一、企業經營管理不善

1、 Poor management of enterprises

一個企業如果賬目上全是虧損，經營方向出現問題，管理僵化，那么這個企業根本就沒有任何發展的前途。股權激勵激勵的是股權，不是錢，換而言之，是拿企業的未來和員工進行一場決定。企業只有具有一定的潛力，員工才愿意和企業共同奮斗，但企業經營狀況極差，員工對企業的發展不抱有任何信心，自然不愿意進行一場注定失敗的決定。

If the accounts of an enterprise are full of losses, problems in the direction of operation and rigid management, then the enterprise has no future for development. Equity incentive is equity, not money. In other words, it is a gamble on the future of the enterprise and employees. Only when the enterprise has a certain potential, the employees are willing to work with the enterprise. However, the business situation of the enterprise is very poor, and the employees do not have any confidence in the development of the enterprise, so they are not willing to make a decision doomed to failure.

二、勞資問題積重難返

2、 Labor and capital problems are hard to return

如果公司長期存在嚴重的勞資問題時，建議企業暫且不要做股權激勵，股權激勵的一個基礎就是員工對公司信任度很高，愿意與公司攜手走下去。但是，勞資問題體現的是員工與公司之間的對立。

If the company has serious labor and capital problems for a long time, it is suggested that enterprises should not do equity incentive temporarily. One of the basis of equity incentive is that employees have a high degree of trust in the company and are willing to go hand in hand with the company. However, the problem of labor and capital reflects the opposition between employees and the company.

因此，對于勞資矛盾突出的企業，應當優先改 革薪酬體系，重建員工對企業的信任，才能進一步實施股權激勵計劃。

Therefore, for the enterprises with prominent labor capital conflicts, we should give priority to reforming the salary system and rebuilding the employees' trust in the enterprises, so as to further implement the equity incentive plan.

三、家族企業

3、 Family business

家族企業顧名思義就是企業管理層都是家族內部人員，這種企業本身就具有一般企業不具備的凝聚力，一般也不吸收外來人員進入管理層。因此，家族企業做股權激勵相當于把左邊籃子的雞蛋放到右邊籃子，放來放去始終是自己家的，沒有任何變化。

As the name suggests, the management of a family business is the internal staff of the family. This kind of business itself has the cohesion that ordinary enterprises do not have, and generally does not absorb foreign personnel into the management. Therefore, the family business to do equity incentive is equivalent to putting the eggs in the left basket into the right basket, which is always their own, without any change.

四、缺乏企業文化的企業

4、 Enterprises lacking corporate culture

中國企業可以分為三 級：三等企業做服務，二等企業做產品，一等企業做文化。

Chinese enterprises can be divided into three levels: the third-class enterprises do services, the second-class enterprises do products, and the first-class enterprises do culture.

企業實施股權激勵，更多的是將一群志同道合的人聚 集在一起，集中力量辦大事，給予員工股份也不僅僅是為了留住人才，更是引導員工認同并完善企業文化，有理想、有目標、富有使命感、榮譽感與歸屬感。沒有企業文化的企業，即使實行了股權激勵，也只是用物質利益將人才留住，等過了3至5年的行權期，人才仍然可能會走。相反的是，擁有企業文化的企業才能真 正吸引人才，這樣的企業實行股權激勵才能達到好的效果

The implementation of equity incentive in enterprises is to gather a group of like-minded people together to focus on major events. Giving employees shares is not only to retain talents, but also to guide employees to identify and improve corporate culture, with ideals, goals, mission, honor and belonging. Enterprises without corporate culture, even if equity incentive is implemented, only retain talents with material benefits. After three to five years of exercise, talents may still go. On the contrary, enterprises with corporate culture can really attract talents, and the implementation of equity incentive can achieve good results