在當前經濟危機蔓延、公(gong)司(si)業(ye)務受(shou)限(xian)和資金緊缺的(de)背景(jing)下(xia)，企業(ye)集團如(ru)何激勵(li)高層管理者、下(xia)屬企業(ye)經營(ying)者和骨干(gan)人才？本文(wen)與大家(jia)分享，常(chang)見的(de)14種(zhong)股權激勵(li)的(de)方(fang)式，僅(jin)作(zuo)概要列舉。事(shi)實上，每一(yi)種(zhong)方(fang)式都(dou)有其(qi)利弊和適用的(de)背景(jing)條件，個別(bie)方(fang)式已(yi)經被政策喊停(ting)，各家(jia)企業(ye)可以有所(suo)了解(jie)，有選(xuan)擇地使用。這14種(zhong)股權激勵(li)方(fang)式如(ru)下(xia)：
1.1 股票期權
2.2 股票增值(zhi)權
3.3 限(xian)制性(xing)股(gu)票(piao)
4.4 模擬股(gu)票
5.5 賬面價值股票
6.6 業(ye)績股票
7.7 儲蓄參與股票
8.8 股票無(wu)條(tiao)件(jian)贈予
9.9 影子股票
10.10經營者持股
11.11員工(gong)持股計劃
12.12管理層收購(gou)
13.13延期(qi)支付
14.14優先股
1、股票(piao)期權
上市公(gong)(gong)(gong)司(si)(si)授(shou)予(yu)(yu)激勵(li)對象在未來一(yi)定(ding)(ding)期(qi)(qi)限內以(yi)預先確定(ding)(ding)的(de)價(jia)格和(he)條(tiao)件購買(mai)本公(gong)(gong)(gong)司(si)(si)一(yi)定(ding)(ding)數量股(gu)(gu)票的(de)權(quan)(quan)(quan)利。股(gu)(gu)權(quan)(quan)(quan)激勵(li)對象有權(quan)(quan)(quan)行使(shi)該項權(quan)(quan)(quan)利，也有權(quan)(quan)(quan)放棄該項權(quan)(quan)(quan)利。股(gu)(gu)票期(qi)(qi)權(quan)(quan)(quan)不得轉讓和(he)用于擔保(bao)、償還債務等(deng)。全球500家(jia)大型公(gong)(gong)(gong)司(si)(si)企業中(zhong)(zhong)已有89%對高(gao)層管理(li)者實施(shi)了(le)股(gu)(gu)票期(qi)(qi)權(quan)(quan)(quan)。*迪斯尼公(gong)(gong)(gong)司(si)(si)和(he)華納傳(chuan)媒(mei)公(gong)(gong)(gong)司(si)(si)最早在高(gao)級管理(li)人員中(zhong)(zhong)大量使(shi)用股(gu)(gu)票期(qi)(qi)權(quan)(quan)(quan)。期(qi)(qi)權(quan)(quan)(quan)的(de)股(gu)(gu)份(fen)來源(yuan)：一(yi)是由原股(gu)(gu)東把其股(gu)(gu)權(quan)(quan)(quan)出讓予(yu)(yu)雇員，二(er)(er)是由公(gong)(gong)(gong)司(si)(si)增發新(xin)股(gu)(gu)讓予(yu)(yu)雇員，三是公(gong)(gong)(gong)司(si)(si)自二(er)(er)級市場(chang)(chang)上回購股(gu)(gu)票。期(qi)(qi)權(quan)(quan)(quan)的(de)行權(quan)(quan)(quan)價(jia)：一(yi)是行權(quan)(quan)(quan)價(jia)大于或等(deng)于股(gu)(gu)票現行價(jia)，二(er)(er)是行權(quan)(quan)(quan)價(jia)可以(yi)低至公(gong)(gong)(gong)平市場(chang)(chang)價(jia)格的(de)50%。
2、股票增值權
上(shang)市(shi)公(gong)(gong)司授(shou)予激勵對(dui)(dui)象在一定(ding)的(de)(de)時(shi)期和條(tiao)件下(xia)，獲(huo)得規定(ding)數量的(de)(de)股(gu)票(piao)(piao)(piao)(piao)(piao)(piao)價(jia)格上(shang)升所帶來(lai)的(de)(de)收(shou)益(yi)的(de)(de)權(quan)(quan)(quan)利。股(gu)權(quan)(quan)(quan)激勵對(dui)(dui)象不(bu)擁有(you)這(zhe)些股(gu)票(piao)(piao)(piao)(piao)(piao)(piao)的(de)(de)所有(you)權(quan)(quan)(quan)，也不(bu)擁有(you)股(gu)東表決權(quan)(quan)(quan)、配股(gu)權(quan)(quan)(quan)。股(gu)票(piao)(piao)(piao)(piao)(piao)(piao)增值(zhi)權(quan)(quan)(quan)不(bu)能轉(zhuan)讓和用于(yu)擔(dan)保、償(chang)還(huan)債務等。