Mode 1: Futures

期股是一種通過經(jīng)營者部份首付、分期還款而擁有企業(yè)股份的股權(quán)激勵(lì)方式，其實(shí)行的前提條件是經(jīng)營者必須購買本企業(yè)的相應(yīng)股份。具體實(shí)施過程是：企業(yè)貸款給經(jīng)營者作為其股份投入，經(jīng)營者對其有所有權(quán)、表決權(quán)和分紅權(quán)。其中所有權(quán)是虛擬的，只有把購買期股的貸款還清后才能實(shí)際擁有；表決權(quán)和分紅權(quán)是實(shí)在的，但是分得的紅利不能拿走，應(yīng)按協(xié)議用來償還貸款。經(jīng)營者要想把期股變實(shí)，必須努力地將企業(yè)經(jīng)營好，有可供分配的紅利。如果企業(yè)經(jīng)營不善，不僅期股不能變實(shí)股，本身的投入都可能虧掉。

Futures stock is an equity incentive method in which the operator owns shares of the enterprise through partial down payment and installment repayment. The prerequisite for its implementation is that the operator must purchase the corresponding shares of the enterprise. The specific implementation process is: the enterprise loans to the operator as its stock investment, and the operator has ownership, voting rights, and dividend rights over it. Among them, ownership is virtual, and only after paying off the loan for purchasing future shares can one actually own it; The voting and dividend rights are real, but the dividends received cannot be taken away and should be used to repay the loan according to the agreement. If the operator wants to turn the futures stock into real, they must strive to manage the enterprise well and have dividends available for distribution. If the enterprise is not well managed, not only can the futures stocks not be converted into real stocks, but its own investment may also be lost.

模式2：股票期權(quán)

Mode 2: Stock Options

股票期權(quán)是較常用的一種股權(quán)激勵(lì)模式，也稱認(rèn)股權(quán)證，實(shí)際上是一種看漲期權(quán)。它是指公司授予激勵(lì)對象的一種權(quán)利，激勵(lì)對象可以在規(guī)定的時(shí)間內(nèi)（行權(quán)期）以事先確定的價(jià)格（行權(quán)價(jià)）購買一定數(shù)量的本公司流通股票（行權(quán)）。股票期權(quán)只是一種權(quán)利，而非義務(wù)，持有者在股票價(jià)格低于“行權(quán)價(jià)”時(shí)可以放棄這種權(quán)利，因而對股票期權(quán)持有者沒有風(fēng)險(xiǎn)。此外，股票期權(quán)的行權(quán)也有時(shí)間和數(shù)量限制，且需激勵(lì)對象自已為行權(quán)支出現(xiàn)金。

Stock option is a commonly used equity incentive model, also known as stock warrant, which is actually a call option. It refers to a right granted by the company to the incentive object, who can purchase a certain amount of the company's circulating stocks (exercise) at a predetermined price (exercise price) within a specified time (exercise period). Stock options are only a right, not an obligation, and holders can waive this right when the stock price is lower than the "exercise price", thus posing no risk to the holders of stock options. In addition, the exercise of stock options also has time and quantity restrictions, and the incentive object needs to pay cash for the exercise themselves.

模式3：業(yè)績股票

Mode 3: Performance Stocks

業(yè)績股票是指在年初確定一個(gè)較為合理的業(yè)績指標(biāo)，如果激勵(lì)對象到年末時(shí)達(dá)到預(yù)定的目標(biāo)，則公司授予其一定數(shù)量的股票或提取一定的獎(jiǎng)勵(lì)基金購買公司股票。

Performance stocks refer to the determination of a reasonable performance indicator at the beginning of the year. If the incentive target reaches the predetermined target by the end of the year, the company grants it a certain amount of stocks or withdraws a certain reward fund to purchase company stocks.

業(yè)績股票是股權(quán)激勵(lì)的一種典型模式，主要用于激勵(lì)經(jīng)營者和工作業(yè)績有明確的數(shù)量指標(biāo)的業(yè)務(wù)負(fù)責(zé)人。同時(shí)，它也是我國公司中先得到推廣，且應(yīng)用較為廣泛的一種激勵(lì)模式。

Performance stocks are a typical model of equity incentives, mainly used to motivate managers and business leaders with clear quantitative indicators of job performance. At the same time, it is also the first and widely used incentive model among Chinese companies.

