诸多研究表明，股权集中度是影响公司股权激励方式和股权激励效果的重要因素。那么哪样的公司采取股票期权激励的可能性越大呢？下面我们就来说两个种类的。

Many studies have shown that equity concentration is an important factor affecting the way and effect of equity incentives. So which company is more likely to adopt stock option incentive? Now let's talk about two kinds.

一般而言，规模较小的上市公司，其对于高速成长的需求更强烈，因而在决策时更偏重于投资实施风险较高的项目，因而采取股票期权激励的可能性也越大。

Generally speaking, smaller listed companies have a stronger demand for rapid growth, so they are more inclined to invest in projects with higher risks when making decisions, so the possibility of adopting stock option incentives is also greater.

而公司规模达到一定水平的大公司，由于其资产及盈利基数已经达到一定的规模，企业管理方面也出现了各种制衡措施，相对而言决策效率下降等因素，导致其发展战略及执行层面更加倾向于稳中求胜的导向，因此，由于投资决策程序及风险控制的加强，在对外投资及项目选择上通常持凤险厌恶的态度，因而在股权激励模式上也相应会选择限制性股票等方式。

However, for large companies with a certain scale, due to the fact that their assets and profit base have reached a certain scale, various checks and balances have also been taken in enterprise management, and relatively speaking, the decision-making efficiency has decreased, which leads to their development strategy and implementation level more inclined to the guidance of seeking victory in stability. Therefore, due to the strengthening of investment decision-making procedures and risk control, they usually hold a risk aversion attitude in foreign investment and project selection, Therefore, in the equity incentive mode, restricted stocks will be selected accordingly.

此外盈利能力强的上市公司通常也具备良好的现金流量，因此，股权激励模式的选择具备更大的灵活度，而盈利能力差的公司出于维护公司业绩水平及避免现金流出的角度考虑，往往选择股票期权的模式。股票期权模式对公司现金流的影响相对很小（若股票来源为回购，会产生一定影响），但限制性股票往往需要公司或股东动用大量的“真金白银”，对现金流影响较大。

In addition, listed companies with strong profitability usually have good cash flow. Therefore, the choice of equity incentive mode has greater flexibility, while companies with poor profitability often choose the stock option mode for the sake of maintaining the company's performance level and avoiding cash outflow. The impact of stock option mode on the company's cash flow is relatively small (if the stock source is repurchase, it will have a certain impact), but restricted stocks often require the company or shareholders to use a large amount of "real money", which has a great impact on the cash flow.

在新会计准则颁布之前，由于没有对股权激励成本费用化的要求，股权激励的实施不会对实施公司的经营业绩产生影响；但随着新准则的颁布以及逐步推广，股权激励成本被要求计入实施年度，因而会大幅影响公司业绩，导致许多盈利能力相对较弱的上市或拟上市企业推迟或者放弃实施股权激励计划。

Before the promulgation of the new accounting standards, the implementation of equity incentive will not have an impact on the operating performance of the company because there is no requirement for the cost of equity incentive; However, with the promulgation and gradual promotion of the new standards, the cost of equity incentive is required to be included in the implementation year, which will significantly affect the company's performance, resulting in many listed or proposed listed enterprises with relatively weak profitability delaying or abandoning the implementation of equity incentive plans.

由于股权激励可能打破原有的股权架构，从而对大股东的控制权产生一定程度的影响。股权激励计划的制定及实施，在股权集中度较高的公司，特别是缺乏其他有效股东制衡措施的情况下，将更容易受到控股股东、董事会等层面的操纵，甚至出现高层管理人员通过推行股权激励侵吞国有资产，损害中小股东利益的情况。

L equity incentives may break the original equity structure, which will have a certain impact on the control rights of major shareholders. The formulation and implementation of equity incentive plan, in the case of companies with high equity concentration, especially in the absence of other effective shareholder checks and balances, will be more vulnerable to manipulation at the level of controlling shareholders, the board of directors and other levels, and even senior managers will invade state-owned assets and damage the interests of minority shareholders through the implementation of equity incentive.

通常股权集中度高的公司，对于因股权激励导致的公司控制权被摊薄的担忧较少，因而愿意接受将股权转让给被激励对象的限制性股票方式；而对于股权较为分散的，大股东控股优势地位不明显的公司，由于担心控制权被进一步稀释，通常会选用不会导致控制权被稀释的股权激励方式，比如虚拟股票等。

Generally, companies with high equity concentration are less worried about the dilution of corporate control caused by equity incentive, so they are willing to accept the restricted stock method of transferring equity to the incentive object; For companies with dispersed equity and no obvious dominant position of major shareholders, due to the fear of further dilution of control, they usually choose equity incentives that will not lead to dilution of control, such as virtual stocks.

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