實踐中，我們經常會遇到很多“有形無神”的股權激勵案例——企業僅停留在復制“形”的層面：或直接套用其他公司的激勵模板，或委托第三方設計出看似“標準化”卻與自身戰略脫節的激勵方案。其結果是，企業投入了大量的時間與成本，稀釋了股權、分享了收益，卻未能達到激勵效果，甚至引發內部矛盾。

　　In practice, we often encounter many "tangible but lifeless" equity incentive cases - companies only stay at the level of replicating the "form": either directly applying incentive templates from other companies, or entrusting third parties to design incentive plans that appear "standardized" but are disconnected from their own strategies. The result is that the enterprise has invested a lot of time and cost, diluted equity and shared profits, but failed to achieve incentive effects, and even triggered internal conflicts.

　　基于此，本文將系統梳理企業構建“形神兼具”股權激勵體系的三大核心環節：定“神”、定“形”、定“執行”，旨在為科創企業科學、有效地設計與實施股權激勵提供參考。

　　Based on this, this article will systematically sort out the three core links of building a "form and spirit" equity incentive system for enterprises: determining the "spirit", determining the "form", and determining the "execution", aiming to provide reference for scientific and effective design and implementation of equity incentives for science and technology innovation enterprises.

　　一、定“神”——激勵目標錨定企業現階段核心戰略目標

　　1、 Anchoring the 'God' - Motivating Goals Anchoring the Core Strategic Goals of the Enterprise at the Current Stage

　　股權激勵的第一步在于定“神”——即設定股權激勵目標。擁有清晰目標的股權激勵，才能從根本上避免股權激勵陷入“跑偏、散亂、盲目”的困境。這一“神”，并非泛泛而談的“留住人才”或“提升士氣”，而是必須錨定公司正在全力推進的核心戰略目標，如突破核心技術、加速市場擴張、實現IPO或提高組織效能等。股權激勵只有聚焦并服務于企業當前階段的核心戰略目標，才能超越單純的福利或留人工具，真正發揮其戰略牽引作用：凝聚組織共識、形成合力，引導企業內部的智慧與能量聚焦于最具戰略價值的攻堅方向。

　　The first step in equity incentives is to set the "god" - that is, to set equity incentive goals. Equity incentives with clear goals can fundamentally avoid the dilemma of "deviation, disorganization, and blindness" in equity incentives. This' god 'is not just about' retaining talent 'or' boosting morale ', but must anchor the core strategic goals that the company is fully committed to, such as breaking through core technologies, accelerating market expansion, achieving IPOs, or improving organizational efficiency. Equity incentives can only go beyond simple welfare or retention tools and truly play their strategic traction role by focusing on and serving the core strategic goals of the enterprise at the current stage: consolidating organizational consensus, forming a joint force, and guiding the wisdom and energy within the enterprise to focus on the most strategically valuable direction.

　　然而，企業核心戰略目標往往較為抽象、籠統，難以直接作為股權激勵的激勵目標。因此，將股權激勵目標錨定企業核心戰略目標的首要任務是將企業戰略目標進行精細化拆解，轉化為具體、可衡量、有時限的股權激勵目標，并根據激勵目標確定激勵工具、激勵對象、激勵價格、股權解鎖/行權條件等激勵方案核心要素。為幫助企業科學設定股權激勵目標，本文接下來將結合典型場景，梳理企業戰略目標拆解思路，以供科創企業參考：

　　However, the core strategic goals of enterprises are often abstract and vague, making it difficult to directly serve as incentive targets for equity incentives. Therefore, the primary task of anchoring equity incentive targets to the core strategic objectives of the enterprise is to finely break down the enterprise's strategic objectives into specific, measurable, and time limited equity incentive targets, and determine the core elements of incentive schemes such as incentive tools, incentive objects, incentive prices, and equity unlocking/exercise conditions based on the incentive targets. To help enterprises scientifically set equity incentive targets, this article will combine typical scenarios to sort out the decomposition ideas of enterprise strategic goals, for the reference of science and technology innovation enterprises:

　　（一）針對“攻克核心技術”的戰略目標

　?。?） Targeting the strategic goal of "conquering core technologies"

