实际上对激励对象而言，通过股权退出获得的高额收益是更丰厚的激励利益，没有退出机制，激励难免沦为鸡肋。那么建立股权激励的退出机制的必要性体现在哪些方面呢？

In fact, for the incentive object, the high income obtained through equity withdrawal is a richer incentive benefit. Without the withdrawal mechanism, the incentive will inevitably become a chicken rib. So what are the necessary aspects of establishing the exit mechanism of equity incentive?

激励计划的对价性

Consideration of incentive plan

股权激励通过授予公司员工（激励对象）一定数量的股权，使激励对象身兼管理者与所有者的双重身份，达到激励对象利益与公司及其股东利益的一致性，实现企业价值的很大化。

Equity incentive grants a certain amount of equity to the company's employees (incentive objects), so that the incentive objects are both managers and owners, so as to achieve the consistency between the interests of incentive objects and the interests of the company and its shareholders, and realize the maximization of enterprise value.

另一方面，企业给出股权、激励对象获取激励收益是有对价的，通常要求激励对象持续为企业服务（即必须在公司任职）并达到一定的业绩标准。

On the other hand, there is consideration for enterprises to give equity and incentive objects to obtain incentive income. Generally, incentive objects are required to continuously serve the enterprise (that is, they must work in the company) and meet certain performance standards.

当激励对象没有达到服务期要求，或者企业没有达到实现约定的业绩标准的时候，就要通过退出机制收回已经授出的激励股权，这样才不会违背实施股权激励的初衷。

When the incentive object does not meet the service period requirements, or the enterprise does not meet the agreed performance standards, it is necessary to withdraw the granted incentive equity through the exit mechanism, so as not to violate the original intention of implementing equity incentive.

激励股权具有稀缺性

Incentive equity is scarce

企业在走资本化的道路上，要对股权架构进行整体布局。企业上市前，创始人股东要保留较高比例股权以维持对企业的控制力，要预留一定比例（通常为20%-30%）给未来的外部投资人，用于员工持股或股权激励的部分非常有限，通常在10%-20%左右的规模。

On the road of capitalization, enterprises should make an overall layout of the equity structure. Before the listing of the enterprise, the founder shareholders should reserve a high proportion of equity to maintain control over the enterprise, and reserve a certain proportion (usually 20%-30%) for future external investors. The part used for employee stock ownership or equity incentive is very limited, usually about 10%-20%.

但是，企业不断发展壮大，人员不断扩充，如果没有退出机制，很可能会面临无股激励的境地。通过退出机制收回离职人员手中的股权，可用于新进人员的激励以及原有人员的持续激励。

However, with the continuous development and expansion of enterprises and personnel, if there is no exit mechanism, it is likely to face the situation of no stock incentive. The withdrawal mechanism can be used for the incentive of new employees and the continuous incentive of original employees.

股权激励授予的股权不是“投资股”

The equity granted by equity incentive is not "investment stock"

激励对象毕竟不是真正意义上的股权投资者，在股权激励计划时，激励对象能够以较小的风险、较低的价格获取股权，这一点有别于投资股东。所以，如果激励对象入股后缺乏相应的退出机制，就会演变为投资股东，失去“激励”的初衷。

After all, the incentive object is not a real equity investor. In the equity incentive plan, the incentive object can obtain equity at a lower risk and price, which is different from the investment shareholder. Therefore, if the incentive object lacks the corresponding exit mechanism after taking shares, it will evolve into an investment shareholder and lose the original intention of "incentive".

激励对象也希望股权能够流通

Incentive objects also hope that equity can be circulated

流通性风险是激励对象在参与激励计划时必须要考量的因素之一。激励对象获授的激励股权按照约定锁定一定期限后，即使激励对象不离职，其仍可能因改善生活等多种原因具有退出的刚性需求。因此，不同情形下的退出机制的设计也能够让激励对象的股权流通起来，提高其参与激励计划的积极性。

Liquidity risk is one of the factors that must be considered when the incentive object participates in the incentive plan. After the incentive equity granted to the incentive object is locked for a certain period according to the agreement, even if the incentive object does not resign, it may still have a rigid demand for withdrawal due to various reasons such as improving life. Therefore, the design of exit mechanism under different circumstances can also make the equity of incentive objects circulate and improve their enthusiasm to participate in the incentive plan.

股权激励是由发放、收回股权这两个部分组成，只有同时具备，才能真正做到股权激励的“收放自如”。以上的内容希望能给您帮助，您可以关注我们网站http://www.guquanzhanlue.com了解更多股权信息！

Equity incentive is composed of two parts: issuing and withdrawing equity. Only when it is available at the same time, can we truly achieve the "free collection and release" of equity incentive. I hope the above content can help you. You can follow our website http://www.guquanzhanlue.com Learn more about equity!