作为企业留住人才、激励人才、吸引人才的重要手段，股权激励在现代企业中得到了越来越多的应用。那么，究竟该如何理解股权激励呢？

As an important means for enterprises to retain, motivate and attract talents, equity incentive has been applied more and more in modern enterprises. So, how to understand equity incentive?

管理层面：分配机制

Management level: distribution mechanism

股权激励的本质是激励，激励的标的是股权，是一种相对长期价值的分配行为。既然是分配，首要考虑的是公平性问题，即分给谁、分多少、多少钱的问题。所以，在做股权激励时，必须先建立统一的、相对科学客观的价值衡量标准，根据标准来选择激励对象，根据标准来确定分配数量，同样根据标准来设计进入和退出的价格。

The essence of equity incentive is incentive, and the object of incentive is equity, which is a relatively long-term value distribution behavior. Since it is distribution, the first consideration is fairness, that is, who, how much and how much money to allocate. Therefore, when doing equity incentive, we must first establish a unified, relatively scientific and objective value measurement standard, select the incentive object according to the standard, determine the distribution quantity according to the standard, and design the entry and exit prices according to the standard.

金融层面：投资行为

Financial level: investment behavior

股权具有金融资源的属性，在资本市场上能获得成倍的溢价。如在实施中涉及激励对象掏钱购买，则购买股权某种程度上具有投资性质，可视为员工的一种投资行为。投资者投资时，关心的是安全、风险、回报和流动。所以做股权激励，先要让员工觉得资金是安全的，这就需要企业老板有较好的口碑、企业有良好的文化，不能让员工有“是不是要上贼船”的感觉。如果员工普遍对老板不信任，股权激励是起不到效果的。

Equity has the attribute of financial resources and can obtain multiple premiums in the capital market. If the implementation involves the incentive object to pay for the purchase, the purchase of equity has the nature of investment to some extent, and can be regarded as an investment behavior of employees. When investors invest, they are concerned about safety, risk, return and flow. Therefore, equity incentives should first make employees feel that the funds are safe, which requires that the boss of the enterprise have a good reputation, the enterprise has a good culture, and employees should not have the feeling of "whether they want to go on the boat of thieves". If employees generally distrust the boss, equity incentive will not work.

心理层面：博弈结果

Psychological level: game results

在实施股权激励时，在对具体要素的确定上，作为股权授予方的股东和作为股权受让方的员工必然会存在一定分歧，比如股份数量、价格、锁定期等等，这就需要双方拿出共赢的智慧，做出有利的选择。选择的结果可以称作是是一种双方博弈的结果。如果做股权激励时，有一方没有共赢的意识，坚持不让步、不妥协，多数情况下也是起不到效果的。

In the implementation of equity incentive, the shareholders as the equity grantor and the employees as the equity transferee will inevitably have some differences in the determination of specific elements, such as the number of shares, price, lock-in period, etc. This requires both parties to come up with win-win wisdom and make favorable choices. The result of selection can be called the result of a game between two parties. If one party does not have the sense of win-win and insists on no compromise and no compromise when doing equity incentive, it will not work in most cases.

实施层面：游戏规则

Implementation level: game rules

股权激励对公司和股东而言，并非法定义务，完全是股东个人为公司长期发展所作出的决策，对员工是一种增量。所以，某种程度上，股权激励可视为公司制定的一套游戏规则。 规则是不可能做到公平的，但是规则的导向是可以做到完全正确的。设计方案时，希望公平是不现实的，但是所有规则的导向一定要正确——就是股权激励的目的——促进企业健康、持续、的发展。

For the company and shareholders, equity incentive is not a legal obligation, but a decision made by individual shareholders for the long-term development of the company. It is an increment for employees. Therefore, to some extent, equity incentive can be regarded as a set of game rules formulated by the company. Rules cannot be fair, but the guidance of rules can be completely correct. When designing the scheme, it is unrealistic to hope for fairness, but the guidance of all rules must be correct - that is, the purpose of equity incentive - to promote the healthy, sustainable and rapid development of enterprises.

监管层面：合规文件

Regulatory level: compliance documents

对上市公司而言，还需遵守证监会的相关规定；对国资而言，还需遵守国资委的相关规定。同时，股权变更涉及很多会计、税务、工商上的处理，还需遵守财务部、税务总局、工商总局等相关政策规定。实践中，我们也遇见很多因为股权激励不规范导致扯皮甚至是影响企业资本运营规划的案例。总之，股权激励激励是本质，但是合规是底线！

For listed companies, they also need to comply with the relevant provisions of the CSRC; For SASAC, it is also necessary to comply with the relevant provisions of the SASAC. At the same time, the equity change involves a lot of accounting, tax, industrial and commercial treatment, and also needs to comply with the relevant policies and regulations of the Ministry of Finance, the State Administration of Taxation, the State Administration for Industry and Commerce. In practice, we have also encountered many cases where equity incentives are not standardized, leading to disputes and even affecting the capital operation planning of enterprises. In short, equity incentive is the essence, but compliance is the bottom line!

法律层面：合同约定

Legal level: contract agreement

股权激励是股东、员工双方达成的一种契约，明确了各种权利义务关系，所以从法律层面来讲，股权激励是股东与员工之间的合同约定，必须遵守《合同法》——尽管这种契约的表现形式并非一定是以合同文本的形式体现。

Equity incentive is a contract between shareholders and employees, which defines various rights and obligations. Therefore, from a legal perspective, equity incentive is a contract agreement between shareholders and employees, which must comply with the Contract Law - although this contract is not always expressed in the form of contract text.

股权激励的具体实施需按照双方约定的权利义务执行，任何一方违反约定，均要承担相应的违约责任。简单来说，股权激励一旦生效，不管你是老板还是员工，都“不得乱来”。更多相关的股权内容就来我们网站http://www.guquanzhanlue.com咨询吧！

The specific implementation of equity incentive shall be carried out in accordance with the rights and obligations agreed by both parties. Any party who violates the agreement shall bear the corresponding liability for breach of contract. In short, once the equity incentive comes into effect, whether you are a boss or an employee, you are "not allowed to mess". Come to our website for more relevant equity content http://www.guquanzhanlue.com Ask!