在很多領導看來，企業實施股權激勵，皆是一件讓人歡喜的事，以為股權激勵計劃實施是一件很簡單的事，只要做個計劃，開個會，簽字就能解決的事，就能留住員工，讓其與公司共同發展。

In the view of many leaders, the implementation of equity incentive in enterprises is a happy thing. They think that the implementation of equity incentive plan is a very simple thing. As long as they make a plan, hold a meeting and sign, they can retain employees and develop together with the company.

但其實很多細節是他們所忽略的，開展股權激勵過程中，若激勵計劃設計不當，可能對企業產生不利的負面影響。股權激勵到底是有助于提高公司價值，解決代理人問題；還是具有負面的公司治理效應，本身就容易形成代理問題；亦或是股權激勵與公司績效之間存在著復雜多變的聯系。

But in fact, many details are ignored by them. In the process of equity incentive, if the incentive plan is not designed properly, it may have an adverse impact on the enterprise. Equity incentive is helpful to improve the value of the company and solve the agent problem; Or has the negative corporate governance effect, itself is easy to form the agency problem; Or there is a complex and changeable relationship between equity incentive and corporate performance.

那么實施股權激勵計劃對于公司的股東有什么影響呢？

So what impact does the implementation of equity incentive plan have on the shareholders of the company?

1、稀釋股權，減低現股東持股占比

1. Diluting equity and reducing the shareholding proportion of current shareholders

期權的授于其結果勢必使現股東的股權得到稀釋，是原來相對集中化的股份變成分散，現股東的控制權在一定水平上將會消弱。

As a result of the grant of options, the current shareholders' equity will be diluted. The original relatively centralized shares will become decentralized, and the current shareholders' control will be weakened to a certain extent.

2、導入監管，經營管理和分配利潤的透明化水平要求提高

2. The transparency level of supervision, operation management and profit distribution is required to be improved

公司股東(不論持股比例多少)依法享有資產收益、參與重大決策和選擇管理者等權利，具體而言，股東還享有：股東會表決權、查閱公司章程、文件和財務報告、會計帳簿的權利、分紅權、以及對其他股東出讓股權的優先認 購權等諸多權利。

The shareholders of the company (regardless of the shareholding ratio) enjoy the rights to return on assets, participate in major decisions and select managers according to law. Specifically, the shareholders also enjoy many rights, such as the voting right of the shareholders' meeting, the right to consult the articles of association, documents and financial reports, accounting books, the right to dividends, and the preemptive right to transfer shares to other shareholders.

股權分散化導致的結果必然是對現有股東的經營管理帶來監督。在此情況下，公司的經營管理及利潤分配等都應當走向規范化、透明化，重大事項的決策應當民 主化。以往“家長制”、“一言堂”的管理模式需要逐步改變。

The result of equity decentralization must bring supervision to the operation and management of existing shareholders. In this case, the company's operation and management and profit distribution should be standardized and transparent, and the decision-making of major matters should be democratized. In the past, the management mode of "paternalism" and "one speech hall" needs to be changed gradually.

3、帶來潛在的糾 紛風險

3. Potential dispute risk

既然股權由集中轉為分散，股東對公司經營管理、持續發展的思路就有可能出現分歧，股東之間出現矛盾并導致糾 紛的風險就大大提高。

Since the equity has changed from centralized to decentralized, shareholders may have differences on the company's operation and management and sustainable development, and the risk of contradictions and disputes between shareholders will be greatly increased.

從經營風險角度出發，余老師探究了高管股權激勵與企業績效之間的關系，認為高管得到股權激勵之后，企業的經營風險會有所增加，隨著經營風險的增加，會使企業經營業績也得到提高。

From the perspective of operational risk, Mr. Yu explored the relationship between executive equity incentive and enterprise performance, and believed that after executives get equity incentive, the enterprise's operational risk will increase. With the increase of operational risk, the enterprise's operational performance will also be improved.

因此，必須加大股權激勵的力度，完善高管薪酬激勵的考核指標，并且加強對國企的監管力度，才能促進減少企業的非效率投資行為，大大增加企業的效率投資，使股權激勵對企業績效產生積極影響。

Therefore, we must strengthen equity incentive, improve the evaluation indicators of executive compensation incentive, and strengthen the supervision of state-owned enterprises, so as to promote the reduction of inefficient investment behavior, greatly increase the efficiency investment of enterprises, and make equity incentive have a positive impact on enterprise performance.