科創企業的成功，從來不是靠一個人的孤軍奮戰，而是依靠一群志同道合的人，共同努力。真正偉大的企業，通常不是因為某一個或幾個人特別優秀，而是因為能夠匯聚一群相對優秀的人才，共同前行。

　　The success of science and technology innovation enterprises has never relied on individual efforts alone, but on a group of like-minded people working together. A truly great enterprise is usually not because one or a few people are particularly outstanding, but because it can gather a group of relatively outstanding talents and move forward together.

　　那么，如何將一群人凝聚成一個團隊，激發他們的潛力與創造力？中國明清時期的晉商“身股制”給出了答案，20世紀50年代美國興起的現代“股權激勵制度”也給出了答案——通過共享利益的方式，實現共創共贏。基于此，本文將為您詳細拆解，為什么科創企業必須做股權激勵？

　　So, how to unite a group of people into a team and unleash their potential and creativity? The "stock ownership system" of Jin merchants during the Ming and Qing dynasties in China provided the answer, and the modern "equity incentive system" that emerged in the United States in the 1950s also provided the answer - achieving co creation and win-win through shared benefits. Based on this, this article will provide you with a detailed breakdown of why science and technology innovation enterprises must implement equity incentives?

　　一、股權激勵的核心價值

　　1、 The core value of equity incentives

　　當下的科技創新型企業中，無論是創始人還是核心員工，幾乎都對“股權激勵”這一概念耳熟能詳。很多人參與過不同形式的股權激勵計劃，但多數人對股權激勵往往只是停留在“吸引人才、留住人才”的表面理解上。然而，股權激勵的意義遠不止于此，其核心價值包括：

　　In current technology innovation oriented enterprises, both founders and core employees are almost familiar with the concept of "equity incentives". Many people have participated in various forms of equity incentive plans, but most people's understanding of equity incentives often remains at the surface level of "attracting and retaining talent". However, the significance of equity incentives goes far beyond this, and their core values include:

　　1、激發核心員工的個人潛力

　　1. Inspire the personal potential of core employees

　　很多人將股權激勵視為一種“福利”，但實際上，股權激勵制度并非單純為了“發獎金”或“留人”，它是一種“篩選機制”和“激勵機制”的結合體。通過股權激勵制度設計，篩選出那些愿意為公司長期奮斗、有擔當的人才；讓員工從單純的“打工者”轉變為公司的“合伙人”，甚至成為“為自己而戰的老板”。

　　Many people consider equity incentives as a form of "welfare", but in reality, the equity incentive system is not simply for "bonus distribution" or "retention", it is a combination of "screening mechanism" and "incentive mechanism". Through the design of equity incentive system, select talents who are willing to work for the company in the long term and have a sense of responsibility; Transforming employees from mere "workers" to "partners" of the company, and even becoming "bosses fighting for themselves".

　　以華為為例，這家從深圳小作坊起步的公司，之所以能成長為世界級科技巨頭，關鍵在于其深刻理解并運用了股權激勵的本質——激發員工內在動力。華為能夠在一定程度上超越其競爭對手的關鍵，并不在于它最初就吸引了最頂尖的人才。事實上，在華為發展的早期階段，更多頂尖人才傾向于選擇思科、愛立信等國際巨頭。然而，華為通過其獨特的股權激勵制度，成功激發了一群優秀的人才為其拼搏奮斗，比如：華為的銷售人員為實現銷售，可以做到在客戶門口等三天三夜；其年輕工程師為如期完成交付，愿意通宵調試基站。

　　Taking Huawei as an example, the reason why this company, which started from a small workshop in Shenzhen, has grown into a world-class technology giant lies in its profound understanding and application of the essence of equity incentives - stimulating employees' intrinsic motivation. The key to Huawei's ability to surpass its competitors to a certain extent is not that it initially attracted the top talent. In fact, in the early stages of Huawei's development, more top talents tended to choose international giants such as Cisco and Ericsson. However, through its unique equity incentive system, Huawei has successfully inspired a group of outstanding talents to work hard for it. For example, Huawei's sales personnel can wait for three days and three nights at the customer's doorstep to achieve sales; Its young engineers are willing to debug the base station overnight in order to complete the delivery on schedule.