兌現(xian)形(xing)式(shi)可以(yi)是(shi)現(xian)金(jin)，也可以(yi)折合(he)成股(gu)票(piao)(piao)(piao)(piao)(piao)(piao)，還(huan)可以(yi)是(shi)現(xian)金(jin)和股(gu)票(piao)(piao)(piao)(piao)(piao)(piao)形(xing)式(shi)的(de)(de)組合(he)。因(yin)為通常以(yi)現(xian)金(jin)的(de)(de)形(xing)式(shi)實施，不(bu)需(xu)要購入公(gong)(gong)司的(de)(de)股(gu)票(piao)(piao)(piao)(piao)(piao)(piao)，有(you)時(shi)也叫現(xian)金(jin)增值(zhi)權(quan)(quan)(quan)。不(bu)以(yi)增加股(gu)票(piao)(piao)(piao)(piao)(piao)(piao)發行為前(qian)提，因(yin)而(er)不(bu)會對(dui)(dui)公(gong)(gong)司的(de)(de)所有(you)權(quan)(quan)(quan)產生相應(ying)的(de)(de)稀釋，也不(bu)會產生無投票(piao)(piao)(piao)(piao)(piao)(piao)權(quan)(quan)(quan)的(de)(de)新的(de)(de)股(gu)票(piao)(piao)(piao)(piao)(piao)(piao)持有(you)者。
3、限制性股票
上市公司按(an)照預先確定的條件授(shou)予激勵對象一定數量的本公司股(gu)(gu)(gu)票(piao)，激勵對象只(zhi)有在(zai)工作年限(xian)(xian)或業績目標符合股(gu)(gu)(gu)權激勵計(ji)劃規(gui)定條件的，才(cai)可(ke)出售限(xian)(xian)制(zhi)(zhi)性股(gu)(gu)(gu)票(piao)并從中獲益。受(shou)益人擁有和出售這種股(gu)(gu)(gu)票(piao)的權利受(shou)到一定條件的限(xian)(xian)制(zhi)(zhi)，而(er)在(zai)得(de)到限(xian)(xian)制(zhi)(zhi)性股(gu)(gu)(gu)票(piao)的時候，不需(xu)要付(fu)錢去購買，無償獲得(de)。在(zai)限(xian)(xian)制(zhi)(zhi)期內不得(de)隨(sui)意處置股(gu)(gu)(gu)票(piao)，如(ru)果在(zai)這個限(xian)(xian)制(zhi)(zhi)期內經(jing)營(ying)者辭職或被開除了，股(gu)(gu)(gu)票(piao)就(jiu)會因此而(er)被沒(mei)收(shou)。
4、模擬股票
公司給予授予對(dui)(dui)象(xiang)(xiang)一定數量的(de)(de)虛擬股(gu)(gu)票，對(dui)(dui)于這些(xie)虛擬股(gu)(gu)票，授予對(dui)(dui)象(xiang)(xiang)沒有(you)(you)所有(you)(you)權(quan)，但享(xiang)有(you)(you)股(gu)(gu)票價格升值(zhi)帶來(lai)的(de)(de)收益以(yi)及(ji)享(xiang)受分紅的(de)(de)權(quan)利(li)。在(zai)不授予股(gu)(gu)票的(de)(de)情(qing)況下，將授予對(dui)(dui)象(xiang)(xiang)的(de)(de)收益和公司的(de)(de)股(gu)(gu)票股(gu)(gu)價或(huo)資產(chan)價值(zhi)的(de)(de)上升聯系(xi)起(qi)來(lai)。一般也稱(cheng)為虛擬股(gu)(gu)票。
5、賬面價值(zhi)股票
用(yong)(yong)股(gu)(gu)票(piao)的帳面(mian)(mian)價(jia)(jia)值(zhi)(zhi)(zhi)(zhi)來衡量其價(jia)(jia)值(zhi)(zhi)(zhi)(zhi)，避(bi)免(mian)證(zheng)券(quan)市(shi)場的反(fan)復無常、股(gu)(gu)票(piao)的市(shi)場價(jia)(jia)格(ge)常常由(you)不(bu)可(ke)控因素決定(ding)(ding)不(bu)斷波動的特點。當(dang)(dang)經營(ying)者得到公(gong)司(si)股(gu)(gu)票(piao)時，其購(gou)買價(jia)(jia)格(ge)可(ke)以(yi)由(you)股(gu)(gu)票(piao)當(dang)(dang)時的帳面(mian)(mian)價(jia)(jia)值(zhi)(zhi)(zhi)(zhi)來決定(ding)(ding)，而不(bu)是(shi)(shi)根據(ju)市(shi)場價(jia)(jia)格(ge)。以(yi)后，當(dang)(dang)公(gong)司(si)回(hui)購(gou)此種(zhong)股(gu)(gu)票(piao)時，也是(shi)(shi)以(yi)當(dang)(dang)時的帳面(mian)(mian)價(jia)(jia)值(zhi)(zhi)(zhi)(zhi)作為股(gu)(gu)票(piao)的回(hui)購(gou)價(jia)(jia)格(ge)。