诸多学者的研究表明，成长性是影响公司股权激励模式选择的重要因素。通过实证研宄表明，高成长性公司更多的采用股票期权计划。处于初创期的公司由于基础较低，因而成长性一般都较高，通常可能实现远超出行业平均水平的增长率，甚至会出现翻增长长的情况。

Many scholars' studies show that growth is an important factor affecting the choice of equity incentive model. Empirical research shows that high growth companies are more likely to adopt stock option plans. Companies in the initial stage generally have a high growth rate due to their low foundation. They may achieve a growth rate far beyond the average level of the industry, or even double the growth rate.

一般具备上述特点的公司，由于自身积累及资本投入相对于经营规模的扩张严重不足，因此对现金的需求量很大，无法拿出大额的现金对企业高管及核心技术人员实施即时的激励。

Generally, companies with the above characteristics have a serious shortage of their own accumulation and capital investment relative to the expansion of business scale, so they have a great demand for cash, and can not provide large amounts of cash to provide immediate incentives to enterprise executives and core technical personnel.

加之，公司确实具备良好的未来增长空间，增长潜力巨大，因此发行股票期权，将激励对象的自身利益与公司未来的上市以及上市以后二级市场的股价波动紧密联系在一起，使其分享公司成长所带来的收益。

In addition, the company does have good future growth space and great growth potential. Therefore, the issuance of stock options closely links the self-interest of incentive objects with the future listing of the company and the fluctuation of the secondary market share price after listing, so that they can share the benefits brought by the rapid growth of the company.

这样，一方面降低了当期的实际现金支出，另一方面增强了员工的归属感，实现了激励、团结员工的目的，真正实现了一举两得。同样，对于处于扩张期的公司，现金流量压力同样很大，往往需要利用财务杠杆来筹措扩张所需资金，因此应尽量避免实施需要大量现金流出的股权激励方式。

In this way, on the one hand, the actual cash expenditure of the current period is reduced, on the other hand, the sense of belonging of employees is enhanced, the purpose of encouraging and uniting employees is realized, and the goal of killing two birds with one stone is truly realized. Similarly, for companies in the period of rapid expansion, the pressure of cash flow is also great, and they often need to use financial leverage to raise funds for expansion. Therefore, equity incentive methods that require a large amount of cash outflow should be avoided as far as possible.

济南股权激励专家认为，股票期权恰好具备这样的特点和优势，因而自然成为备受推崇的选择。相反，限制性股票一般适用于处于成熟期或衰退期的公司，已经进入稳步发展阶段，成长性一般不高，因此，限制性股票的实施，将有助于保留人才，因为只有达到了固定的期限，激励所用股票才真正归激励对象所有；激励对象若在限制期内离幵公司，则其获赠或低价购买的股票将被收回，从而增大其跳槽的机会成本，很终实现留人的目的。

Jinan equity incentive experts believe that stock options have such characteristics and advantages, so they naturally become a highly respected choice. On the contrary, restricted stocks are generally applicable to companies in the mature or declining period, which have entered the stage of steady development and generally have low growth. Therefore, the implementation of restricted stocks will help to retain talents, because only when a fixed period has been reached, the stocks used for incentive will truly belong to the incentive objects; If the incentive object leaves the company within the restriction period, the shares given or purchased at a low price will be recovered, which will increase the opportunity cost of job hopping and eventually achieve the purpose of retaining employees.

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