王新红 惠悦

摘 要：随着互联网经济的快速发展，互联网企业对人才的竞争也愈发激烈，股权激励作为我国上市公司激励、挽留人才的常用工具，也被广泛应用在互联网企业中。从股权激励要素特征的角度出发，对《中国互联网企业100强》中在2006—2020年实施过股权激励计划的25家互联网企业实施的65项股权激励计划进行分析。研究发现：目前我国互联网企业在实施股权激励时主要以股票期权和限制性股票两种模式为主，激励对象更倾向于核心技术及业务人员，激励额度整体偏小;同时股权激励计划在行权条件和激励期限的设计上偏向于“福利型”，存在多期股权激励计划同时实施的现象，并从股权激励的方案设计角度提出建议。

关键词：互联网企业;股权激励;特征分析

中图分类号：F 272

文献标识码：A   文章编号：1672-7312（2021）05-0544-08

Analysis on the Characteristics of Equity Incentive

of Chinas Internet Companies

WANG Xinhong，HUI Yue

（College of Management，Xian University of Science and Technology，Xian 710054，China）

Abstract：With the rapid development of the Internet economy，the competition for talents among Internet companies has become increasingly fierce.As a common tool for Chnas listed companies to motivate and retain talents，equity incentives are also widely used in Internet companies.Based on the characteristics of equity incentives，this paper analyzes 65 equity incentive plans implemented by 25 Internet companies that have implemented equity incentive plans in the “Top 100 Chinese Internet Companies” from 2006 to 2020.The research found that：At present，Chins Internet companies mainly use stock options and restricted stocks when implementing equity incentives.The incentive objects are more inclined to core technical and business personnel，and the overall incentive amount is relatively small.At the same time，the equity incentive plan is designed in terms of exercise conditions and incentive periods.It is biased towards “welfare type”，and there is a phenomenon that multiple equity incentive plans are implemented at the same time.And suggestions are made from the perspective of equity incentive program design.

Key words：internet companies;equity incentives;characteristics analysis

0 引言隨着现代信息科学技术和国民经济的高速发展，“互联网+”、5G等新兴词汇不断涌出，互联网在我国的覆盖范围也不断扩大。高比例的互联网普及率和庞大的互联网民群体规模进一步推动着我国互联网经济的快速扩张和发展。根据工信部发布的《2020年互联网和相关服务业运行情况》中的统计资料显示，2020年我国规模以上的互联网和相关服务业企业总计实现业务收入12 838亿元，同比增长12.5%，累计实现营业净利润1 187亿元，同比增长13.2%，整体仍保持着较高的年均增速。可以看出，我国互联网经济整体实现较快发展，上市企业市值普遍呈增长态势，互联网经济对数字经济发展的支撑作用不断增强，已经成为我国经济的重要组成部分。……