山東企業(yè)股權(quán)激勵(lì)的核心問題?

The Core Issues of Equity Incentives for Shandong Enterprises

國有企業(yè)：審批繁瑣與考核嚴(yán)苛?

State owned enterprises: cumbersome approval and strict assessment

山東國有企業(yè)實(shí)施股權(quán)激勵(lì)的進(jìn)程緩慢,，2024 年省屬國有上市公司中，僅有 36.62% 實(shí)施了股權(quán)激勵(lì)方案 ,。這主要源于審批程序復(fù)雜,，需歷經(jīng)多部門層層審核，項(xiàng)目落地周期長(zhǎng),；業(yè)績(jī)考核受政策限制,，既要兼顧短期效益，又要考慮國有資產(chǎn)保值等因素,，難以設(shè)定合理指標(biāo),。?

The process of implementing equity incentives in state-owned enterprises in Shandong is slow, with only 36.62% of provincial state-owned listed companies implementing equity incentive plans in 2024. This is mainly due to the complex approval process, which requires multiple departments and layers of review, and the long project implementation cycle; Performance evaluation is limited by policies, which require consideration of both short-term benefits and factors such as the preservation of state-owned assets, making it difficult to set reasonable indicators. ?

民營(yíng)企業(yè)：規(guī)劃與工具應(yīng)用失當(dāng)?

Private enterprises: improper planning and tool application

民營(yíng)企業(yè)雖積極嘗試，但效果不佳,。部分企業(yè)激勵(lì)對(duì)象范圍設(shè)定隨意,，核心員工未受重視,；激勵(lì)工具選擇盲目，未結(jié)合自身財(cái)務(wù),、股權(quán)結(jié)構(gòu),，導(dǎo)致激勵(lì)效果大打折扣。?

Although private enterprises have actively tried, the results have been unsatisfactory. Some companies set the scope of incentive targets arbitrarily, and core employees are not valued; Blind selection of incentive tools without considering their own financial and equity structure has resulted in a significant reduction in incentive effectiveness. ?

總量與定價(jià)不合理?

Unreasonable total quantity and pricing

激勵(lì)總量上,，多數(shù)企業(yè)設(shè)定偏低,，難以滿足擴(kuò)張期需求；定價(jià)方面,，限制性股票定價(jià)過高,、股票期權(quán)未考慮企業(yè)前景等問題，都削弱了激勵(lì)的吸引力,。?

In terms of the total incentive amount, most enterprises set it too low to meet the needs during the expansion period; In terms of pricing, issues such as excessively high pricing of restricted stocks and lack of consideration for corporate prospects in stock options have weakened the attractiveness of incentives. ?

股權(quán)激勵(lì)引發(fā)的爭(zhēng)議焦點(diǎn)?

Controversy over Equity Incentives

國有資產(chǎn)流失爭(zhēng)議?

Controversy over the loss of state-owned assets

國有企業(yè)實(shí)施股權(quán)激勵(lì)時(shí),，價(jià)格與考核指標(biāo)設(shè)定若不合理，易引發(fā)國有資產(chǎn)流失質(zhì)疑,。但也有觀點(diǎn)認(rèn)為,，合理激勵(lì)能推動(dòng)企業(yè)發(fā)展，實(shí)現(xiàn)國有資產(chǎn)增值,，關(guān)鍵在于規(guī)范操作,。?

When implementing equity incentives in state-owned enterprises, if the price and assessment indicators are not set reasonably, it is easy to raise doubts about the loss of state-owned assets. But there are also views that reasonable incentives can promote the development of enterprises and achieve the appreciation of state-owned assets, and the key lies in standardized operations. ?

民營(yíng)企業(yè)股權(quán)稀釋風(fēng)險(xiǎn)?

Risk of dilution of equity in private enterprises

民營(yíng)企業(yè)主擔(dān)心股權(quán)稀釋影響控制權(quán)，而支持者強(qiáng)調(diào),，合理的股權(quán)激勵(lì)能吸引人才,，推動(dòng)企業(yè)發(fā)展，通過優(yōu)化股權(quán)結(jié)構(gòu)設(shè)計(jì),，可平衡激勵(lì)與控制權(quán),。?

Private business owners are concerned about the dilution of equity affecting control, while supporters emphasize that reasonable equity incentives can attract talent and promote enterprise development. By optimizing equity structure design, incentives and control can be balanced. ?

激勵(lì)公平性爭(zhēng)議?

Controversy over Incentive Fairness

確定激勵(lì)對(duì)象時(shí)的 “關(guān)系導(dǎo)向”，以及不同崗位激勵(lì)力度差異,，都引發(fā)員工對(duì)公平性的質(zhì)疑,。企業(yè)則認(rèn)為崗位價(jià)值不同，需科學(xué)評(píng)估以確保公平,。?

The "relationship orientation" in determining incentive targets, as well as the differences in incentive intensity among different positions, have raised questions among employees about fairness. Enterprises believe that job values vary and require scientific evaluation to ensure fairness. ?

山東企業(yè)股權(quán)激勵(lì)的解決方案?

Solution to Equity Incentives for Shandong Enterprises

國有企業(yè)：簡(jiǎn)化流程,，科學(xué)考核?

State owned enterprises: simplifying processes and conducting scientific assessments

建立多部門聯(lián)合審批機(jī)制，縮短審批時(shí)間,；完善業(yè)績(jī)考核體系,，納入非財(cái)務(wù)指標(biāo)，依行業(yè)和發(fā)展階段靈活調(diào)整考核標(biāo)準(zhǔn),。?

Establish a multi departmental joint approval mechanism to shorten the approval time; Improve the performance evaluation system, incorporate non-financial indicators, and flexibly adjust the evaluation standards according to the industry and development stage. ?

民營(yíng)企業(yè)：精準(zhǔn)規(guī)劃,，多元激勵(lì)?

Private enterprises: precise planning, diversified incentives

圍繞戰(zhàn)略確定激勵(lì)對(duì)象，選擇限制性股票、虛擬股票等多元激勵(lì)工具,，定期評(píng)估優(yōu)化方案,。?

Determine incentive targets based on strategy, choose diversified incentive tools such as restricted stocks and virtual stocks, and regularly evaluate optimization plans. ?

優(yōu)化總量與定價(jià)?

Optimize total quantity and pricing

根據(jù)企業(yè)發(fā)展階段確定激勵(lì)總量；限制性股票定價(jià)參考市場(chǎng)估值,，股票期權(quán)依企業(yè)前景設(shè)定行權(quán)價(jià),。?

Determine the total amount of incentives based on the stage of enterprise development; Restricted stock pricing refers to market valuation, and stock options are set at exercise prices based on the company's prospects. ?

構(gòu)建公平體系?

Building a fair system

建立崗位價(jià)值評(píng)估體系，透明選拔激勵(lì)對(duì)象,，加強(qiáng)與員工溝通,，及時(shí)公開方案信息 。?

Establish a job value evaluation system, transparently select incentive targets, strengthen communication with employees, and timely disclose program information. ?

通過直面問題,、化解爭(zhēng)議,、落實(shí)解決方案，山東企業(yè)有望發(fā)揮股權(quán)激勵(lì)的積極作用,，實(shí)現(xiàn)企業(yè)與員工的共同發(fā)展,。

By facing problems directly, resolving disputes, and implementing solutions, Shandong enterprises are expected to play a positive role in equity incentives and achieve common development between enterprises and employees.

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