在現代企業，很多公司都希望能借助股權激勵制度，用以解決目前公司在升級轉型過程中一直困擾的激勵約束機制的問題。大量的事實證明，適時有效的股權激勵方案確實能幫助企業激勵管理高層發揮積極性和主人翁的作用，給企業帶來豐厚的回報。那么，制定股權激勵計劃時，到底應該注意哪些事項，規避哪些誤區？

In modern enterprises, many companies hope to use the equity incentive system to solve the problem of incentive and constraint mechanism which has been plagued in the process of upgrading and transformation. A large number of facts have proved that timely and effective equity incentive scheme can really help the enterprise to motivate the senior management to play an active and master role, and bring rich returns to the enterprise. So, what should be paid attention to and what misunderstandings should be avoided when formulating the equity incentive plan?

誤區一：認為股權激勵就是股票期權激勵

Misunderstanding 1: equity incentive is stock option incentive

其實，股權激勵并非只有股票期權激勵這一種方式，股權激勵還包括限制性股票計劃、員工持股計劃、虛擬股票增值權等。因此并不表明企業對高管的激勵只有這一個方法，企業（特別是非上市公司）完全可以根據自己的具體情況選擇其他的激勵方法。

In fact, equity incentive is not only stock option incentive, but also restricted stock plan, employee stock ownership plan and virtual stock appreciation right. Therefore, it does not mean that there is only one way to motivate executives. Enterprises (especially non listed companies) can choose other incentive methods according to their specific conditions.

誤區二：股權激勵存在“吃大鍋飯”的現象

Misunderstanding 2: the phenomenon of "eating from a big pot" exists in equity incentive

許多上市公司做股權激勵時都存在吃“大鍋飯”的現象。許多上市企業操作股權激勵時，把激勵對象都放在同一層面進行激勵和考核，殊不知這不僅達不到相應的激勵效果，反而會挫傷相關人員的工作熱情。

When many listed companies do equity incentive, there is a "big pot meal" phenomenon. When many listed companies operate equity incentive, they put the incentive objects on the same level to encourage and assess, but they do not know that this will not only fail to achieve the corresponding incentive effect, but will frustrate the enthusiasm of relevant personnel.

所以，這種把股權激勵搞成“大鍋飯”的做法不妥，并不能有效的激勵到相關人員。

Therefore, this kind of equity incentive into a "big pot meal" approach is not appropriate, and can not effectively motivate the relevant personnel.

誤區三：認為推行股權激勵可以完善公司治理結構

The third mistake is that the implementation of equity incentive can improve the corporate governance structure

完善的公司治理結構是企業推行股權激勵的前提條件，而不是相反。一個治理結構不完善的企業若貿然實施股權激勵方案，甚至會引發企業生存危機。

A perfect corporate governance structure is the prerequisite for the implementation of equity incentive, not the opposite. If an enterprise with imperfect governance structure hastily implements the equity incentive scheme, it will even lead to the survival crisis of the enterprise.

完善的公司治理結構包含兩個層面的意思。首先是形式上的完善。公司的法人治理結構應該包含這樣一些要素：股東大會、董事會、監事會、經理層、職工大會等。

Perfect corporate governance structure contains two levels of meaning. The first is the perfection of form. The board of directors, the board of directors and the general meeting of shareholders should contain such elements as corporate governance, general meeting of shareholders, etc.

但更為重要的是實質上的完善。上述要素以合約關系為紐帶，各司其職，互為制衡。股東大會選舉出董事會，董事會作為委托人，要求公司高管盡職盡責，以使股東能夠得到更多的投資回報。

But more important is the substantial improvement. The above-mentioned elements are linked by contractual relationship, and each performs its own duties and checks and balances each other. The board of directors is elected by the general meeting of shareholders. As the principal, the board of directors requires the company's executives to fulfill their duties, so as to enable shareholders to get more return on investment.

而作為代理人的經理人員，追求的是包括知識、才能、社會地位在內的自身人力資本增值，以及從事經營管理的人力資本報酬最大化。因此，公司不僅必須為經理人員建立一套行之有效的激勵機制，還必須建立與激勵機制相配套的經理人員約束機制。

As an agent, managers pursue the value-added human capital including knowledge, talent and social status, and maximize the return of human capital engaged in business management. Therefore, the company must not only establish an effective incentive mechanism for managers, but also establish a constraint mechanism for managers matching with the incentive mechanism.

股權激勵方案并非激勵的萬靈藥，而是一把雙刃劍。善用這把劍的企業，會成倍提高效率;不善用的，很可能會割傷自己。

Equity incentive scheme is not a panacea, but a double-edged sword. Enterprises that make good use of this sword will double their efficiency; those who don't use it will probably cut themselves.