股权激励是什么意思,股权激励有什么作用

股权激励是什么意思,股权激励有什么作用 进入知识经济时代以来，企业的核心竞争力越来越多地体现在对人力资本的拥有水平和对人力资本潜在价值的开发能力上。股权激励是什么意思,股权激励有什么作用, 股权激励 一、什么是股权激励 股权激励，是指企业经营者和职工通过持有企业股权的形式，来分享企业剩余索取权的一种激励行为，使股权持有者能够以股东的身份参与企业决策、分享利润、承担风险，从而勤勉尽责地为公司的长期发展服务的一种激励。 二、为什么要进行股权激励 进入知识经济时代以来，企业的核心竞争力越来越多地体现在对人力资本的拥有水平和对人力资本潜在价值的开发能力上。但传统的、简单的劳动契约无法保证知识型雇员尽最大努力、自觉工作，在管理手段上也无法对其进行有效的监督与约束。股权激励的方式恰恰可以弥补传统管理方法和激励手段的不足: 1. 在管理理念上，它通过雇员对股权的拥有使雇主与雇员的关系由原来简单的雇佣与交换关系变为平等的合作伙伴关系; 2. 在激励与约束的方法上，它通过建立所有者与雇员之间在所有权、管理权、经营收益、企业价值以及事业成就等方面的分享机制，形成所有者、企业与雇员之间的利益共同体; 3. 在管理效果上，它变以外部激励为主为以雇员自身的内在激励为主;变以性的环境约束为主为以自律性的自我约束为主。 三、股权激励的四种基本作用 1. 激励作用 使被激励者拥有企业的部分股份(或股权)，用股权这个纽带将被激励者的利益与企业的利益和所有者的利益紧紧地绑在一起，使其能够积极、自觉地按照实现企业既定目标的要求，为了实现企业利益和股东利益的最大化努力工作，释放出其人力资本的潜在价值，并最大限度地降低监督成本。 water to 35mL (vegetable oil, no additional water). Absorb arsenic 0,0.5,1.0,2.0mL standard solution (arsenic 0,0.5,1.0,2.0 µ g), placed in a bottle of arsenic measured respectively, plus 5mL of potassium iodide solution (150g/L), 5 drops of acid stannous chloride hydrochloride and 5mL, add water to the 35mL (determination of vegetable oil and water to 60mL). Yu Cheng digestive liquid samples, reagent blank solution and standard solution of arsenic arsenic measured plus 3G zinc tablets in a bottle and immediately stuffed in advance with lead acetate cotton of measuring arsenic and mercuric bromide paper tubes, place 1h at 25 ?, remove the mercuric bromide reagent for sample and reagent blank Paper compared with the arsenic standard spots. 21 per cent with the 14th chapter. Results statement: the arithmetic mean of the two-bit significand. 22 permitted deviation under repeatability conditions obtain the absolute value of the difference of two independent test results shall not exceed the arithmetical average value of 20%. Four principle 23, borohydride reduction colorimetric method samples were digested, arsenic to pentavalent form. When the solution when the concentration of hydrogen ions is greater than 1.0mol/L, add potassium iodide-thiourea and combined heating, can restore the pentavalent arsenic to trivalent arsenic. Under acidic conditions, potassium borohydride restore trivalent arsenic to trivalent form arsine gas, import absorption in liquid is yellow, yellow shade is proportional to the content of arsenic in the solution. Compared with the standard ration. 2. 约束作用 约束作用主要表现在两方面: 1)因为被激励者与所有者已经形成了“一荣俱荣、一损俱损”的利益共同体，如果经营者因不努力工作或其它原因导致企业利益受损，比如出现亏损，则经营者会同其他股东一样分担企业的损失; 2)通过一些限制条件(比如限制性股票)使被激励者不能随意(或轻意)离职——如果被激励者在合同期满前离职，则会损失一笔不小的既得经济利益。 3.稳定员工作用 由于很多股权激励工具都对激励对象利益的兑现附带有服务期的限制，使其不能轻言“去留”。特别是对于高级管理人员和技术骨干、销售骨干等“关键员工”，股权激励的力度往往比较大，所以股权激励对于稳定“关键员工”的作用也比较明显。 4.改善员工福利作用 这对于那些效益状况良好且比较稳定的企业，实施激励面比较宽的股权激励使多数员工通过拥有公司股票(或股权)参与企业利润的分享(比如美国的公司职工持股计划)，有十分明显的福利效果，而且这种福利作用还有助于增强企业对员工的凝聚力，利于形成一种以“利益共享”为基础的企业文化。 四、股权激励模式 股权激励在西方发达国家应用很普遍，其中美国的股权激励工具最丰富，制度环境也最完善。下面简要介绍几种常用也比较成熟的股权激励模式。 1.股票期权模式 股票期权模式是国际上一种最为经典、使用最为广泛的股权激励模式。公司经股东大会同意，将预留的已发行未公开上市的普通股股票认股权作为“一揽子”报酬中的一部分，以事先确定的某一期权价格有条件地无偿授予或奖励给公司高层管理人员和技术骨干，股票期权的享有者可在规定的时期内做出行权、兑现等选择。 