在公司經營中，運用股權激勵，激發組織活力，成就優秀員工，已成為企業家的常識。
In company operations, using equity incentives to stimulate organizational vitality and achieve outstanding employees has become common knowledge among entrepreneurs.
在股權激勵中，有多種工具可供選擇，其中“虛擬股權”是一種常見工具。
In equity incentives, there are various tools to choose from, among which "virtual equity" is a common tool.
但是，“虛擬股”與“實股”到底有什么不同，往往讓人摸不著頭腦。
However, the difference between "virtual stocks" and "real stocks" is often confusing.
本文從對“虛擬股”的常見困惑入手，分析“虛擬股”與“實股”有何不同。
This article starts with the common confusion about "virtual stocks" and analyzes the differences between "virtual stocks" and "real stocks".
01虛擬股是股權嗎？
Is 01 virtual stock equity?
合伙創業，共同成立一家有限責任公司，發起人作為原始股東，并在工商登記。
Start a partnership and jointly establish a limited liability company, with the initiator as the original shareholder and registered with the industrial and commercial authorities.
一般情況下，工商登記顯示的股東合計持有公司100%的股權。這份100%的股權，可以稱之為“實股”。
In general, the shareholders listed in the industrial and commercial registration hold a total of 100% equity in the company. This 100% equity can be referred to as' real equity '.
隨著公司發展越來越好，也沉淀出一批優秀的員工。
As the company's development continues to improve, a group of outstanding employees have also emerged.
為實現員工與公司的共贏發展，激發組織活力，打造成就員工的平臺，往往需借用股權激勵的方式。
In order to achieve win-win development between employees and the company, stimulate organizational vitality, and create a platform for employee achievement, it is often necessary to use equity incentives.
但在實施股權激勵時，可能出現以下原因導致分不出“實股”：現階段可分配的空間不足、股權估值高，員工入股成本大、有“實股”之外更適合現狀的方式等。
However, when implementing equity incentives, there may be the following reasons that prevent the allocation of "real shares": insufficient space available for allocation at the current stage, high equity valuation, high cost for employees to invest, and more suitable methods other than "real shares" for the current situation.
但是，不能分出去“實股”，又想讓員工享有股權權利，怎么辦？
However, what should we do if we cannot share out the "real shares" and want employees to have equity rights?
于是，“虛擬股”的概念應運而生，讓員工享有“實股”的關鍵權利，但又不完全等于法律規定的股權。
So, the concept of "virtual stock" emerged, allowing employees to enjoy the key rights of "real stock", but it is not completely equivalent to the equity required by law.
所以，虛、實是形式，關鍵是看為“虛擬股”填充哪些權利，以實現員工與公司共贏的目標。
So, virtual and real are forms, and the key is to see what rights are filled in for "virtual stocks" to achieve the goal of mutual benefit between employees and the company.
02虛擬股和實股的區別？
What is the difference between virtual stocks and real stocks?
“虛擬股”和“實股”大的區別在于權利基礎不同，如何理解？
The biggest difference between "virtual stocks" and "real stocks" lies in the different basis of rights. How to understand?
一般情況下，工商登記的股東持有“實股”，其股東權利由《公司法》和《公司章程》規定。
In general, shareholders registered with the industrial and commercial registration hold "real shares", and their shareholder rights are stipulated by the Company Law and the Articles of Association.
全體股東可以通過《公司章程》對股東的部分權利進行調整，但這類調整需遵守《公司法》的規則。
All shareholders can adjust some of their rights through the Articles of Association, but such adjustments must comply with the rules of the Company Law.
而“虛擬股”的權利來源于公司與員工之間的約定，包括員工享有哪些權利、如何獲得權利等。
The rights of "virtual stocks" come from agreements between the company and employees, including what rights employees enjoy and how to obtain them.
即“實股”的股東權利相對確定，“虛擬股”的權利重在約定。
The shareholders' rights of 'real shares' are relatively certain, while the rights of' virtual shares' focus on agreements.
同時，“虛擬股”的核心權利在于讓員工像股東一樣享有利潤分配權，以讓人力價值獲得實實在在的回報。
At the same time, the core right of "virtual stocks" lies in allowing employees to enjoy profit distribution rights like shareholders, in order to achieve tangible returns on human value.
持有“虛擬股”，雖然不是法律意義上的股東，但能享受到與股東一樣的利潤分配權利，并能進入公司優秀人才序列，獲得更廣闊的機會，反過來看，這也正是虛擬股“實”的表現。
Holding 'virtual shares', although not legally a shareholder, can enjoy the same profit distribution rights as shareholders, and can enter the company's excellent talent pool to obtain broader opportunities. Conversely, this is also the performance of virtual shares' real'.
03孰優孰劣？
Which is better or worse?
“虛擬股”和“實股”，不分優劣。
There is no distinction between "virtual stocks" and "real stocks".
對于公司而言，發展是動態的，也不存在用一種固定不變的模式貫穿始終。
For a company, development is dynamic and there is no fixed and unchanging pattern that runs through it all the time.
這也意味著，在公司實施股權激勵時，到底選擇哪一種類型，需要建立在公司發展的歷史、現狀、未來，以及員工的認知、能力、職業規劃等多個維度綜合評估。
This also means that when implementing equity incentives in a company, which type to choose depends on a comprehensive evaluation of the company's history, current situation, future, as well as employees' cognition, abilities, career planning, and other dimensions.
終，從全局中抽出適合現階段公司發展狀況的工具，再制定具體的方案。
Finally, extract tools that are suitable for the current development status of the company from the overall situation, and then formulate specific plans.
而這一方案，可能隨著公司的發展，在未來變成了“過時的”方案，進而觸發新一輪的股權激勵計劃，因時制宜，保持共贏。
And this plan, as the company develops, may become an "outdated" plan in the future, triggering a new round of equity incentive plans to adapt to the times and maintain a win-win situation.
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