　　對于以技術創新為核心驅動力的企業（如生物醫藥、高端制造、人工智能等領域），可將技術突破路徑分解為一系列適用不同部門/對象的股權激勵目標。例如，圍繞某項關鍵核心技術的研發，可設定具體的技術參數提升目標（如電池能量密度提升X Wh/kg、良品率提升至Y%等）、功能實現節點目標（如原型機交付、系統聯調成功等）、知識產權成果目標（如核心專利獲批數量等）或臨床試驗進展目標（如完成I期、II期、III期臨床試驗等），并根據該等目標制定匹配的股權激勵方案。

　　For enterprises driven by technological innovation (such as biomedicine, high-end manufacturing, artificial intelligence, etc.), the path of technological breakthroughs can be decomposed into a series of equity incentive targets applicable to different departments/objects. For example, specific technical parameter improvement goals can be set around the research and development of a key core technology (such as increasing battery energy density by X Wh/kg, improving yield to Y%, etc.), functional implementation node goals (such as prototype delivery, successful system integration, etc.), intellectual property achievement goals (such as the number of core patents approved, etc.), or clinical trial progress goals (such as completing Phase I, II, III clinical trials, etc.), and matching equity incentive plans can be developed based on these goals.

　?。ǘ┽槍Α昂诵漠a品市場擴張”的戰略目標

　?。?） Strategic goal for expanding the core product market

　　在市場拓展階段，企業可將整體市場占有率、銷售收入或利潤增長目標，按區域、渠道或客戶群進行合理分解，形成分區域、分階段的量化股權激勵目標。例如，將全國/全球市場劃分為若干區域，每個區域的銷售負責人以其轄區內的營收達成率、終端覆蓋率或新客戶獲取數量作為不同部門/對象的激勵目標；且不同區域可根據市場成熟度設定差異化目標，避免“一刀切”。

　　In the market expansion stage, enterprises can reasonably decompose their overall market share, sales revenue, or profit growth targets by region, channel, or customer group, forming quantitative equity incentive targets for sub regions and stages. For example, dividing the national/global market into several regions, with sales leaders in each region using their respective revenue achievement rates, terminal coverage, or new customer acquisition numbers as incentive targets for different departments/targets; Different regions can set differentiated goals based on market maturity to avoid a one size fits all approach.

　?。ㄈ┽槍Α皩崿F公司合格上市”的戰略目標

　?。?） Targeting the strategic goal of achieving the company's qualified listing

　　IPO是一項復雜的系統工程，涉及公司治理、財務規范、法律合規、信息披露等多個維度。為確保上市進程有序推進，可將整體上市目標拆解為若干關鍵時間節點目標，如完成股份制改造、通過輔導驗收、正式提交IPO申報材料、取得注冊批文等；或者按照各部門職能，將其部門所涉事項符合上市條件要求等指標，設定為該部門的股權激勵目標。在此過程中，應合理設計激勵方案，避免因激勵股權的實繳安排或股份支付處理不當對財務報表及上市進程造成不利影響。

　　IPO is a complex system engineering that involves multiple dimensions such as corporate governance, financial standards, legal compliance, and information disclosure. To ensure the orderly progress of the listing process, the overall listing goal can be broken down into several key time nodes, such as completing the shareholding reform, passing the coaching acceptance, formally submitting IPO application materials, obtaining registration approval, etc; Alternatively, according to the functions of each department, the equity incentive targets for that department can be set based on indicators such as compliance with listing requirements for the matters involved in that department. In this process, a reasonable incentive plan should be designed to avoid adverse effects on the financial statements and listing process caused by improper arrangements for the actual payment of incentive equity or improper handling of share payments.

　　此外，企業在設定股權激勵目標時還應學會“做減法”：敢于舍棄、剔除與當前核心戰略目標無關的激勵目標和激勵方案，避免寶貴的股權資源在非戰略領域被稀釋和浪費，確?！昂娩撚迷诘度猩稀?。

　　In addition, when setting equity incentive targets, enterprises should also learn to "subtract": dare to abandon and eliminate incentive targets and plans that are unrelated to the current core strategic goals, avoid valuable equity resources being diluted and wasted in non strategic areas, and ensure that "good steel is used on the cutting edge".

　　本文由 濟南股權架構設計  友情奉獻.更多有關的知識請點擊  http://www.yunjingwu.com.cn/   真誠的態度.為您提供為全面的服務.更多有關的知識我們將會陸續向大家奉獻.敬請期待.

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