The stock futures and option incentives currently being trialled in some enterprises in our country have specific connotations.

It mainly refers to an incentive measure for operators of state-owned enterprises with growth and longer potential.

That is, on the basis of implementing contractual management of operators and implementing the asset responsibility system, various forms are used to enable operators to hold shares in the operation, and after the operators achieve certain performance and undergo strict audits, they will be transferred to shareholders in the medium and long term.

The various rights and interests they should enjoy are realized.

By using practices similar to stock options, the interests of enterprises and operators are tightly tied together, which is not only conducive to the realization of operators' own value, but also conducive to ensuring the preservation and appreciation of state-owned assets.

Its specific functions are reflected in the following aspects: first, it can enhance the motivation of operators to run enterprises, so that operators are dedicated to their jobs and operate carefully; second, it allows operators to have legitimate channels for getting rich, reducing and eliminating "grey income"; third,

It is a medium- and long-term implementation of the realization of operators' rights and interests, which can alleviate the contradiction between the excessive income gap between operators and ordinary employees within a certain period of time, which is conducive to social stability; fourth, it can integrate the long-term interests of enterprises and operators.

As a whole, it fundamentally solves the short-term theory of operator behavior.

Experts believe that because whether it is "stock futures" or "options", or the current implementation of specific operator shareholding pilots in enterprises, they are new concepts for domestic theoretical circles and business circles, and some current practices are completely different from those in the West.

Meaningful stock options have different connotations and market conditions. Due to China's different institutional background, while boldly absorbing successful international practices that are in line with the laws of market operation, it is necessary to explore solutions suitable for Chinese enterprises based on national conditions.

1. Why Equity Incentives Are Necessary Since entering the era of knowledge economy, a company's core competitiveness is increasingly reflected in its level of ownership of human capital and its ability to develop the potential value of human capital.

Theoretically, the characteristics of human capital owners such as "self-ownership", "self-control" of the use process and "immeasurability of quality and quantity" make it impossible for traditional and simple labor contracts to guarantee that knowledge workers will do their best.

Although they work hard and consciously, they cannot effectively supervise and restrict them in terms of management methods.

The equity incentive method can exactly make up for the shortcomings of traditional management methods and incentive means.

In terms of management concepts, it changes the relationship between the company and employees from the original simple employment and exchange relationship to an equal cooperative relationship through employees' ownership of equity; in terms of incentives and constraints, it changes the relationship between the company and employees by establishing a relationship between owners and employees.

The sharing mechanism in terms of ownership, management rights, operating income, company value and career achievements forms a community of interests between owners, companies and employees; in terms of management effects, it becomes mainly based on external incentives.

The internal motivation of employees themselves has changed from being dominated by institutional environmental constraints to being dominated by self-discipline and self-restraint.

The result is bound to be conducive to fully adjusting the work enthusiasm of knowledge workers and creating unlimited space for the realization of the potential value of human capital.

2. Equity incentive model Equity incentives are widely used in Western developed countries. Among them, the United States has the most abundant equity incentive tools and the most complete institutional environment.

The following is a brief introduction to several commonly used and relatively mature equity incentive models.

1. Stock option model The stock option model is the most classic and widely used equity incentive model in the world.

With the approval of the general meeting of shareholders, the company will use the reserved stock options of issued and unlisted ordinary shares as part of the "package" remuneration, and conditionally grant or award them to the company's senior managers for free at a certain option price determined in advance.

and technical backbone, the holders of stock options can make choices such as exercising and cashing out the options within a specified period.

The design and implementation of the stock option model requires that the company must be a publicly listed company, have a reasonable and legal source of stocks that can implement stock options, and have a capital market carrier whose stock price can basically reflect the intrinsic value of the stock, and whose operation is relatively standardized and well-ordered.

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2. Share option model The share option model is actually a stock option transformation model.

This model stipulates that with the consent of the company's investors or the board of directors, the company's senior managers can obtain 5%-20% of the company's equity as a group, of which the shareholding ratio of the chairman and managers should account for more than 10% of the group's shareholdings.

If an operator wants to hold shares, he must first contribute capital, generally not less than 100,000 yuan, and the amount of shares held by the operator is determined by 1-4 times the amount of his capital contribution.

After the three-year term expires and the agreement targets are completed, in another two years, the net assets per share at the expiration date can be liquidated.

A major feature of the share option model is the introduction of the "3+2" income method. The so-called "3+2" means that after the expiration of the three-year term, if the business operator does not renew his appointment, he must make two more adjustments to the long-term impact of his business method on the business.

After an annual inspection, the income can be cashed only if the assessment is qualified.

3. Stock reward model The stock reward model is currently a popular equity incentive method among domestic listed companies.

Its characteristic is that bonuses are extracted from the current year's net profit or undistributed profits and converted into shares to reward top managers.