在股权激励中，引入股票期权，通过将公司经营管理者的风险收入转化为股票，从而将个人利益与公司长远利益紧紧地联系在一起，大限度地激励核心人员才能的发挥。同时，设立相应的股权约束机制，实现个人必须随时为自己的行为负责，从而促进核心人员正当的长期行为，实现现代资本持续高质量增值。

In the equity incentive, the introduction of stock options, by converting the risk income of the company's managers into stocks, closely links the personal interests with the company's long-term interests, and greatly stimulates the talents of the core personnel. At the same time, set up corresponding equity restraint mechanism to realize that individuals must be responsible for their own behavior at any time, so as to promote the legitimate long-term behavior of core personnel and realize the continuous high-quality appreciation of modern capital.

本文将对另外两类股权约束制度，即股权锁定制度、竞业禁止制度进行相关分析说明，以实现股权约束机制的全景展示。下面济南股权架构设计公司为你分析：

This paper will analyze and explain the other two types of equity restraint systems, namely, the equity locking system and the non-compete system, in order to realize the panoramic display of the equity restraint mechanism. Jinan Equity Structure Design Company will analyze for you:

【股权锁定制度】

[Equity locking system]

这种制度原本是指公司在一定期限内，未经投资人书面同意，创业者不得向任何人转让其以人力资本出资获得的公司股权。在公司未成熟阶段，创业者的股权是被自然锁定的，而这一制度是在股权成熟基础上，进一步要求创业者的股权在成熟后的一定期限内不得转让。

This system originally meant that within a certain period of time, without the written consent of the investors, the entrepreneurs should not transfer the company's equity acquired by human capital contributions to anyone. In the immature stage of the company, the equity of entrepreneurs is naturally locked, and this system is based on the maturity of equity, and further requires that the equity of entrepreneurs cannot be transferred within a certain period after maturity.

相应地，为了加强对人力资本出资形成的股权的约束，也可以在创始人与合作伙伴及其他类型的持有人之间制定股权锁定制度。具体的锁定条件设置可以依据公司实际情况自主约定，比如在股权成熟之日起满一定期限之前、公司第n轮融资前、公司估值达到X万元之前、公司IPO之前等，不得进行股权转让或部分股权不得进行转让。

Accordingly, in order to strengthen the restriction on the equity formed by human capital contribution, the equity lock-in system can also be established between the founder, partners and other types of holders. The specific lock-in conditions can be set independently according to the actual situation of the company. For example, no equity transfer or partial equity transfer is allowed before the expiration of a certain period from the date of equity maturity, before the company's nth round of financing, before the company's valuation reaches X million yuan, and before the company's IPO.

锁定制度的原理是：基于人力资本形成的股权，因没有物力资本投入，在溢价融资成功时，会使这些股权价值大幅度上升，若允许随时转让套现，一方面会引发投机情绪和道德风险，不利于创业公司的稳定，另一方面对投资人也不公平，因为他们往往都是高溢价进入的，接受溢价的前提中已经包含了对人力资本的认可以及对目标公司未来发展的预期。

The principle of the lock-in system is that the equity formed based on human capital, because there is no material capital input, will greatly increase the value of these equity when the premium financing is successful. If the transfer of cash at any time is allowed, on the one hand, it will cause speculation and moral hazard, which is not conducive to the stability of the start-up company, on the other hand, it is also unfair to investors, because they often enter at a high premium, The premise of accepting the premium has included the recognition of human capital and the expectation of the target company's future development.

【竞业禁止制度】

[Non competition system]

这里所讲的“竞业禁止”与《劳动合同法》中所称的“竞业限制”是不同的概念。此处的“竞业禁止”是基于股权关系产生的，且不向承担此义务的股东支付经济补偿；而“竞业限制”是基于劳动关系产生的，且要向承担此业务的劳动者支付经济补偿。

The "prohibition of competition" mentioned here is different from the "restriction of competition" in the Labor Contract Law. The "prohibition of business strife" here is based on the equity relationship and does not pay economic compensation to the shareholders who undertake this obligation; The "competition restriction" is based on labor relations, and economic compensation should be paid to the workers who undertake this business.

为了保护公司的人力资本价值，可以要求创业股东及其合作伙伴在公司任职及离开后的一段时间内，不能到与公司有竞争关系的其他用人单位任职，或者参与和公司有竞争关系的公司。这种约定的背后原理是：股东持有股权的条件是以人力资本作为出资，这些人的人力资本已经随着出资动作的完成，而成为公司财产的一部分，如果允许股东继续向其他公司出资，不仅对其他股东、投资人不公平的，而且也会损害创业公司的利益。

In order to protect the value of the company's human capital, the entrepreneurial shareholders and their partners can be required not to work in other employers that compete with the company, or participate in companies that compete with the company for a period of time after taking office and leaving the company. The underlying principle of this agreement is that the condition for shareholders to hold equity is to use human capital as capital contribution. These people's human capital has become part of the company's property with the completion of the capital contribution. If shareholders are allowed to continue to contribute to other companies, it will not only be unfair to other shareholders and investors, but also damage the interests of the startup company.

基于市场经济的不断运行发展，公司管理者应当科学处理股权激励与股权约束机制的关系，实现激励机制与约束机制平衡发展，促进公司的良性运转。

Based on the continuous operation and development of market economy, company managers should scientifically deal with the relationship between equity incentive and equity constraint mechanism, realize the balanced development of incentive mechanism and constraint mechanism, and promote the benign operation of the company.

要形成科学的法人治理结构，并明确规定股东、董事会、监事会和总经理之间的权利、责任和利益，进一步落实监事管理制度，形成相互制衡的关系，这种相互制衡关系本质上就是一种约束机制，监事会受股东大会的委托负责监督董事会和总经理的活动，并接受股东大会的监督。

We should form a scientific corporate governance structure, clearly define the rights, responsibilities and interests of shareholders, the board of directors, the board of supervisors and the general manager, further implement the supervisory management system, and form a relationship of checks and balances. This relationship of checks and balances is essentially a binding mechanism. The board of supervisors is entrusted by the shareholders' meeting to supervise the activities of the board of directors and the general manager, and accept the supervision of the shareholders' meeting.

我国《公司法》规定，监事会有行使检查公司财务，对董事会、经理执行职务违反法律、法规或者公司章程的行为进行监督，当董事和经理的行为损害公司利益时进行纠正、提议召开股东会等权力。公司的外部约束指来自各方面的市场约束。

According to the Company Law of China, the Board of Supervisors has the power to inspect the company's financial affairs, supervise the acts of the Board of Directors and the Manager in violation of laws, regulations or the Articles of Association when performing their duties, correct the acts of the Directors and the Manager when they damage the company's interests, and propose to convene a shareholders' meeting. External constraints of the company refer to market constraints from all aspects.

发达的、充分竞争的经营管理者市场可以为公司提供较大的选择空间，对在位经营管理者形成优胜劣汰的竞争压力。特别是在建立现代公司制度的过程中，由于中大型公司内部的多重复杂关系，在可能导致内部治理结构不规范的条件下，应特别注重发挥竞争对公司经营管理者的约束作用。更多相关股权的问题就来我们网站http://www.daoshangbao.com咨询吧！

A developed and fully competitive market for managers can provide companies with greater choice space and create competitive pressure on incumbent managers to survive the fittest. Especially in the process of establishing a modern corporate system, due to the multiple and complex relationships within large and medium-sized companies, under the condition that the internal governance structure may not be standardized, special attention should be paid to the restriction of competition on the company's managers. For more equity related questions, please visit our website http://www.daoshangbao.com Ask!