water to 35mL (vegetable oil, no additional water). Absorb arsenic 0,0.5,1.0,2.0mL standard solution (arsenic 0,0.5,1.0,2.0 µ g), placed in a bottle of arsenic measured respectively, plus 5mL of potassium iodide solution (150g/L), 5 drops of acid stannous chloride hydrochloride and 5mL, add water to the 35mL (determination of vegetable oil and water to 60mL). Yu Cheng digestive liquid samples, reagent blank solution and standard solution of arsenic arsenic measured plus 3G zinc tablets in a bottle and immediately stuffed in advance with lead acetate cotton of measuring arsenic and mercuric bromide paper tubes, place 1h at 25 ?, remove the mercuric bromide reagent for sample and reagent blank Paper compared with the arsenic standard spots. 21 per cent with the 14th chapter. Results statement: the arithmetic mean of the two-bit significand. 22 permitted deviation under repeatability conditions obtain the absolute value of the difference of two independent test results shall not exceed the arithmetical average value of 20%. Four principle 23, borohydride reduction colorimetric method samples were digested, arsenic to pentavalent form. When the solution when the concentration of hydrogen ions is greater than 1.0mol/L, add potassium iodide-thiourea and combined heating, can restore the pentavalent arsenic to trivalent arsenic. Under acidic conditions, potassium borohydride restore trivalent arsenic to trivalent form arsine gas, import absorption in liquid is yellow, yellow shade is proportional to the content of arsenic in the solution. Compared with the standard ration. 中国最大在线法律服务平台(www.66Law.cn) 设计和实施股票期权模式，要求公司必须是公众上市公司，有合理合法的、可实施股票期权的股票来源，并要求具有一个股价能基本反映股票内在价值、运作比较、秩序良好的资本市场载体。 2.股份期权模式 股份期权模式实际上就是一种股票期权改造模式。这种模式规定:经公司出资人或董事会同意，公司高级管理人员可以群体形式获得公司5%-20%股权，其中董事长和经理的持股比例应占群体持股数的10%以上。经营者欲持股就必须先出资，一般不得少于10万元，而经营者所持股份额是以其出资金额的1-4倍确定。三年任期届满，完成指标，再过两年，可按届满时的每股净资产变现。 股份期权模式的一大特点是推出了“3+2”收益方式，所谓“3+2”，即企业经营者在三年任期届满后，若不再续聘，须对其经营方式对企业的长期影响再做两年的考察，如评估合格才可兑现其收入。 3.期股奖励模式 期股奖励模式是目前国内上市公司中比较流行的一种股权激励办法。其特点是，从当年净利润中或未分配利润中提取奖金，折股奖励给高层管理人员。例如湖南的电广传媒，企业从年度净利润中提取2%作为公司董事会成员、高层管理人员及有重大贡献的业务骨干的激励基金。基金只能用于为激励对象购买公司的流通股票，并做相应冻结，离职半年后可以抛出。 4.虚拟股票期权模式 虚拟股票期权不是真正意义上的股票认购权，它是将奖金的给予延期支付，并把奖金转换成普通股票，这部分股票享有分红、转增股等权利，但在一定时期内不得流通，只能按规定分期兑现。这种模式是针对股票来源障碍而进行的一种创新设计，暂时采用内部结算的办法操作。虚拟股票期权的资金来源与期股奖励模式不同，它来源于企业积存的奖励基金。 5.年薪奖励转股权模式 water to 35mL (vegetable oil, no additional water). Absorb arsenic 0,0.5,1.0,2.0mL standard solution (arsenic 0,0.5,1.0,2.0 µ g), placed in a bottle of arsenic measured respectively, plus 5mL of potassium iodide solution (150g/L), 5 drops of acid stannous chloride hydrochloride and 5mL, add water to the 35mL (determination of vegetable oil and water to 60mL). Yu Cheng digestive liquid samples, reagent blank solution and standard solution of arsenic arsenic measured plus 3G zinc tablets in a bottle and immediately stuffed in advance with lead acetate cotton of measuring arsenic and mercuric bromide paper tubes, place 1h at 25 ?, remove the mercuric bromide reagent for sample and reagent blank Paper compared with the arsenic standard spots. 21 per cent with the 14th chapter. Results statement: the arithmetic mean of the two-bit significand. 