1、中长期激励不等同于股权类激励。

1. Medium and long-term incentives are not equal to equity incentives.

我们已经说过，本轮国企改革涉及的中长期激励工具有三类14种，不仅包括股权类的激励，还包括投资类的、现金分红类的激励。

As we have said, there are three types and 14 kinds of medium and long-term incentive tools involved in this round of state-owned enterprise reform, including not only equity incentives, but also investment incentives and cash dividend incentives.

由此，中长期激励机制改革并不能等同于股权类激励改革。

Therefore, the medium and long-term incentive mechanism reform can not be equal to the equity incentive reform.

2、员工持股不等同于或并不包括所有股权类激励。

2. ESOP is not equal to or does not include all equity incentives.

我们在谈到员工持股时，仅指符合133号文件要求的针对国有控股混合所有制企业的员工持股，并不包括其他股权类的激励。

When we talk about employee stock ownership, we only refer to the employee stock ownership of state-controlled mixed ownership enterprises that meet the requirements of Document No. 133, and do not include other equity incentives.

而且，股权类激励还包括针对国有科技型企业的股权激励和针对国有控股上市公司的股权激励，也包括其他诸如虚拟股权激励等方式。

Moreover, equity incentive also includes equity incentive for state-owned science and technology enterprises and equity incentive for state-controlled listed companies, as well as other ways such as virtual equity incentive.

由此，我们在讨论或设计实施股权类激励过程中，要明确具体的哪一种的股权类激励，而不是员工持股代表所有股权类激励。

Therefore, in the process of discussing or designing and implementing equity incentive, we should clarify which kind of equity incentive is specific, rather than ESOP representing all equity incentives.

3、员工持股不等同于股权激励。

3. ESOP is not equal to equity incentive.

为什么称为“员工持股”，而不称为“员工持股激励”，或也称为“股权激励”呢？

Why is it called "employee stock ownership" instead of "employee stock ownership incentive" or "equity incentive"?

因为“员工持股”与“股权激励”称谓大的区别是，“员工持股”一般是以同股同价的方式交易，并不能进行折价交易或股权赠予、奖励等；而称谓为“股权激励”的就不一样了，如科技型企业有股权奖励，间接体现了折价交易；上市公司限制性股票，可以以不低于公开交易价格平均水平的50%进行定价交易等，直接体现了折价交易。

Because the biggest difference between "employee stock ownership" and "equity incentive" is that "employee stock ownership" is generally traded in the way of the same share and the same price, and can not be traded at a discount or equity gift, reward, etc; The title of "equity incentive" is different. For example, science and technology enterprises have equity incentive, which indirectly reflects the discount transaction; Restricted stocks of listed companies can be priced at not less than 50% of the average level of public trading prices, which directly reflects the discount trading.

针对非上市公司实施股权类激励，更容易混淆的是员工持股（133号文）和科技型企业的股权激励（4号文），尤其是国有科技型企业在同时满足两个政策文件情况下，这两种激励方式如何进行选择设计呢？

For the implementation of equity incentive for non listed companies, it is easier to confuse employee stock ownership (document 133) and equity incentive for science and technology enterprises (document 4). Especially for state-owned science and technology enterprises, how to choose and design these two incentive methods when they meet the two policy documents at the same time?