當(dang)(dang)公(gong)司(si)回(hui)購(gou)帳面(mian)(mian)價(jia)(jia)值(zhi)(zhi)(zhi)(zhi)股(gu)(gu)票(piao)時，無論是(shi)(shi)支付現金，還是(shi)(shi)其它有價(jia)(jia)證(zheng)券(quan)，經營(ying)者都可(ke)以(yi)得到兩個帳面(mian)(mian)價(jia)(jia)值(zhi)(zhi)(zhi)(zhi)之差作為收益。對于(yu)非上(shang)(shang)市(shi)公(gong)司(si)，帳面(mian)(mian)價(jia)(jia)值(zhi)(zhi)(zhi)(zhi)股(gu)(gu)票(piao)作為經營(ying)者長期激(ji)勵性報酬(chou)是(shi)(shi)可(ke)以(yi)操作的。西(xi)方一些大(da)公(gong)司(si)也有采用(yong)(yong)帳面(mian)(mian)價(jia)(jia)值(zhi)(zhi)(zhi)(zhi)來向經營(ying)者發放報酬(chou)的。比(bi)如(ru)，*花旗(qi)銀(yin)行。賬面(mian)(mian)價(jia)(jia)值(zhi)(zhi)(zhi)(zhi)股(gu)(gu)票(piao)不(bu)是(shi)(shi)真正(zheng)意(yi)義(yi)上(shang)(shang)的股(gu)(gu)票(piao)，一般沒有所有權(quan)、表決權(quan)、配股(gu)(gu)權(quan)；具體分為購(gou)買型(xing)和虛擬型(xing)兩種(zhong)。
6、業績股(gu)票
公(gong)(gong)司(si)(si)用(yong)(yong)普通股(gu)(gu)作(zuo)為長期激勵(li)性(xing)報酬支付給經營(ying)者。具體的(de)股(gu)(gu)份(fen)實(shi)施(shi)，或者說股(gu)(gu)權的(de)轉移，要由經營(ying)者是否完成并達到(dao)了公(gong)(gong)司(si)(si)事(shi)先(xian)規定的(de)業績指標來決(jue)定。很多公(gong)(gong)司(si)(si)以EPS(每股(gu)(gu)盈余)的(de)增(zeng)長水(shui)平(ping)作(zuo)為標準(zhun)(zhun)來決(jue)定公(gong)(gong)司(si)(si)支付經營(ying)者股(gu)(gu)票報酬的(de)數(shu)量。一(yi)般情況下，只(zhi)有達到(dao)某一(yi)個水(shui)準(zhun)(zhun)，公(gong)(gong)司(si)(si)才實(shi)施(shi)事(shi)先(xian)承諾的(de)股(gu)(gu)權轉移，超過這一(yi)水(shui)準(zhun)(zhun)，則采(cai)用(yong)(yong)比例或累進的(de)形式增(zeng)加(jia)支付給經營(ying)者的(de)股(gu)(gu)份(fen)。
7、儲蓄參(can)與(yu)股票(piao)
允許員(yuan)(yuan)(yuan)工(gong)(gong)一(yi)年（兩(liang)）次以(yi)低(di)于市場價(jia)的(de)(de)價(jia)格(ge)購(gou)買本公(gong)司(si)的(de)(de)股票。實施過程中首先(xian)要求員(yuan)(yuan)(yuan)工(gong)(gong)將每月(yue)基本工(gong)(gong)資的(de)(de)一(yi)定比(bi)例放(fang)入公(gong)司(si)為(wei)員(yuan)(yuan)(yuan)工(gong)(gong)設立的(de)(de)儲蓄(xu)(xu)帳戶(hu)。一(yi)般(ban)(ban)是稅前(qian)工(gong)(gong)資額(e)的(de)(de)2%～10%，少數公(gong)司(si)最高可達20%。其(qi)它激(ji)勵一(yi)般(ban)(ban)來(lai)說是股價(jia)上揚時(shi)贏利，股價(jia)不(bu)變或下(xia)跌時(shi)沒有收(shou)(shou)益；儲蓄(xu)(xu)參(can)與(yu)股票則是不(bu)論(lun)股價(jia)上漲還(huan)是下(xia)跌，都至(zhi)少有價(jia)差的(de)(de)收(shou)(shou)益（一(yi)般(ban)(ban)為(wei)15%左右），當股價(jia)上漲時(shi)贏利更(geng)多。與(yu)其(qi)它的(de)(de)激(ji)勵機(ji)制相比(bi)，這更(geng)像是一(yi)個儲蓄(xu)(xu)計劃(hua)，其(qi)激(ji)勵作用較小。這種方法(fa)的(de)(de)適(shi)用往(wang)往(wang)不(bu)限于公(gong)司(si)的(de)(de)高級管理人(ren)(ren)員(yuan)(yuan)(yuan)，公(gong)司(si)正(zheng)式員(yuan)(yuan)(yuan)工(gong)(gong)都可以(yi)參(can)加。其(qi)目的(de)(de)是為(wei)了吸引(yin)和留住高素質(zhi)的(de)(de)人(ren)(ren)才并(bing)向員(yuan)(yuan)(yuan)工(gong)(gong)提供分享公(gong)司(si)潛在收(shou)(shou)益的(de)(de)機(ji)會。
8、股票無(wu)條(tiao)件贈予