模式4：賬面價(jià)值增值權(quán)

Mode 4: Book value appreciation right

所謂賬面價(jià)值增值權(quán)，就是直接拿每股凈資產(chǎn)的增加值來激勵(lì)其高管人員、技術(shù)骨干等。它不是真正意義上的股票，因此激勵(lì)對象并不具有所有權(quán)、表決權(quán)和配股權(quán)。

The so-called book value appreciation right refers to directly using the added value of net assets per share to motivate its executives, technical backbone, etc. It is not a true stock, therefore the incentive object does not have ownership, voting rights, and rights to rights of allotment.

模式5：員工持股計(jì)劃

Mode 5: Employee Stock Ownership Plan

員工持股計(jì)劃是指由公司內(nèi)部員工個(gè)人出資認(rèn)購本公司部分股份，并委托公司進(jìn)行集中管理的產(chǎn)權(quán)組織形式。

Employee stock ownership plan refers to a form of property rights organization in which employees within the company subscribe for a portion of the company's shares through personal investment and entrust the company for centralized management.

員工持股計(jì)劃核心在于通過員工持股運(yùn)營，將員工利益與企業(yè)前途緊緊聯(lián)系在一起，形成一種按勞分配與按資分配相結(jié)合的新型利益制衡機(jī)制。同時(shí)，員工持股后便承擔(dān)了一定的投資風(fēng)險(xiǎn)，這就有助于喚起員工的風(fēng)險(xiǎn)意識，激發(fā)員工的長期投資行為。由于員工持股不僅使員工對企業(yè)運(yùn)營有了充分的發(fā)言權(quán)和監(jiān)督權(quán)，而且使員工更關(guān)注企業(yè)的長期發(fā)展，這就為完善科學(xué)的決策、經(jīng)營、管理、監(jiān)督和分配機(jī)制奠定了良好的基礎(chǔ)。

The core of employee stock ownership plans is to closely link employee interests with the future of the enterprise through employee stock ownership operations, forming a new mechanism of balancing benefits that combines distribution according to work and distribution according to capital. At the same time, after employees hold shares, they bear a certain amount of investment risk, which helps to awaken employees' risk awareness and stimulate their long-term investment behavior. Due to employee shareholding, employees not only have sufficient voice and supervision over the operation of the enterprise, but also pay more attention to the long-term development of the enterprise. This lays a solid foundation for improving scientific decision-making, operation, management, supervision, and distribution mechanisms.

模式6：虛擬股票

Mode 6: Virtual Stocks

虛擬股票是指公司授予激勵(lì)對象一種虛擬的股票，激勵(lì)對象可以據(jù)此享受一定數(shù)量的分紅權(quán)和股價(jià)升值收益，但沒有所有權(quán)，也沒有表決權(quán)，不能轉(zhuǎn)讓和出售，在離開企業(yè)時(shí)自動(dòng)失效。

Virtual stock refers to a type of virtual stock granted by a company to the incentive object. The incentive object can enjoy a certain amount of dividend rights and stock price appreciation benefits based on this, but has no ownership or voting rights, cannot be transferred or sold, and automatically expires when leaving the enterprise.

虛擬股票可以看做是期股的一種變異，因?yàn)樗梃b了期股的一些特性和操作方式。比如，它同樣需要公司在計(jì)劃實(shí)施前與激勵(lì)對象簽訂合約，約定授予數(shù)量、行權(quán)時(shí)間和條件等，以明確雙方的權(quán)利與義務(wù)。但與期股不同的是，在虛擬股票計(jì)劃中員工并不擁有在未來按某一固定價(jià)格購買公司股票的權(quán)利，它僅僅只是一種賬面上虛擬的股票。因此，在本質(zhì)上，虛擬股票是一種遞延現(xiàn)金支付方式。

Virtual stocks can be seen as a variation of futures stocks, as they draw on some of the characteristics and operating methods of futures stocks. For example, it also requires the company to sign a contract with the incentive target before the implementation of the plan, specifying the number of grants, exercise time, and conditions, in order to clarify the rights and obligations of both parties. However, unlike future stocks, employees in virtual stock plans do not have the right to purchase company stocks at a fixed price in the future, it is only a virtual stock on paper. Therefore, in essence, virtual stocks are a deferred cash payment method.