22 permitted deviation under repeatability conditions obtain the absolute value of the difference of two independent test results shall not exceed the arithmetical average value of 20%. Four principle 23, borohydride reduction colorimetric method samples were digested, arsenic to pentavalent form. When the solution when the concentration of hydrogen ions is greater than 1.0mol/L, add potassium iodide-thiourea and combined heating, can restore the pentavalent arsenic to trivalent arsenic. Under acidic conditions, potassium borohydride restore trivalent arsenic to trivalent form arsine gas, import absorption in liquid is yellow, yellow shade is proportional to the content of arsenic in the solution. Compared with the standard ration. 年薪奖励转股权模式是由武汉市国有资产控股公司设计并推出的，因此也被称之为“武汉期权模式”。 武汉市国有资产控股公司所控股的上市公司原来实行企业法人代表年薪制，年薪由基薪、风险收入、年功收入、特别年薪奖励四部分组成。这种模式则把风险收入70%拿出来转化为股票期权(另外30%以现金形式当年兑付)，国资公司按该企业年报公布后一个月的股票平均市价，用该企业法人代表当年风险收入的70%购入该企业股票。 同时，由企业法人代表与国资公司签订股票托管协议，这部分股票的表决权由国资公司行使，需在第二年经对企业的业绩进行评定后按比例逐年返还给企业的经营者，返还后的股票才可以上市流通。武汉期权模式本质上也是一种期股奖励模式。 6.股票增值权模式 这种模式为兰州三毛派神股份有限公司所采用。其主要内容是通过模拟认股权方式，获得由公司支付的公司股票在本年度末与本年度初的净资产的增值价差。值得注意的是，股票增值权不是真正意义上的股票，没有所有权、表决权、配股权。 这种模式直接拿每股净资产的增加值来激励其高管人员、技术骨干和董事，只要经股东大会通过即可实施，因此具体操作起来方便、快捷。 五、针对不同激励对象的股权激励方法选择 股权激励的手段和方法多种多样，在企业的应用中，还不断地有新的股权激励方式被创新出来，而且各种单一股权激励手段的配合使用又可以演化出更多的组合式股权激励工具来。所以企业在应用的时候一定要根据企业内、外部环境条件和所要激励的对象的不同，结合各种股权激励工具的作用机理，选择适合本企业的、有效的股权激励方法。 1.针对经营者和高级管理人员 股权激励的主要目的是要产生正面激励与反面约束的双重效果，为此在目前法律框架下大多数企业应主要采用以限制性期股结合分红权为主的股权激励方式。 这里“期股”指明实施激励的股权来源和被激励者取得股权的方式;“限制性”则对被激励者权利的兑现条件加以限制，主要体现“约束功能”;外加“分红权”则在“期股”本身具有的激励功能之上再加强其正面激励的效能，同时也是对被激励者所拥有的“人力资本”的肯定。 water to 35mL (vegetable oil, no additional water). Absorb arsenic 0,0.5,1.0,2.0mL standard solution (arsenic 0,0.5,1.0,2.0 µ g), placed in a bottle of arsenic measured respectively, plus 5mL of potassium iodide solution (150g/L), 5 drops of acid stannous chloride hydrochloride and 5mL, add water to the 35mL (determination of vegetable oil and water to 60mL). Yu Cheng digestive liquid samples, reagent blank solution and standard solution of arsenic arsenic measured plus 3G zinc tablets in a bottle and immediately stuffed in advance with lead acetate cotton of measuring arsenic and mercuric bromide paper tubes, place 1h at 25 ?, remove the mercuric bromide reagent for sample and reagent blank Paper compared with the arsenic standard spots. 21 per cent with the 14th chapter. Results statement: the arithmetic mean of the two-bit significand. 22 permitted deviation under repeatability conditions obtain the absolute value of the difference of two independent test results shall not exceed the arithmetical average value of 20%. Four principle 23, borohydride reduction colorimetric method samples were digested, arsenic to pentavalent form. When the solution when the concentration of hydrogen ions is greater than 1.0mol/L, add potassium iodide-thiourea and combined heating, can restore the pentavalent arsenic to trivalent arsenic. Under acidic conditions, potassium borohydride restore trivalent arsenic to trivalent form arsine gas, import absorption in liquid is yellow, yellow shade is proportional to the content of arsenic in the solution. Compared with the standard ration. 中国最大在线法律服务平台(www.66Law.cn) 除此之外，“业绩股票”对于经营者和高管人员的激励也是一种比较好的选择，主要问是要设计好兑现“业绩股票”时股票来源的问题。 2.针对管理骨干和技术骨干等“重要员工” 激励的目的通常有两个: 1)充分调动其工作积极性和创造性，产生正面激励的效果; 2)稳定骨干员工。 