股票贈予安排(pai)，一般并不包(bao)含什(shen)么(me)特殊限制或(huo)其(qi)它先決(jue)條件(jian)，往往支付給公司(si)(si)的(de)(de)(de)關(guan)鍵經營者(zhe)作(zuo)為報(bao)酬。只有在公司(si)(si)受重(zhong)大事件(jian)影響(xiang)，處(chu)于(yu)關(guan)鍵性的(de)(de)(de)轉型時期，或(huo)是在剛剛成立，正(zheng)處(chu)于(yu)艱難的(de)(de)(de)創業時期的(de)(de)(de)情況下，才會以股票的(de)(de)(de)無條件(jian)贈予作(zuo)為長期激勵報(bao)酬的(de)(de)(de)形(xing)式(shi)(shi)提供給關(guan)鍵的(de)(de)(de)經營者(zhe)。這種方式(shi)(shi)尤其(qi)在國(guo)有企業實踐中已被喊停。
9、影子股票
經(jing)(jing)營(ying)(ying)者(zhe)(zhe)(zhe)在被(bei)決定(ding)給予(yu)股(gu)票(piao)(piao)(piao)(piao)報(bao)酬(chou)(chou)時，報(bao)酬(chou)(chou)合同中會規定(ding)，如果(guo)在一(yi)定(ding)時期內公(gong)司的(de)(de)股(gu)票(piao)(piao)(piao)(piao)升值了，則經(jing)(jing)營(ying)(ying)者(zhe)(zhe)(zhe)就(jiu)會得到與股(gu)票(piao)(piao)(piao)(piao)市場價格相關(guan)的(de)(de)一(yi)筆(bi)收入。收入的(de)(de)數(shu)量是(shi)依照(zhao)合同中事先規定(ding)的(de)(de)股(gu)票(piao)(piao)(piao)(piao)數(shu)量來計(ji)算的(de)(de)通過影子股(gu)票(piao)(piao)(piao)(piao)的(de)(de)形式向經(jing)(jing)營(ying)(ying)者(zhe)(zhe)(zhe)發(fa)放(fang)報(bao)酬(chou)(chou)，要借助于股(gu)票(piao)(piao)(piao)(piao)，但(dan)又不(bu)實際發(fa)放(fang)股(gu)票(piao)(piao)(piao)(piao)。影子股(gu)票(piao)(piao)(piao)(piao)不(bu)同于虛擬股(gu)票(piao)(piao)(piao)(piao)，前者(zhe)(zhe)(zhe)是(shi)以合同的(de)(de)形式參(can)照(zhao)股(gu)票(piao)(piao)(piao)(piao)價值給予(yu)經(jing)(jing)營(ying)(ying)者(zhe)(zhe)(zhe)既定(ding)的(de)(de)收入，后者(zhe)(zhe)(zhe)是(shi)經(jing)(jing)營(ying)(ying)者(zhe)(zhe)(zhe)持有“股(gu)票(piao)(piao)(piao)(piao)”參(can)照(zhao)股(gu)票(piao)(piao)(piao)(piao)價值的(de)(de)未定(ding)性(xing)收入。
10、經營者持(chi)股
管理層(ceng)持有一定數(shu)量的本公(gong)司(si)股(gu)(gu)(gu)票(piao)(piao)并進行(xing)一定期(qi)限的鎖定。激(ji)勵(li)對象得到公(gong)司(si)股(gu)(gu)(gu)票(piao)(piao)的途徑可以是(shi)公(gong)司(si)無(wu)償(chang)贈予；由公(gong)司(si)補貼、被激(ji)勵(li)者購買；公(gong)司(si)強行(xing)要求受益人(ren)自行(xing)出資購買等。被激(ji)勵(li)者得到的是(shi)實(shi)實(shi)在(zai)在(zai)的股(gu)(gu)(gu)票(piao)(piao)，擁有相應的表決權(quan)和(he)分配(pei)權(quan)，并承(cheng)擔公(gong)司(si)虧損和(he)股(gu)(gu)(gu)票(piao)(piao)降價的風險。激(ji)勵(li)對象在(zai)擁有公(gong)司(si)股(gu)(gu)(gu)票(piao)(piao)后，成為(wei)自身(shen)經營企業(ye)的股(gu)(gu)(gu)東，與企業(ye)共(gong)擔風險，共(gong)享收益。
11、員(yuan)工持股計劃(hua)
由(you)公司(si)內部員(yuan)(yuan)(yuan)工(gong)(gong)(gong)(gong)個人(ren)(ren)出(chu)資(zi)(zi)認購本公司(si)部分股(gu)(gu)(gu)(gu)份(fen)，委托(tuo)公司(si)進行集中(zhong)管理。持(chi)有(you)(you)者體(ti)現(xian)了勞(lao)動(dong)者和所(suo)(suo)有(you)(you)者的雙重(zhong)身份(fen)，形(xing)成按勞(lao)分配(pei)與按資(zi)(zi)分配(pei)相結合(he)的機(ji)制。