　　一個為自身利益而努力奮斗的員工，往往能夠釋放出相當于十個“合格”員工的能量。這種機制不僅篩選出了那些愿意與公司共同成長的核心成員，還極大地提升了他們的工作動力和創造力。這就是華為能夠創造“螞蟻扳倒大象”奇跡的根本原因。

　　An employee who strives for their own interests can often unleash the energy equivalent to ten 'qualified' employees. This mechanism not only selects core members who are willing to grow together with the company, but also greatly enhances their work motivation and creativity. This is the fundamental reason why Huawei was able to create the miracle of "ants knocking down elephants".

　　2、統一目標并凝聚共識

　　2. Unified goals and consensus building

　　科學設計的股權激勵不僅是激勵工具，更是統一目標、凝聚共識并推動戰略落地的關鍵機制。在企業管理中，“目標不一致”是導致內耗和低效的核心問題之一。尤其在大中型企業中，部門之間、管理層與執行層之間的利益分歧往往造成資源錯配、溝通障礙和執行力弱化。而股權激勵的本質，正是通過將核心人員的個人利益與公司長期戰略深度綁定，從而實現組織目標的高度統一。

　　Scientifically designed equity incentives are not only incentive tools, but also key mechanisms for unifying goals, building consensus, and promoting strategic implementation. In enterprise management, 'inconsistent goals' are one of the core issues that lead to internal friction and inefficiency. Especially in large and medium-sized enterprises, conflicts of interest between departments and between management and execution often result in resource misallocation, communication barriers, and weakened execution capabilities. The essence of equity incentives is to deeply link the personal interests of core personnel with the company's long-term strategy, thereby achieving a high degree of unity in organizational goals.

　　這種機制之所以有效，關鍵在于它具備三項核心功能：（1）利益對齊：將高管、核心員工的回報與公司價值增長掛鉤，而非僅關注短期業績或本部門利益；（2）行為引導：通過設定明確的行權條件和考核指標，引導團隊聚焦企業最需要突破的戰略方向；（3）形成整體利益導向的企業文化：打破“各自為戰”的思維，推動跨部門協作，形成以整體利益為導向的企業文化。

　　The key to the effectiveness of this mechanism lies in its three core functions: (1) alignment of interests: linking the returns of executives and core employees to the growth of company value, rather than solely focusing on short-term performance or departmental interests; (2) Behavioral guidance: By setting clear exercise conditions and assessment indicators, guide the team to focus on the strategic direction that the enterprise needs to break through the most; (3) Forming a corporate culture guided by overall interests: Breaking the mindset of "fighting on its own", promoting cross departmental collaboration, and forming a corporate culture guided by overall interests.

　　例如，微軟曾因部門割裂、戰略模糊陷入發展瓶頸。2014年納德拉接任CEO后，將高管股權激勵的考核指標進行了重大調整，從原先與Windows銷量掛鉤轉變為更加注重Azure云服務增長及跨部門合作指標（如要求Azure與LinkedIn的數據整合進度達標）。這一改革促使高管團隊迅速聚焦云戰略，接下來的三年里，Azure云服務市占率從8%升至20%，顯著增強了微軟在云計算領域的競爭力，并為公司的整體轉型奠定了堅實的基礎。對此，納德拉曾總結到：“股權激勵不是獎勵過去的功勞，而是投資未來的共識。當我們把Azure增長寫入每位高管的股權契約時，微軟才真正成為‘一個團隊’。”

　　For example, Microsoft once fell into a development bottleneck due to departmental fragmentation and strategic ambiguity. After Nadella took over as CEO in 2014, he made significant adjustments to the performance indicators for executive equity incentives, shifting from being linked to Windows sales to focusing more on Azure cloud service growth and cross departmental collaboration indicators (such as requiring Azure and LinkedIn to meet data integration progress standards). This reform prompted the executive team to quickly focus on cloud strategy, and over the next three years, the market share of Azure cloud services increased from 8% to 20%, significantly enhancing Microsoft's competitiveness in the cloud computing field and laying a solid foundation for the company's overall transformation. Nadella once summarized this as follows: "Equity incentives are not about rewarding past achievements, but about investing in future consensus. When we write Azure growth into every executive's equity contract, Microsoft truly becomes' one team '. ”

　　3、適當緩解公司的資金壓力

　　3. Moderately alleviate the company's financial pressure

　　股權激勵所具備的直接融資功能常常被大家所忽視。事實上，在實施限制性股票、員工持股計劃（ESOP）或股票期權行權時，企業可通過設定認購價格或行權價，引導員工出資參與，從而實現內部資金募集。雖然員工出資通常低于市場估值水平，但對處于成長期、特別是資金緊張的科創企業而言，這是一筆成本相對較低、附帶人才綁定效應的重要資金來源。

　　The direct financing function of equity incentives is often overlooked by many. In fact, when implementing restricted stocks, employee stock ownership plans (ESOPs), or stock option exercises, companies can guide employees to invest and participate by setting subscription or exercise prices, thereby achieving internal fundraising. Although employee contributions are usually lower than market valuation levels, for science and technology innovation companies in the growth stage, especially those with tight funds, this is an important source of funding with relatively low costs and accompanying talent binding effects.