故可重点选取以“限制性期股”结合“业绩分红权”为主的股权激励方法。“限制性期股”作用如前述，“业绩分红权”是指授予这些骨干员工一定额度的“分红权”，承认其“人力资本”的价值和参与分配的权利，但这种“权利”的行使要与其本人工作业绩直接挂钩，而不是无条件地参与分红。 3. 针对销售人员尤其是销售部门负责人和销售业务骨干 股权激励具有特别重要的意义。因为销售人员更关注短期绩效、流动性大、不关心整体利益，所以重点在于使股权成为销售人员当期收入中比较重要的一块，使股权收益在其长期总收入中占有比较大的比例，目的是: 1)借此实现对销售人员收入的延期支付; 2)使其在关心自己短期利益的同时也要兼顾企业的整体利益和长期利益——因为这都与他直接有关。 方法之一是采取“限制性期股”的方式，授予销售人员较大的期股额度，规定其绩效收入的一半(比如)必须用于支付购买期股借款(否则作废)，且其已经实际拥有的股权必须在服务期达到若干年后方能转让兑现。 方法之二是使用“业绩股票”的方法，将销售人员短期收入中的一部分变成长期权益，这样能够在很大程度上减少其短期行为。 4.针对一般员工的激励 water to 35mL (vegetable oil, no additional water). Absorb arsenic 0,0.5,1.0,2.0mL standard solution (arsenic 0,0.5,1.0,2.0 µ g), placed in a bottle of arsenic measured respectively, plus 5mL of potassium iodide solution (150g/L), 5 drops of acid stannous chloride hydrochloride and 5mL, add water to the 35mL (determination of vegetable oil and water to 60mL). Yu Cheng digestive liquid samples, reagent blank solution and standard solution of arsenic arsenic measured plus 3G zinc tablets in a bottle and immediately stuffed in advance with lead acetate cotton of measuring arsenic and mercuric bromide paper tubes, place 1h at 25 ?, remove the mercuric bromide reagent for sample and reagent blank Paper compared with the arsenic standard spots. 21 per cent with the 14th chapter. Results statement: the arithmetic mean of the two-bit significand. 22 permitted deviation under repeatability conditions obtain the absolute value of the difference of two independent test results shall not exceed the arithmetical average value of 20%. Four principle 23, borohydride reduction colorimetric method samples were digested, arsenic to pentavalent form. When the solution when the concentration of hydrogen ions is greater than 1.0mol/L, add potassium iodide-thiourea and combined heating, can restore the pentavalent arsenic to trivalent arsenic. Under acidic conditions, potassium borohydride restore trivalent arsenic to trivalent form arsine gas, import absorption in liquid is yellow, yellow shade is proportional to the content of arsenic in the solution. Compared with the standard ration. 通常股权激励不应该作为主要的激励手段。对于绝大多数普通员工而言，由于他们可能得到的股权不可能很多，公司整体效益指标完成情况与他个人工作努力的关联度以及他个人收入的关联度都太低，股权激励作用不会太明显。 对于效益良好且稳定的公司，采用股权激励能够起到增加福利和补充薪酬的作用。此外通过持股的方式让职工有机会分享公司的利润，也有助于健康的公司文化的建设。在具体的方法上可以员工直接购股或设置期股为主。 目前在我国企业中应用的股权激励手段虽然名目繁杂，但实际上真正适用的工具并不多。随着法律与制度环境的不断改善，一些在国外常用的股权激励方法一定会越来越多地在我们的企业中找到用武之地。 六、实施股权激励需要注意的几个问题 第一个问题是使用股权激励一定要注意对象与环境。股权激励尽管有效，但它绝不是万能的，股权激励有它自己的适用范围和适用对象，如果用错了不仅收不到预期的效果还可能产生相反的作用。 第二个问题是股权激励一定要与其它激励手段合理配合使用。比如对主要经营者激励组合上可以以股权激励为主，对于其他高管人员股权激励与非股权激励可以各占一半，而对于中层干部和技术、销售等部门的业务骨干，股权激励在其激励组合中的比重则不应超过1/3。 第三个问题是股权激励一定要与目标管理和绩效考核紧密结合。不管怎么讲，激励只是手段，完成公司的经营计划、达到发展目标才是目的。 所以股权激励制度和实施方法一定要结合公司的目标达成情况以及激励对象本人、本部门的业绩指标完成情况与考核办法来制订和兑现。离开了这一条，再好的激励手段也不会产生令人满意的激励效果。 第四个问题是实施股权激励要注意稳定性与灵活性有机结合。稳定性说的是激励制度一旦颁布就要不折不扣地实施并坚持下去，否则公司将失去员工的信任，那样的话还不如不搞股权激励。 灵活性则指针对不同的激励对象、在不同的环境中以及随着时间的变化，所使用的激励工具和激励方法的组合应该有所不同，也就是说要做到所采取的每一个激励措施对于所要激励的对象而言都实用的、恰当的、高效的。 