將員(yuan)(yuan)(yuan)工(gong)(gong)(gong)(gong)利益與企業(ye)前途(tu)聯系在(zai)一(yi)起(qi)，員(yuan)(yuan)(yuan)工(gong)(gong)(gong)(gong)持(chi)股(gu)(gu)(gu)(gu)后(hou)便承擔了一(yi)定(ding)的投資(zi)(zi)風險，這(zhe)就(jiu)有(you)(you)助于喚起(qi)員(yuan)(yuan)(yuan)工(gong)(gong)(gong)(gong)的風險意識，激發(fa)員(yuan)(yuan)(yuan)工(gong)(gong)(gong)(gong)的長期投資(zi)(zi)行為(wei)(wei)。職工(gong)(gong)(gong)(gong)持(chi)股(gu)(gu)(gu)(gu)的觀點最早是由(you)*律師凱爾索于19世紀60年代初提出(chu)來(lai)的，他認為(wei)(wei)：只有(you)(you)讓職工(gong)(gong)(gong)(gong)成為(wei)(wei)企業(ye)的主人(ren)(ren)或所(suo)(suo)有(you)(you)者，才能真正協調勞(lao)資(zi)(zi)關(guan)系，提高勞(lao)動(dong)生產率(lv)，使經濟持(chi)續平穩地發(fa)展。70年代*企業(ye)界和政府都在(zai)尋找可(ke)以使轉移出(chu)來(lai)的消(xiao)費基金轉化為(wei)(wei)生產基金的路子(zi)，而(er)員(yuan)(yuan)(yuan)工(gong)(gong)(gong)(gong)股(gu)(gu)(gu)(gu)份(fen)制正好適(shi)應了這(zhe)個要求，從而(er)在(zai)*得到推(tui)廣(guang)。在(zai)*，職工(gong)(gong)(gong)(gong)持(chi)股(gu)(gu)(gu)(gu)被(bei)作為(wei)(wei)一(yi)種(zhong)面向企業(ye)全體(ti)員(yuan)(yuan)(yuan)工(gong)(gong)(gong)(gong)的福利性比較強的股(gu)(gu)(gu)(gu)權(quan)激勵工(gong)(gong)(gong)(gong)具，有(you)(you)時也(ye)作為(wei)(wei)企業(ye)創始人(ren)(ren)（或大股(gu)(gu)(gu)(gu)東）實現(xian)資(zi)(zi)本退出(chu)的有(you)(you)效途(tu)徑。
12、管理層(ceng)收購
又稱“經(jing)理(li)(li)(li)層融資(zi)(zi)收購(gou)”，是(shi)指公(gong)(gong)司(si)(si)(si)(si)的(de)(de)(de)(de)管(guan)(guan)理(li)(li)(li)者或(huo)經(jing)理(li)(li)(li)層（個人(ren)或(huo)集體）利用借(jie)貸(dai)所融資(zi)(zi)本，購(gou)買本公(gong)(gong)司(si)(si)(si)(si)的(de)(de)(de)(de)股(gu)(gu)(gu)份（或(huo)股(gu)(gu)(gu)權(quan)(quan)(quan)），從(cong)而(er)(er)改變公(gong)(gong)司(si)(si)(si)(si)所有(you)者結(jie)構(gou)、控(kong)制權(quan)(quan)(quan)結(jie)構(gou)和(he)資(zi)(zi)產(chan)(chan)結(jie)構(gou)，實現持股(gu)(gu)(gu)經(jing)營。通常的(de)(de)(de)(de)做法是(shi)，公(gong)(gong)司(si)(si)(si)(si)管(guan)(guan)理(li)(li)(li)層和(he)員工(gong)共同出(chu)資(zi)(zi)成(cheng)立職工(gong)持股(gu)(gu)(gu)會或(huo)公(gong)(gong)司(si)(si)(si)(si)管(guan)(guan)理(li)(li)(li)層出(chu)資(zi)(zi)（一(yi)般(ban)是(shi)信(xin)貸(dai)融資(zi)(zi)）成(cheng)立新的(de)(de)(de)(de)公(gong)(gong)司(si)(si)(si)(si)作(zuo)為(wei)(wei)收購(gou)主(zhu)體，一(yi)次性或(huo)多次通過(guo)其(qi)授(shou)讓原股(gu)(gu)(gu)東(dong)持有(you)的(de)(de)(de)(de)公(gong)(gong)司(si)(si)(si)(si)國(guo)有(you)股(gu)(gu)(gu)份，從(cong)而(er)(er)直接或(huo)間接成(cheng)為(wei)(wei)公(gong)(gong)司(si)(si)(si)(si)的(de)(de)(de)(de)控(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)。由于(yu)管(guan)(guan)理(li)(li)(li)層可能(neng)一(yi)下子拿不出(chu)巨額的(de)(de)(de)(de)收購(gou)資(zi)(zi)金，一(yi)般(ban)的(de)(de)(de)(de)做法是(shi)，管(guan)(guan)理(li)(li)(li)層以私人(ren)財產(chan)(chan)作(zuo)抵押向投資(zi)(zi)銀行或(huo)投資(zi)(zi)公(gong)(gong)司(si)(si)(si)(si)融資(zi)(zi)，成(cheng)功收購(gou)后(hou)，再改用公(gong)(gong)司(si)(si)(si)(si)股(gu)(gu)(gu)權(quan)(quan)(quan)作(zuo)抵押，有(you)時出(chu)資(zi)(zi)方也會成(cheng)為(wei)(wei)股(gu)(gu)(gu)東(dong)。