山東企業股權激勵的核心問題?

The Core Issues of Equity Incentives for Shandong Enterprises

國有企業：審批繁瑣與考核嚴苛?

State owned enterprises: cumbersome approval and strict assessment

山東國有企業實施股權激勵的進程緩慢，2024 年省屬國有上市公司中，僅有 36.62% 實施了股權激勵方案 。這主要源于審批程序復雜，需歷經多部門層層審核，項目落地周期長；業績考核受政策限制，既要兼顧短期效益，又要考慮國有資產保值等因素，難以設定合理指標。?

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. ?

民營企業：規劃與工具應用失當?

Private enterprises: improper planning and tool application

民營企業雖積極嘗試，但效果不佳。部分企業激勵對象范圍設定隨意，核心員工未受重視；激勵工具選擇盲目，未結合自身財務、股權結構，導致激勵效果大打折扣。?

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. ?

總量與定價不合理?

Unreasonable total quantity and pricing

激勵總量上，多數企業設定偏低，難以滿足擴張期需求；定價方面，限制性股票定價過高、股票期權未考慮企業前景等問題，都削弱了激勵的吸引力。?

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. ?

股權激勵引發的爭議焦點?

Controversy over Equity Incentives

國有資產流失爭議?

Controversy over the loss of state-owned assets

國有企業實施股權激勵時，價格與考核指標設定若不合理，易引發國有資產流失質疑。但也有觀點認為，合理激勵能推動企業發展，實現國有資產增值，關鍵在于規范操作。?

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. ?

民營企業股權稀釋風險?

Risk of dilution of equity in private enterprises

民營企業主擔心股權稀釋影響控制權，而支持者強調，合理的股權激勵能吸引人才，推動企業發展，通過優化股權結構設計，可平衡激勵與控制權。?

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. ?

激勵公平性爭議?

Controversy over Incentive Fairness

確定激勵對象時的 “關系導向”，以及不同崗位激勵力度差異，都引發員工對公平性的質疑。企業則認為崗位價值不同，需科學評估以確保公平。?

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. ?

山東企業股權激勵的解決方案?

Solution to Equity Incentives for Shandong Enterprises

國有企業：簡化流程，科學考核?

State owned enterprises: simplifying processes and conducting scientific assessments

建立多部門聯合審批機制，縮短審批時間；完善業績考核體系，納入非財務指標，依行業和發展階段靈活調整考核標準。?

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. ?

民營企業：精準規劃，多元激勵?

Private enterprises: precise planning, diversified incentives

圍繞戰略確定激勵對象，選擇限制性股票、虛擬股票等多元激勵工具，定期評估優化方案。?

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

優化總量與定價?

Optimize total quantity and pricing

根據企業發展階段確定激勵總量；限制性股票定價參考市場估值，股票期權依企業前景設定行權價。?

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. ?

構建公平體系?

Building a fair system

建立崗位價值評估體系，透明選拔激勵對象，加強與員工溝通，及時公開方案信息 。?

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、化解爭議、落實解決方案，山東企業有望發揮股權激勵的積極作用，實現企業與員工的共同發展。

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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