　　此外，企業還可將原本需以現金支付給核心員工的高額薪酬（如年終獎金、績效工資等），轉化為股權或期權激勵。這種方式不僅有助于節省現金流，還能將這部分資金用于業務發展的關鍵領域，有效緩解初創階段的資金壓力。

　　In addition, companies can also convert high salaries (such as year-end bonuses, performance-based pay, etc.) that originally needed to be paid in cash to core employees into equity or option incentives. This approach not only helps to save cash flow, but also allows these funds to be used in key areas of business development, effectively alleviating the financial pressure in the start-up stage.

　　例如，某生物醫藥公司在Pre-IPO階段，急需資金完成關鍵性III期臨床試驗。公司設計了一項面向核心研發和管理層的限制性股票計劃。員工需以每股20元（低于前輪融資價格，但高于早期融資價格）的價格認購股票。該計劃成功募集了5000萬元人民幣。這筆資金直接解決了公司關鍵時期的資金需求，加速了產品上市進程，且公司避免了融資周期過長且不確定性高、可能影響臨床試驗進度的風險。

　　For example, a biopharmaceutical company urgently needs funds to complete a critical Phase III clinical trial during the Pre IPO phase. The company has designed a restricted stock plan for core R&D and management. Employees are required to subscribe to stocks at a price of 20 yuan per share (lower than the front wheel financing price but higher than the early financing price). The plan successfully raised 50 million RMB. This funding directly addresses the company's critical period funding needs, accelerates the product launch process, and avoids the risks of long financing cycles and high uncertainty that may affect clinical trial progress.

　　4、在企業發展的關鍵時期穩定核心團隊

　　4. Stabilize the core team during critical periods of enterprise development

　　相比于短期的薪資或獎金，股權激勵是一種更深層次、更持久的激勵方式。它不僅關注當下的業績表現，更強調其與企業長期發展的綁定關系。這種機制鼓勵員工著眼于長遠發展，形成“命運共同體”，與企業共進退。

　　Compared to short-term salary or bonuses, equity incentives are a deeper and more enduring form of motivation. It not only focuses on current performance, but also emphasizes its binding relationship with the long-term development of the enterprise. This mechanism encourages employees to focus on long-term development, form a "community of shared destiny", and advance and retreat together with the enterprise.

　　特別是在公司上市、重組或戰略轉型等關鍵階段，合理的股權激勵安排尤為重要。此時，核心團隊的穩定性和執行力直接關系到戰略目標的實現。通過增加激勵數量及激勵范圍，企業可以有效提高核心人才離職成本，確保企業在關鍵時期核心團隊的穩定性。

　　Especially in critical stages such as company listing, restructuring, or strategic transformation, reasonable equity incentive arrangements are particularly important. At this point, the stability and execution ability of the core team are directly related to the achievement of strategic goals. By increasing the number and scope of incentives, companies can effectively increase the cost of core talent turnover and ensure the stability of the core team during critical periods.

　　例如，華為在經歷2000年互聯網泡沫破裂、2008年金融危機、2018年美國打壓危機時，均果斷推出了新的或更大規模的股權激勵，有效地穩定了團隊并激發了團隊戰斗力，不僅使企業化險為夷，更在危機中鍛造出更強大的組織韌性與增長機會。再如，多數科創企業早期或上市籌備期前實施的股權激勵，確保了其在上市申報期等關鍵時期核心團隊的穩定性。

　　For example, when Huawei experienced the bursting of the Internet foam in 2000, the financial crisis in 2008, and the U.S. crackdown crisis in 2018, it resolutely introduced new or larger scale equity incentives, effectively stabilizing the team and stimulating its combat effectiveness, which not only saved the enterprise from danger, but also forged stronger organizational resilience and growth opportunities in the crisis. For example, the equity incentives implemented by most science and technology innovation companies in the early stages or before the IPO preparation period ensure the stability of their core teams during critical periods such as the IPO application period.

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