它是(shi)一(yi)種極端(duan)的(de)(de)(de)(de)股(gu)(gu)(gu)權(quan)(quan)(quan)激勵(li)(li)手(shou)(shou)段(duan)，因為(wei)(wei)其(qi)它激勵(li)(li)手(shou)(shou)段(duan)都是(shi)所有(you)者（產(chan)(chan)權(quan)(quan)(quan)人(ren)）對雇(gu)員的(de)(de)(de)(de)激勵(li)(li)，而(er)(er)MBO則干脆(cui)將(jiang)激勵(li)(li)的(de)(de)(de)(de)主(zhu)體與(yu)客體合(he)而(er)(er)為(wei)(wei)一(yi)。
最早發現(xian)MBO妙用的(de)是戴“*子”的(de)民營企(qi)(qi)業(ye)(ye)，他們認(ren)為(wei)這(zhe)是摘“*子”最好的(de)形式，于是紛紛實施(shi)MBO改革。1997年(nian)3月，上市公(gong)(gong)司(si)大眾科創的(de)管理層借助職工持股會(hui)的(de)名義(yi)，間接(jie)(jie)實現(xian)了(le)對(dui)企(qi)(qi)業(ye)(ye)的(de)控(kong)制。1999年(nian)5月，四(si)(si)通(tong)(tong)集團經營者以四(si)(si)通(tong)(tong)職工持股會(hui)名義(yi)投(tou)(tou)(tou)資(zi)(zi)51%、四(si)(si)通(tong)(tong)集團投(tou)(tou)(tou)資(zi)(zi)49%，成(cheng)立北京四(si)(si)通(tong)(tong)投(tou)(tou)(tou)資(zi)(zi)有(you)(you)限(xian)公(gong)(gong)司(si)。此后，四(si)(si)通(tong)(tong)投(tou)(tou)(tou)資(zi)(zi)購(gou)買了(le)四(si)(si)通(tong)(tong)集團持有(you)(you)的(de)香港四(si)(si)通(tong)(tong)50.5%的(de)股權。被稱為(wei)這(zhe)是典(dian)型(xing)的(de)中國第一(yi)例MBO。2001年(nian)3月，宇(yu)通(tong)(tong)客(ke)車(che)總經理湯玉祥與(yu)22個自(zi)然人(ren)一(yi)起，共同(tong)設立上海宇(yu)通(tong)(tong)創業(ye)(ye)投(tou)(tou)(tou)資(zi)(zi)有(you)(you)限(xian)公(gong)(gong)司(si)，并通(tong)(tong)過這(zhe)家企(qi)(qi)業(ye)(ye)，間接(jie)(jie)控(kong)股了(le)上市公(gong)(gong)司(si)宇(yu)通(tong)(tong)客(ke)車(che)公(gong)(gong)司(si)。這(zhe)是一(yi)家國有(you)(you)企(qi)(qi)業(ye)(ye)經營者實施(shi)MBO的(de)典(dian)型(xing)案例。2003年(nian)前后,國企(qi)(qi)進入試點高(gao)峰(feng),探索MBO改革。這(zhe)種(zhong)方式在(zai)幾年(nian)前的(de)紅(hong)火(huo)和(he)爭議(yi)中，現(xian)在(zai)已(yi)經不存在(zai)企(qi)(qi)業(ye)(ye)實踐了(le)。
13、延期支付
公(gong)司(si)(si)為激(ji)(ji)勵對(dui)象(xiang)(xiang)(xiang)(xiang)（管(guan)理層）設計(ji)(ji)一(yi)攬子(zi)薪酬收入(ru)計(ji)(ji)劃(hua)(hua)，其中(zhong)部分年度獎金(jin)、股(gu)(gu)(gu)(gu)(gu)權激(ji)(ji)勵收入(ru)不(bu)(bu)在(zai)當(dang)(dang)年發放，而是按當(dang)(dang)日公(gong)司(si)(si)股(gu)(gu)(gu)(gu)(gu)票(piao)市場(chang)(chang)價(jia)格(ge)折(zhe)算(suan)成股(gu)(gu)(gu)(gu)(gu)票(piao)數(shu)量，存入(ru)公(gong)司(si)(si)為管(guan)理層人(ren)員單獨設立(li)的(de)(de)(de)(de)(de)(de)(de)延(yan)(yan)期(qi)(qi)(qi)(qi)支(zhi)(zhi)付賬戶。在(zai)一(yi)定期(qi)(qi)(qi)(qi)限(xian)后，再(zai)以(yi)公(gong)司(si)(si)股(gu)(gu)(gu)(gu)(gu)票(piao)形式(shi)或根據(ju)期(qi)(qi)(qi)(qi)滿(man)時(shi)股(gu)(gu)(gu)(gu)(gu)票(piao)市值以(yi)現(xian)金(jin)方(fang)式(shi)支(zhi)(zhi)付給激(ji)(ji)勵對(dui)象(xiang)(xiang)(xiang)(xiang)。