對于企業創始人來說，股權代表了他擁有公司的權利。當創始人缺少資金、資源時，便可以使用股權去獲得擁有實際價值的東西，實現公司價值的持續增長。

For the founder of a business, equity represents his right to own the company. When the founder is short of funds and resources, he can use the equity to get something with real value and realize the continuous growth of the company's value.

于是，這個過程就變成用股權交換資金、資源、人脈的交易。這樣股權也可稱為“商品”，商品的本質是價值，商品是用來交換的，換取自身需求的東西。所以，股權的價值不僅僅只是分錢，對于企業的創始人來說，股權的價值更應該是去交換別的擁有實際價值的東西，滿足自身需求的同時，獲取更多的利益，以此博弈。

As a result, this process becomes a transaction of exchanging equity for capital, resources and contacts. In this way, equity can also be called "commodity". The essence of commodity is value. Commodity is used to exchange for what it needs. Therefore, the value of equity is not just money, for the founder of the enterprise, the value of equity should be to exchange other things with real value, to meet their own needs, at the same time, to obtain more benefits, in order to game.

股權激勵，是企業為了激勵和留住核心人才而推行的一種長期激勵機制。股權激勵，也可稱為是一個用股權換取員工人力資本的交易.

Equity incentive is a long-term incentive mechanism for enterprises to motivate and retain core talents. Equity incentive, also known as an exchange of equity for human capital

我們可以了解到，股權激勵就是使用股權的一種方式，但其實股權激勵的模式也是有許多的，不同的股權激勵模式有不一樣的效果，接下來介紹幾個常用的股權激勵模式的優缺點。

We can understand that equity incentive is a way to use equity, but in fact there are many modes of equity incentive. Different modes of equity incentive have different effects. Next, this paper introduces the advantages and disadvantages of several commonly used equity incentive modes.

一 股權激勵模式：虛擬股的優缺點

Equity incentive mode: advantages and disadvantages of virtual stock

虛擬股票指公司授予激勵對象一種虛擬的股票，激勵對象可據此享受分紅權和股價升值收益，但沒有所有權、表決權，也不能轉讓和出售，離開企業自動失效。

Virtual stock refers to a kind of virtual stock granted by the company to the incentive object. The incentive object can enjoy the dividend right and the appreciation income of the stock price, but it has no ownership, voting right, and can not be transferred or sold. It will automatically become invalid when leaving the enterprise.

優點：虛擬股票發放不會影響公司的總資本和所有權結構，無需證監會批示，只需要股東大會通過即可。

Advantages: the issuance of virtual stock will not affect the total capital and ownership structure of the company, without the approval of CSRC, only need the approval of the general meeting of shareholders.

缺點：公司的現金壓力較大，虛擬股票的行權和拋售時的價格難以確定。

Disadvantages: the company's cash pressure is large, and it is difficult to determine the exercise and selling price of virtual stock.

二 股權激勵模式：員工持股計劃的優缺點

Second, equity incentive mode: the advantages and disadvantages of ESOP

員工持股計劃是指公司內部員工個人出資認購本公司部分股份，并委托公司進行集中管理的股權激勵方式。

Employee stock ownership plan is a kind of equity incentive mode in which the company's internal employees subscribe for part of the company's shares and entrust the company to carry out centralized management.

優點：能增強企業的凝聚力、競爭力，可以調動員工的積極性。

Advantages: can enhance the cohesion and competitiveness of the enterprise, can mobilize the enthusiasm of employees.

缺點：員工可能需要支出現金或承擔貸款。福利性較強，激勵性較差。平均化會降低員工積極性。

Disadvantages: employees may have to pay cash or take on loans. Welfare is strong, incentive is poor. Averaging reduces employee motivation.

三 股權激勵模式：業績股票

Three equity incentive mode: performance stock

業績股票也是股權激勵模式的一種。公司呢確定一個較為合理的業績指標，如果激勵對象到預定期限達到預定目標，則公司授予其約定數量的股票或提出約定獎勵用于購買公司股份。

Performance stock is also a kind of equity incentive mode. The company determines a more reasonable performance index. If the incentive object reaches the predetermined target within the predetermined time limit, the company grants the agreed number of shares or proposes the agreed reward to purchase the company's shares.

優點：業績股票可以讓激勵對象的工作績效和所獲激勵之間聯系緊密。對公司而言，激勵對象有明確的業績目標約束，權責利對稱性強，能形成雙方共贏局面。

Advantages: performance stock can make the work performance of the incentive object closely linked with the incentive. For the company, the incentive object has a clear performance target constraints, power, responsibility and interest symmetry, can form a win-win situation.

缺點：對初創期企業不適合，主要是和于業績穩定并持續增長、現金流充裕的企業。業績目標的科學性也很難保證，并且激勵對象拋售股票受限制。

Disadvantages: not suitable for start-up enterprises, mainly for enterprises with stable performance and continuous growth and abundant cash flow. It is difficult to guarantee the scientificity of the performance target, and the incentive object to sell stocks is limited.