股權激勵四步法：
Four step approach to equity incentives:
一股權激勵模式的三種類別
Three categories of equity incentive models
二股權激勵的五項前提
Five prerequisites for equity incentives
三股權激勵方案設計的九大要素
Nine Elements of Designing Three Equity Incentive Plans
四股權激勵落地的六個步驟
Six steps for implementing equity incentives
今天我們先來介紹股權激勵模式的三種類別：
Today, we will first introduce the three categories of equity incentive models:
只分利潤不分權（只分有期限的利潤，不轉讓股權所有權）
Divide profits without rights (only distribute profits with a term, without transferring equity ownership)
1虛擬股票（權）：
1. Virtual stock (rights):
①實現業(yè)績目標，享受分紅權增值收益權，但沒有所有權和表決權。
① Achieve performance goals and enjoy the right to increase profits through dividends, but without ownership or voting rights.
②短期激勵效果較好，長期效果不明顯。
② The short-term incentive effect is good, but the long-term effect is not significant.
③公司內部派發(fā)一定數量的虛擬股權給公司骨干員工，不需要員工出資。
③ Distribute a certain amount of virtual equity within the company to key employees without the need for employee contributions.
④實質上是一種享有企業(yè)分紅權的憑證。
④ Essentially, it is a proof of entitlement to corporate dividends.
⑤導致激勵對象可能過分重視分紅，減少企業(yè)資本積累，容易形成分凈利潤思想，導致公司現金支付壓力較大。
⑤ This may lead to incentive targets placing excessive emphasis on dividends, reducing the accumulation of corporate capital, and easily forming the idea of net profit distribution, resulting in significant cash payment pressure for the company.
2股票（權）增值權：
2. Stock appreciation rights:
①授予激勵對象在一定時期和條件下，獲得規(guī)定數量的股票價格上升所帶來的收益的權利。
① Grant incentive recipients the right to receive the benefits of a specified number of stock price increases over a certain period of time and under certain conditions.
②股權激勵對象并不實際擁有股票不擁有表決權分紅權。
② The equity incentive objects do not actually own stocks and do not have voting and dividend rights.
③激勵對象不用實際出資，行權后將獲得增值權益現金
③ The incentive object does not need to make actual capital contributions, and will receive value-added equity cash after exercise
3賬面價值增值權：
3. Book value appreciation right:
①用每股凈資產的增加值來激勵，享受約定比例的分紅，但沒有所有權和表決權。
① Use the added value of net assets per share as an incentive to enjoy the agreed proportion of dividends, but without ownership or voting rights.
②分為購買型和虛擬型。
② It is divided into purchasing type and virtual type.
③由于賬面價值增值權沒有利用資本市場的放大作用，每股凈資產的增加幅度有限，所以激勵對象的收益不會有爆發(fā)性增長，因此是適用于現金流比較充裕且凈資產增值較快的企業(yè)。
③ Due to the fact that the book value appreciation right does not utilize the amplification effect of the capital market, the increase in net assets per share is limited, so the earnings of the incentive object will not experience explosive growth. Therefore, it is suitable for enterprises with abundant cash flow and rapid net asset appreciation.
4延期支付
4 Delayed Payment
員工持股計劃ESOP：
Employee Stock Ownership Plan (ESOP):
①公司內部員工出資認購本公司的部分股權，通過持股平臺（有限合伙企業(yè)）管理運作。
① Internal employees of the company contribute to subscribe for a portion of the company's equity, which is managed and operated through a shareholding platform (limited partnership enterprise).
②與業(yè)績掛鉤不明顯，福利性較強。
② Not significantly linked to performance, with strong welfare benefits.
先分利潤再分權（先分有期限的利潤，后考慮股權所有權）
Divide profits first and then rights (divide profits with a fixed period first, then consider equity ownership)
1股票（權）期權
1 stock option
①是國際上一種經典使用廣泛的股權激勵模式。
① It is the most classic and widely used equity incentive model internationally.
②期權實質上是將權利和義務分開進行定價，使得權利受讓人在規(guī)定期限內有權行權或放棄行權，但公司作為義務方必須兌現承諾。
② Options essentially price rights and obligations separately, allowing the transferee of the right to exercise or waive the exercise within a specified period of time, but the company, as the obligor, must fulfill its commitment.
③激勵標的物是企業(yè)的股權，激勵對象在行權后可以獲得完整的股東權益，成為在冊股東。
③ The subject matter of the incentive is the equity of the enterprise, and the incentive object can obtain complete shareholder equity after exercise, becoming a registered shareholder.
2期股
2 issues of shares
①激勵對象通過首付+分期還款的方式擁有公司股權
① The incentive object owns the company's equity through a down payment and installment repayment method
3限制性股票（權）
3 Restricted Stocks (Rights)
公司將一定的股份無償或者以優(yōu)惠價格授予激勵對象，但同時進行一些限制。
The company grants a certain amount of shares to incentive targets free of charge or at a discounted price, but at the same time imposes some restrictions.
既分利潤又分權（既分公司的利潤，又給股權所有權）
Divide profits and rights (both dividing the company's profits and giving equity ownership)
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