激(ji)(ji)勵對(dui)象(xiang)(xiang)(xiang)(xiang)通(tong)(tong)過(guo)(guo)延(yan)(yan)期(qi)(qi)(qi)(qi)支(zhi)(zhi)付計(ji)(ji)劃(hua)(hua)獲(huo)得(de)的(de)(de)(de)(de)(de)(de)(de)收入(ru)，來自(zi)于既定期(qi)(qi)(qi)(qi)限(xian)內公(gong)司(si)(si)股(gu)(gu)(gu)(gu)(gu)票(piao)的(de)(de)(de)(de)(de)(de)(de)市場(chang)(chang)價(jia)格(ge)上(shang)升，即計(ji)(ji)劃(hua)(hua)執(zhi)行時(shi)與激(ji)(ji)勵對(dui)象(xiang)(xiang)(xiang)(xiang)行權時(shi)的(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)票(piao)價(jia)差(cha)收人(ren)。如(ru)果(guo)折(zhe)算(suan)后存入(ru)延(yan)(yan)期(qi)(qi)(qi)(qi)支(zhi)(zhi)付賬戶的(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)票(piao)市價(jia)在(zai)行權時(shi)上(shang)升，則(ze)激(ji)(ji)勵對(dui)象(xiang)(xiang)(xiang)(xiang)就可以(yi)獲(huo)得(de)收益(yi)(yi)(yi)(yi)(yi)。但如(ru)果(guo)該市價(jia)不(bu)(bu)升反跌(die)，激(ji)(ji)勵對(dui)象(xiang)(xiang)(xiang)(xiang)的(de)(de)(de)(de)(de)(de)(de)利(li)益(yi)(yi)(yi)(yi)(yi)就會(hui)遭受損(sun)失(shi)。主要目的(de)(de)(de)(de)(de)(de)(de)是激(ji)(ji)勵管(guan)理層考慮公(gong)司(si)(si)的(de)(de)(de)(de)(de)(de)(de)長(chang)遠利(li)益(yi)(yi)(yi)(yi)(yi)的(de)(de)(de)(de)(de)(de)(de)決策，以(yi)免經(jing)營者(zhe)行為短期(qi)(qi)(qi)(qi)化。延(yan)(yan)期(qi)(qi)(qi)(qi)支(zhi)(zhi)付計(ji)(ji)劃(hua)(hua)和股(gu)(gu)(gu)(gu)(gu)票(piao)期(qi)(qi)(qi)(qi)權的(de)(de)(de)(de)(de)(de)(de)區(qu)別在(zai)于：在(zai)期(qi)(qi)(qi)(qi)權模式(shi)下，如(ru)果(guo)股(gu)(gu)(gu)(gu)(gu)票(piao)價(jia)格(ge)上(shang)升，激(ji)(ji)勵對(dui)象(xiang)(xiang)(xiang)(xiang)可以(yi)行權；但如(ru)果(guo)股(gu)(gu)(gu)(gu)(gu)票(piao)價(jia)格(ge)下跌(die)，則(ze)受益(yi)(yi)(yi)(yi)(yi)人(ren)可以(yi)放棄行權來保(bao)證(zheng)自(zi)己的(de)(de)(de)(de)(de)(de)(de)利(li)益(yi)(yi)(yi)(yi)(yi)不(bu)(bu)受損(sun)失(shi)。而延(yan)(yan)期(qi)(qi)(qi)(qi)支(zhi)(zhi)付的(de)(de)(de)(de)(de)(de)(de)激(ji)(ji)勵對(dui)象(xiang)(xiang)(xiang)(xiang)只(zhi)有通(tong)(tong)過(guo)(guo)提升公(gong)司(si)(si)的(de)(de)(de)(de)(de)(de)(de)業績，促使公(gong)司(si)(si)股(gu)(gu)(gu)(gu)(gu)價(jia)上(shang)升來保(bao)證(zheng)自(zi)己的(de)(de)(de)(de)(de)(de)(de)利(li)益(yi)(yi)(yi)(yi)(yi)不(bu)(bu)受損(sun)失(shi)。
14、優先股
優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)是(shi)“普(pu)通(tong)(tong)股(gu)(gu)”的(de)(de)(de)對(dui)稱(cheng)，在分(fen)配(pei)(pei)紅利(li)和剩(sheng)余財產(chan)(chan)(chan)時比普(pu)通(tong)(tong)股(gu)(gu)具有優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)權(quan)(quan)，但(dan)一般不(bu)能在中途向公(gong)司(si)要(yao)求退股(gu)(gu)(少數可贖回的(de)(de)(de)優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)例外)。