模式7：股票增值權(quán)

Mode 7: Stock Appreciation Rights

股票增值權(quán)是指公司授予激勵(lì)對象的一種權(quán)利，如果公司股價(jià)上漲，激勵(lì)對象可以通過行權(quán)來獲得相應(yīng)數(shù)量的股價(jià)升值收益，激勵(lì)對象不用為行權(quán)付出現(xiàn)金，行權(quán)后即可獲得現(xiàn)金或等值的公司股票。

Stock appreciation right refers to a right granted by a company to incentive recipients. If the company's stock price rises, incentive recipients can obtain a corresponding amount of stock appreciation benefits through exercise. Incentive recipients do not need to pay cash for exercise, and can receive cash or equivalent company stock after exercise.

模式8：限制性股票計(jì)劃

Mode 8: Restricted Stock Plan

限制性股票是指公司按照預(yù)先確定的條件授予激勵(lì)對象一定數(shù)量的本公司股票，但激勵(lì)對象不得隨意處置股票，只有在規(guī)定的服務(wù)期限后或完成特定業(yè)績目標(biāo)時(shí)，才可出售限制性股票并從中獲益。否則，公司有權(quán)將免費(fèi)贈(zèng)與的限制性股票收回或以激勵(lì)對象購買時(shí)的價(jià)格回購。也就是說，公司將一定數(shù)量的限制性股票無償贈(zèng)與或以較低價(jià)格售與公司高管人員，但對其出售這種股票的權(quán)利進(jìn)行限制。

Restricted stock refers to the company granting a certain amount of its own stock to incentive recipients based on predetermined conditions, but incentive recipients are not allowed to dispose of the stock at will. Restricted stock can only be sold and benefited from after the specified service period or when specific performance goals are achieved. Otherwise, the company has the right to reclaim the restricted stock that was given free of charge or repurchase it at the price at which the incentive object purchased it. That is to say, the company will give a certain number of restricted stocks free of charge or sell them to company executives at a lower price, but limit their right to sell such stocks.

模式9：管理層收購

Mode 9: Management Acquisition

管理層收購又稱“經(jīng)營層融資收購”，是指公司的管理層（個(gè)人或集體）利用借貸所融資本購買本公司的股份（或股權(quán)），從而改變公司所有者結(jié)構(gòu)、控制權(quán)結(jié)構(gòu)和資產(chǎn)結(jié)構(gòu)，實(shí)現(xiàn)持股經(jīng)營。同時(shí)，它也是一種極端的股權(quán)激勵(lì)手段，因?yàn)槠渌?lì)手段都是所有者（產(chǎn)權(quán)人）對雇員的激勵(lì)，而MBO則干脆將激勵(lì)的主體與客體合二為一，從而實(shí)現(xiàn)了被激勵(lì)者與公司利益、股東利益完整的統(tǒng)一。

Management buyout, also known as "management financing buyout", refers to the use of borrowed capital by a company's management (individual or collective) to purchase shares (or equity) of the company, thereby changing the company's owner structure, control structure, and asset structure, and achieving shareholding management. At the same time, it is also an extreme equity incentive method, because other incentive methods are incentives provided by the owner (property owner) to employees, while MBO simply integrates the subject and object of incentives, thereby achieving the complete unity of the interests of the incentivized, the company, and shareholders.

模式10：延期支付

Mode 10: Delayed Payment

延期支付，也稱延期支付計(jì)劃，是指公司為激勵(lì)對象（管理層）設(shè)計(jì)一攬子薪酬收入計(jì)劃，其中部分年度獎(jiǎng)金、股權(quán)激勵(lì)收入等不在當(dāng)年發(fā)放，而是按當(dāng)日公司股票市場價(jià)格折算成股票數(shù)量，存入公司為其單獨(dú)設(shè)立的延期支付賬戶。在一定期限后，再以公司股票形式或根據(jù)期滿時(shí)股票市值以現(xiàn)金方式支付給激勵(lì)對象。

Delayed payment, also known as deferred payment plan, refers to a package of salary and income plans designed by a company for incentive targets (management). Some annual bonuses, equity incentive income, etc. are not distributed in the current year, but are converted into stock quantities based on the company's stock market price on the day, and deposited into a separate deferred payment account established by the company for them. After a certain period of time, the incentive object will be paid in the form of company stock or in cash based on the market value of the stock at the expiration of the period.