water to 35mL (vegetable oil, no additional water). Absorb arsenic 0,0.5,1.0,2.0mL standard solution (arsenic 0,0.5,1.0,2.0 µ g), placed in a bottle of arsenic measured respectively, plus 5mL of potassium iodide solution (150g/L), 5 drops of acid stannous chloride hydrochloride and 5mL, add water to the 35mL (determination of vegetable oil and water to 60mL). Yu Cheng digestive liquid samples, reagent blank solution and standard solution of arsenic arsenic measured plus 3G zinc tablets in a bottle and immediately stuffed in advance with lead acetate cotton of measuring arsenic and mercuric bromide paper tubes, place 1h at 25 ?, remove the mercuric bromide reagent for sample and reagent blank Paper compared with the arsenic standard spots. 21 per cent with the 14th chapter. Results statement: the arithmetic mean of the two-bit significand. 22 permitted deviation under repeatability conditions obtain the absolute value of the difference of two independent test results shall not exceed the arithmetical average value of 20%. Four principle 23, borohydride reduction colorimetric method samples were digested, arsenic to pentavalent form. When the solution when the concentration of hydrogen ions is greater than 1.0mol/L, add potassium iodide-thiourea and combined heating, can restore the pentavalent arsenic to trivalent arsenic. Under acidic conditions, potassium borohydride restore trivalent arsenic to trivalent form arsine gas, import absorption in liquid is yellow, yellow shade is proportional to the content of arsenic in the solution. Compared with the standard ration. 中国最大在线法律服务平台(www.66Law.cn) 第五个问题是要注意在激励方式和方法上创新。首先任何股权激励工具都是人们在管理实践中创造和总结出来的，并且不断有新的激励工具在不断地被创造出来; 其次每一个成熟或不成熟的激励工具都有其自身的适应性和适用条件，并不存在一个百分之百成熟、完善的股权激励方法，所以在借用或借鉴别人的股权激励方法时一定要进行改造、创新，切忌简单模仿和盲目照搬。 water to 35mL (vegetable oil, no additional water). Absorb arsenic 0,0.5,1.0,2.0mL standard solution (arsenic 0,0.5,1.0,2.0 µ g), placed in a bottle of arsenic measured respectively, plus 5mL of potassium iodide solution (150g/L), 5 drops of acid stannous chloride hydrochloride and 5mL, add water to the 35mL (determination of vegetable oil and water to 60mL). Yu Cheng digestive liquid samples, reagent blank solution and standard solution of arsenic arsenic measured plus 3G zinc tablets in a bottle and immediately stuffed in advance with lead acetate cotton of measuring arsenic and mercuric bromide paper tubes, place 1h at 25 ?, remove the mercuric bromide reagent for sample and reagent blank Paper compared with the arsenic standard spots. 21 per cent with the 14th chapter. Results statement: the arithmetic mean of the two-bit significand. 22 permitted deviation under repeatability conditions obtain the absolute value of the difference of two independent test results shall not exceed the arithmetical average value of 20%. Four principle 23, borohydride reduction colorimetric method samples were digested, arsenic to pentavalent form. When the solution when the concentration of hydrogen ions is greater than 1.0mol/L, add potassium iodide-thiourea and combined heating, can restore the pentavalent arsenic to trivalent arsenic. Under acidic conditions, potassium borohydride restore trivalent arsenic to trivalent form arsine gas, import absorption in liquid is yellow, yellow shade is proportional to the content of arsenic in the solution. Compared with the standard ration.