優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)的(de)(de)(de)主要(yao)特征：一是(shi)優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)通(tong)(tong)常預(yu)先(xian)(xian)(xian)(xian)定明股(gu)(gu)息(xi)(xi)(xi)收益率(lv)，所以其股(gu)(gu)息(xi)(xi)(xi)一般不(bu)會根據(ju)公(gong)司(si)經營情況而(er)增減，而(er)且一般也不(bu)參(can)與公(gong)司(si)的(de)(de)(de)分(fen)紅。二是(shi)優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)的(de)(de)(de)權(quan)(quan)利(li)范圍小，一般沒有選(xuan)舉權(quan)(quan)、被選(xuan)舉權(quan)(quan)、投(tou)票權(quan)(quan)（少數可以享有投(tou)票權(quan)(quan)）。優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)的(de)(de)(de)優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)權(quan)(quan)主要(yao)表現在兩個方(fang)面：(1)股(gu)(gu)息(xi)(xi)(xi)領(ling)取優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)權(quan)(quan)。只要(yao)股(gu)(gu)東大會決定分(fen)派(pai)股(gu)(gu)息(xi)(xi)(xi)，優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)就可按(an)照事(shi)先(xian)(xian)(xian)(xian)確(que)定的(de)(de)(de)股(gu)(gu)息(xi)(xi)(xi)率(lv)領(ling)取股(gu)(gu)息(xi)(xi)(xi)，即(ji)使普(pu)遍(bian)減少或沒有股(gu)(gu)息(xi)(xi)(xi)，優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)亦應照常分(fen)派(pai)股(gu)(gu)息(xi)(xi)(xi)。(2)剩(sheng)余資產(chan)(chan)(chan)分(fen)配(pei)(pei)優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)權(quan)(quan)。股(gu)(gu)份公(gong)司(si)在解散(san)、破產(chan)(chan)(chan)清算時，優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)具有公(gong)司(si)剩(sheng)余資產(chan)(chan)(chan)的(de)(de)(de)分(fen)配(pei)(pei)優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)權(quan)(quan)，不(bu)過(guo)其優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)分(fen)配(pei)(pei)權(quan)(quan)在債權(quan)(quan)人之后。公(gong)司(si)在贖回優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)時，雖是(shi)按(an)事(shi)先(xian)(xian)(xian)(xian)規(gui)定的(de)(de)(de)價(jia)(jia)格進行(xing)，但(dan)由于這往往給(gei)投(tou)資者帶(dai)來不(bu)便(bian)，因(yin)而(er)發行(xing)公(gong)司(si)常在優(you)(you)(you)(you)先(xian)(xian)(xian)(xian)股(gu)(gu)面值上(shang)再加(jia)一筆“溢價(jia)(jia)”。
優先股的種類：
（累積優先股）在某個營業年度內，如果公司所獲的盈利不足以分派規定的股利，日后優先股的股東對往年來付給的股息，有權要求如數補給。（非累積優先股）如果該年公司所獲得的盈利不足以按規定的股利分配時，非累積優先股的股東不能要求公司在以后年度中予以補發。
（參與優先股）當企業利潤增大，除享受既定比率的利息外，還可以跟普通股共同參與利潤分配。（非參與優先股）不再參與利潤分配。
（可轉換優先股）持有人在特定條件下可把優先股轉換成為一定數額的普通股。而（不可轉換優先股）則不能。可轉換優先股是近年來日益流行的一種優先股。
（可收回優先股）允許發行該類股票的公司，按原來的價格再加上若干補償金將已發生的優先股收回。當該公司認為能夠以較低股利的股票來代替已發生的優先股時，就往往行使這種權利。反之，就是（不可收回優先股）。
（股息可調整優先股）股息率可隨相應的條件進行變更而不再事先予以固定。反之，就是（股息固定優先股）。
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