Equity incentive is the behavior of a company to distribute shares to its employees free or paid, mainly to reward employees for their contributions to the company, and to stimulate employees' morale to create more value for the company. So, for investors, if a listed company implements equity incentive, is it a good thing or a bad thing?

從股權(quán)激勵(lì)的初衷來(lái)看，算得上是一件好事。一般上市公司要進(jìn)行股權(quán)激勵(lì)，都會(huì)設(shè)定一些條件，比如公司的營(yíng)業(yè)收入和利潤(rùn)增長(zhǎng)多少，只有條件達(dá)成才能實(shí)施股權(quán)激勵(lì)，不然就沒(méi)法向股東交代。對(duì)投資者來(lái)說(shuō)，雖然不能從股權(quán)激勵(lì)中直接獲得好處，但還是可以從股權(quán)激勵(lì)實(shí)施的前提中獲益。

From the original intention of equity incentive, it is a good thing. Generally, listed companies will set some conditions for equity incentive, such as how much the company's operating income and profit growth. Only when the conditions are met can equity incentive be implemented, otherwise it will not be able to explain to shareholders. For investors, although they can not directly benefit from equity incentive, they can still benefit from the premise of equity incentive implementation.

因?yàn)楣蓹?quán)激勵(lì)如果達(dá)到實(shí)施條件，那就意味著上市公司設(shè)定的業(yè)績(jī)目標(biāo)完成了，業(yè)績(jī)目標(biāo)完成意味著公司發(fā)展穩(wěn)定，也有利于公司股票價(jià)格的上漲，這對(duì)于投資者來(lái)說(shuō)顯然是好事。

Because if the equity incentive meets the implementation conditions, it means that the performance target set by the listed company has been completed. The completion of the performance target means that the company has developed stably and is also conducive to the rise of the company's stock price, which is obviously good for investors.

而如果是未來(lái)打算實(shí)施股權(quán)激勵(lì)，便能以此激發(fā)員工努力去完成業(yè)績(jī)目標(biāo)的主觀能動(dòng)性，為公司創(chuàng)造更多的價(jià)值，這對(duì)于投資者來(lái)說(shuō)同樣也是好事。

If it is planned to implement equity incentive in the future, it can stimulate the subjective initiative of employees to work hard to achieve performance goals and create more value for the company, which is also good for investors.

然而，在實(shí)際操作中，股權(quán)激勵(lì)也有可能會(huì)弄巧成拙，甚至兩頭都不討好，給公司及其股價(jià)造成負(fù)面影響。

However, in actual operation, equity incentive may also be self-defeating, or even not pleasing to both sides, which will have a negative impact on the company and its share price.

因?yàn)橐獙?shí)施股權(quán)激勵(lì)，通常都要完成一定的業(yè)績(jī)目標(biāo)才行，這個(gè)業(yè)績(jī)目標(biāo)怎么設(shè)定就是一個(gè)難題。

Because to implement equity incentive, it is usually necessary to achieve certain performance goals, and how to set this performance goal is a difficult problem.

為什么股權(quán)激勵(lì)明明是好事，投資者還會(huì)不滿(mǎn)意呢？

Why are investors still dissatisfied when equity incentives are clearly good?

一家上市公司用于實(shí)施股權(quán)激勵(lì)的股票，大多是從二級(jí)市場(chǎng)購(gòu)入或增發(fā)的，然后再免費(fèi)或者低于市場(chǎng)價(jià)格配給接受股權(quán)激勵(lì)的員工，這都會(huì)讓投資者的利益受損。

Most of the shares used by a listed company to implement equity incentives are purchased or issued from the secondary market, and then distributed to employees who receive equity incentives for free or below the market price, which will damage the interests of investors.

因?yàn)樯鲜泄緩亩?jí)市場(chǎng)購(gòu)入股票，用的也是全體股東的錢(qián)，當(dāng)把這些股票免費(fèi)或以較低的價(jià)格配給員工時(shí)，也就相當(dāng)于拿著全體投資者的錢(qián)來(lái)補(bǔ)貼員工。

Because listed companies purchase stocks from the secondary market with the money of all shareholders, when they distribute these stocks to employees for free or at a lower price, it is equivalent to taking the money of all investors to subsidize employees.

而通過(guò)低價(jià)增發(fā)，不僅會(huì)讓全體投資者的股權(quán)被稀釋?zhuān)乙矔?huì)使得股票本身的價(jià)值減少，同樣會(huì)使投資者的利益受損。

However, the issuance of additional shares at a low price will not only dilute the equity of all investors, but also reduce the value of the stock itself, which will also damage the interests of investors.

既然股權(quán)激勵(lì)會(huì)給投資者造成損失，自然會(huì)要求公司能創(chuàng)造更多的回報(bào)來(lái)彌補(bǔ)自己的損失。如果股權(quán)激勵(lì)的目標(biāo)設(shè)置得太低，而投資者需要付出的代價(jià)卻比較多，對(duì)投資者來(lái)說(shuō)就是得不償失，自然會(huì)不滿(mǎn)意。

Since equity incentive will cause losses to investors, it will naturally require companies to create more returns to make up for their losses. If the goal of equity incentive is set too low, and the price that investors need to pay is relatively high, investors will not be satisfied.

比如一家上市公司的股權(quán)激勵(lì)方案是，公司的收入和利潤(rùn)連續(xù)三年保持在5%以上，就能以低于市場(chǎng)價(jià)一半的價(jià)格獲得一定數(shù)量的股票。

For example, the equity incentive plan of a listed company is that if the company's income and profit remain above 5% for three consecutive years, it can obtain a certain number of shares at a price lower than half of the market price.

這相當(dāng)于獲得股權(quán)激勵(lì)的員工立馬就有100%的收益，而這些錢(qián)如果是出自投資者的口袋，花這么多錢(qián)卻只換來(lái)5%的利潤(rùn)增長(zhǎng)，恐怕就很難讓投資者滿(mǎn)意。

This is equivalent to 100% earnings of employees who get equity incentives immediately. If the money comes from the pockets of investors, it will be difficult to satisfy investors if they spend so much money but only get 5% profit growth.

所以，股權(quán)激勵(lì)的初衷雖然是好的，但在實(shí)際執(zhí)行過(guò)程中卻可能出現(xiàn)問(wèn)題，終是好事還是壞事，還是得看具體的執(zhí)行情況。更多相關(guān)內(nèi)容就來(lái)我們網(wǎng)站http://zhenzhush.com咨詢(xún)吧！

Therefore, although the original intention of equity incentive is good, there may be problems in the actual implementation process. Whether it is good or bad depends on the specific implementation. Come to our website for more relevant content http://zhenzhush.com Ask!