从某种程度上讲，股权激励就像是企业对员工的一种长期投资，同时也是一种长期激励。而只要是投资，在有收益的同时，就一定会出现一定的风险，收益与风险是并行的。
To some extent, equity incentives are like a long-term investment by a company in its employees, and also a long-term incentive. As long as it is an investment, there will inevitably be certain risks while there are returns, and returns and risks are parallel.
因此，企业在实施股权激励前，一定要充分认识到风险所在，才能做到规避风险，获得终的收益。这里小编将针对
山东股权激励存在的三种风险做出全面分析，让大家懂得风险之所在。
Therefore, before implementing equity incentives, enterprises must fully recognize the risks in order to avoid risks and achieve ultimate returns. Here, the editor will conduct a comprehensive analysis of the three risks of equity incentives in Shandong, so that everyone can understand the risks.
01
01
经理人风险
Manager Risk
作为企业的职业经理人，在股权激励中，关心的是其拥有的股票卖出的价格，从而赚取更多行权与授予之间的差价，并不是公司的长期价值，以及公司未来更远的发展方向。
As a professional manager of a company, in equity incentives, what matters is the selling price of the stocks they own, in order to earn more difference between exercise and grant, rather than the long-term value of the company or its future development direction.
通常，在激励方案中，经理人的持股数量和时间往往是有限的，即使公司再慷慨，也不可能授予经理人太多数量的股票，同时锁定期也不可能过于长久，尤其是上市公司。这些因素，都不同程度地影响到了股权激励的效果。
Usually, in incentive plans, the number and duration of shares held by managers are often limited. Even if the company is generous, it is impossible to grant managers too many shares, and the lock-in period cannot be too long, especially for listed companies. These factors have varying degrees of impact on the effectiveness of equity incentives.
另外，经理人的收入，往往与股票的价值变动相关。这种变动，不仅仅与经理人的努力有关，同时还会受到政治制度、经济状况和行业景气度等因素的影响。
In addition, the income of managers is often related to changes in the value of stocks. This change is not only related to the efforts of managers, but also influenced by factors such as political system, economic conditions, and industry prosperity.
作为企业，由于经理人市场的不健全，导致在录用经理人时，是无法直接利用市场手段对经理人的经营能力进行客观的评价，这也在无形中为企业选择经理人带来了诸多隐患。
As an enterprise, due to the imperfect manager market, it is impossible to directly use market methods to objectively evaluate the management ability of managers when hiring them, which also brings many hidden dangers for enterprises to choose managers.
02
02
资本市场风险
Capital market risk
虽然上市公司与非上市公司在实施股权激励时存在的风险隐患不同，但同样存在巨大的资本市场风险。上市公司——主要是资本市场的系统性风险（如公司股价的涨跌波动）与非系统性风险（如政策因素）；非上市公司——主要是资本市场对公司估值变化带来的风险。
Although listed companies and non listed companies have different risks and hidden dangers when implementing equity incentives, there are also significant capital market risks. Listed companies - mainly the Systematic risk of the capital market (such as the fluctuation of the company's share price) and non Systematic risk (such as policy factors); Non listed companies - mainly the risks brought by changes in company valuation in the capital market.
上市公司的资本市场风险
Capital Market Risks of Listed Companies
在股权激励实施的过程中，要求对整个公司的业绩必须有一个客观的评价，这一任务通常由资本市场来完成。然而，目前资本市场还处于发展和摸索阶段，并不成熟，尤其是对资本市场资金力量的操纵及政策上的过多干预，使得社会审计体系无法保证在客观、公正的情况下正常运行，效率极低。一家上市公司很难通过股价来确定其长期价值，这也在不同程度上注定了，股权激励的受益人——经理人往往要承受较大的潜在的市场风险。
In the process of implementing equity incentives, it is required to have an objective evaluation of the performance of the entire company, which is usually completed by the capital market. However, at present, the Chinese capital market is still in the stage of development and exploration, and is not mature. Especially, the manipulation of capital market funds and excessive policy intervention make it impossible for the social audit system to operate normally under objective and fair conditions, resulting in extremely low efficiency. It is difficult for a listed company to determine its long-term value through its stock price, which to varying degrees determines that the beneficiaries of equity incentives - managers - often have to bear significant potential market risks.
非上市公司的资本市场风险
Capital Market Risks of Non Listed Companies
非上市公司同样存在着资本市场风险。比如一家民营企业，首次融资时公司的估值不大，但融资后公司通过努力在行业中占据了一定的地位，此时再融资必然会使得估值大幅提升。若这时公司进行股权激励的话，股票价格就会发生变化。尤其是互联网公司，或许一年后公司会在竞争中落后，甚至倒闭，这就导致股权激励成为看得见、摸不着的“海市蜃楼”。
Non listed companies also face capital market risks. For example, for a private enterprise, the valuation of the company during the initial financing is not significant, but after the financing, the company has made efforts to occupy a certain position in the industry. At this time, refinancing will inevitably lead to a significant increase in valuation. If the company conducts equity incentives at this time, the stock price will change. Internet companies, in particular, may fall behind in the competition or even go bankrupt a year later, which will lead to equity incentive becoming a visible and intangible "Mirage".
03
03
法律风险
Legal risks
当前，上市公司实施股权激励计划所遵循的现行法律法规和规章制度中，存在着不少相互矛盾或不一致的规定，具体体现在三个方面。
Currently, there are many contradictory or inconsistent provisions in the current laws, regulations, and rules followed by listed companies in implementing equity incentive plans, which are reflected in three aspects.
1、《公司法》与《上市公司股权激励管理办法》的相关规定不一致；
1. The relevant provisions of the Company Law and the Management Measures for Equity Incentives of Listed Companies are inconsistent;
2、《股票上市规则》与《公司法》对激励股票禁售期的规定不一致；
2. The provisions of the Stock Listing Rules and the Company Law on the incentive stock lockdown period are inconsistent;
3、《公司法》与《企业会计准则第11号——股份支付》等对关于股权激励代价的会计处理规定不一致。
3. The accounting treatment provisions for equity incentive costs are inconsistent between the Company Law and Accounting Standards for Enterprises No. 11- Share-based Payments.
That's all for explaining the three types of risks related to equity incentives. We hope to provide you with good help. For more information, please visit our website http://www.daoshangbao.com consulting service
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