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?

从股权激励的初衷来看，算得上是一件好事。一般上市公司要进行股权激励，都会设定一些条件，比如公司的营业收入和利润增长多少，只有条件达成才能实施股权激励，不然就没法向股东交代。对投资者来说，虽然不能从股权激励中直接获得好处，但还是可以从股权激励实施的前提中获益。

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.

因为股权激励如果达到实施条件，那就意味着上市公司设定的业绩目标完成了，业绩目标完成意味着公司发展稳定，也有利于公司股票价格的上涨，这对于投资者来说显然是好事。

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.

而如果是未来打算实施股权激励，便能以此激发员工努力去完成业绩目标的主观能动性，为公司创造更多的价值，这对于投资者来说同样也是好事。

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，在实际操作中，股权激励也有可能会弄巧成拙，甚至两头都不讨好，给公司及其股价造成负面影响。

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.

因为要实施股权激励，通常都要完成一定的业绩目标才行，这个业绩目标怎么设定就是一个难题。

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.

为什么股权激励明明是好事，投资者还会不满意呢？

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

一家上市公司用于实施股权激励的股票，大多是从二级市场购入或增发的，然后再免费或者低于市场价格配给接受股权激励的员工，这都会让投资者的利益受损。

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.

因为上市公司从二级市场购入股票，用的也是全体股东的钱，当把这些股票免费或以较低的价格配给员工时，也就相当于拿着全体投资者的钱来补贴员工。

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.

而通过低价增发，不仅会让全体投资者的股权被稀释，而且也会使得股票本身的价值减少，同样会使投资者的利益受损。

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.

既然股权激励会给投资者造成损失，自然会要求公司能创造更多的回报来弥补自己的损失。如果股权激励的目标设置得太低，而投资者需要付出的代价却比较多，对投资者来说就是得不偿失，自然会不满意。

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权激励方案是，公司的收入和利润连续三年保持在5%以上，就能以低于市场价一半的价格获得一定数量的股票。

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.

这相当于获得股权激励的员工立马就有100%的收益，而这些钱如果是出自投资者的口袋，花这么多钱却只换来5%的利润增长，恐怕就很难让投资者满意。

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，股权激励的初衷虽然是好的，但在实际执行过程中却可能出现问题，终是好事还是坏事，还是得看具体的执行情况。更多相关内容就来我们网站http://www.daoshangbao.com咨询吧！

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://www.daoshangbao.com Ask!