead of turning stock options into real shares of stocks after exercise like stock options.

2.权利与义务的对称性以及奖励与惩罚的对称性不同

2. The symmetry of rights and obligations and the symmetry of reward and punishment are different

股票期权作为期权的一种，股票期权持有人只有行权获益的权利，而无必须行权的义务。因此股票期权的持有人不会有什么实际的经济损失。所以作为一种股权激励方式，从经济的角度来看，其实只有经济奖励的可能，却没有经济的您罚的可能。

As a kind of option, the holder of stock option only has the right to exercise and benefit, but has no obligation to exercise. Therefore, the holders of stock options will not have any actual economic losses. Therefore, as a way of equity incentive, from an economic point of view, there is only the possibility of economic reward, but there is no possibility of economic penalty.

激励对象在满足授予条件的情况下获得限制性股票之后。其权利义务是对称的，股票价格的涨跌会直接增加或减少限制性股票的价值，进而影响激励对象的利益。从理论上说可能对限制性股票的持有者予以经济上的惩罚。当然在实践中，当股票价格低于限制性股票的认购价格时，限制性购票的持有者也可以选择不解锁而被公司以授予价格予以回购。

After the incentive object obtains the restricted stock under the condition of meeting the grant conditions. Its rights and obligations are symmetrical. The rise and fall of stock price will directly increase or reduce the value of restricted stocks, and then affect the interests of incentive objects. Theoretically, the holders of restricted stocks may be financially punished. Of course, in practice, when the stock price is lower than the subscription price of restricted shares, the holder of restricted tickets can also choose not to unlock and be repurchased by the company at the grant price.

3.激励工具的价值评估不同

3. The value evaluation of incentive tools is different

股票期权的价值一般按照期权定价模型(如B-S模型或二叉树定价模型)进行测算，依赖于股票市价、行权价、股票收益率的波动、期权有效期限、无风险利率、股票分红率等参数决定。

The value of stock option is generally calculated according to the option pricing model (such as B-S model or binary tree pricing model), which depends on the parameters such as stock market price, exercise price, fluctuation of stock return rate, option validity period, risk-free interest rate, stock dividend rate and so on.

限制性股票的价值评估十分简单，其价值即为授予日的股票市场价格扣除授予价格，并无未来的等待价值。

The value evaluation of restricted stock is very simple. Its value is the stock market price on the grant date minus the grant price, and there is no waiting value in the future.

可见，两者的差异表现在限制性股票只有内在价值，而股票期权拥有内在价值和时间价值。

It can be seen that the difference between the two is that restricted stocks have only intrinsic value, while stock options have intrinsic value and time value.

4，会计核算的规定以及对公司财务的影响不同

4. The provisions of accounting and its impact on the company's finance are different

按照《企业会计准则第11号-一股份支付》的规定，限制性股票与股票期权都属于以权益结算的股份支付，应当以授予职工的权益工具的公允价值计量。在授予日，对限制性股票和股票期权均应确定公允价值(通过评估价值确定)。

According to the accounting standards for Business Enterprises No. 11 - share based payment, both restricted shares and stock options belong to equity settled share based payment, which shall be measured at the fair value of the equity instruments granted to employees. On the grant date, the fair value of both restricted shares and stock options shall be determined (determined by evaluation value).