股權激勵項目的順利推行，除了與老板的決心、企業發展、方案細節設計、落地實施等息息相關以外，還與股權激勵定價存在緊密關系。股權激勵定價決定著激勵對象獲得股份的成本，因此往往決定著激勵對象的參與意愿，同時也決定著激勵對象未來的股份收益。

The successful implementation of equity incentive project is closely related to the determination of the boss, the development of the enterprise, the detailed design of the scheme and the implementation, as well as the pricing of equity incentive. Equity incentive pricing determines the cost of the incentive object to obtain shares, so it often determines the incentive object's willingness to participate, and also determines the incentive object's future share income.

實施股權激勵過程中，必然存在關于股份數量、價位、條件等等方面的分歧，因此從心理層面來講，股權激勵價位的具體設計是股東和員工心理博弈的結果，如果雙方沒有共贏的意識，很難促成統一。

In the process of implementing equity incentive, there must be differences on the number of shares, price, conditions and so on. Therefore, from the psychological level, the specific design of equity incentive price is the result of psychological game between shareholders and employees. If both sides do not have the sense of win-win, it is difficult to promote unity.

項目組實施股權激勵項目中，碰到不乏因定價無法達成一致意見的情形，股東認為公司的發展非常穩健、未來的發展明顯可期，或者認為以較低的價位授予員工股份，對于原股東來說成本過高等等，因此在股份定價上傾向于以更高的價位授予股份;

During the implementation of equity incentive projects, the project team encountered many cases where the pricing could not reach an agreement. The shareholders thought that the development of the company was very stable and the future development was obvious. Or they thought that it was too expensive for the original shareholders to grant employees shares at a lower price, so they tended to grant shares at a higher price;

而激勵對象認為價位過高，體現不出股東的誠意，激勵力度不足等等。股權激勵的定價，華揚資本認為有標價和出價的區別，標價即股權激勵的每股價位=公司估值÷總股本，對于非上市公司而言，總股本即注冊資本，因此標價的關鍵在于公司估值的確定。

The incentive objects think that the price is too high, which can not reflect the sincerity of shareholders, and the incentive strength is insufficient. Huayang capital thinks that there is a difference between bid price and bid price in the pricing of equity incentive, that is, the price per share of equity incentive = company valuation ÷ Total share capital, for non listed companies, is the registered capital, so the key to price is to determine the company's valuation.

公司估值的確定可以選擇基于資產、收益、市場的估值方法，其中基于資產的估值方法包括賬面價值法、資產評估法等，基于收益的估值方法包括現金流折現法、市盈率法等，基于市場的估值方法包括市場交易類比法等。公司估值是一門科學又是一門藝術，與估值的目的、行業、資本市場的定價、成長性、流動性、企業特點等有很大關聯。

The company's valuation can be determined by the valuation methods based on assets, income and market. The valuation methods based on assets include book value method, asset valuation method, etc., the valuation methods based on income include discounted cash flow method, P / E ratio method, etc., and the valuation methods based on market include market transaction analogy method, etc. Company valuation is a science as well as an art, which is closely related to the purpose of valuation, industry, capital market pricing, growth, liquidity and enterprise characteristics.