【正文】 同之處在于擁有股票增值權(quán)者不參與公司的分紅。是指公司授予激勵(lì)對(duì)象的一種權(quán)利，激勵(lì)對(duì)象可以在規(guī)定時(shí)間內(nèi)獲得規(guī)定數(shù)量及一定比例的股票股價(jià)上升所帶來(lái)的收益，但不擁有這些股票的所有權(quán)，自然也不擁有表決權(quán)、配股權(quán)。與股票期權(quán)相比，虛擬股票的激勵(lì)作用受證券市場(chǎng)的有效性影響要小，因?yàn)楫?dāng)證券市場(chǎng)失效時(shí)（如遇到熊市），只要公司有好的收益，被授予者仍然可以通過(guò)分紅分享到好處。其好處是不會(huì)影響公司的總資本和股權(quán)結(jié)構(gòu)，但缺點(diǎn)是兌現(xiàn)激勵(lì)時(shí)現(xiàn)金支出壓力較大，特別是在公司股票升值幅度較大時(shí)。除了股票期權(quán)外，還有其他一些股權(quán)激勵(lì)方式ｂ、虛擬股票（Phantom Stock）。股票期權(quán)激勵(lì)制度，載知識(shí)在線(xiàn)（ ）《證券金融》欄目，2007年12月12日。瀟霖：股票期權(quán)在國(guó)際上也是一種最為經(jīng)典、使用最為廣泛的股權(quán)激勵(lì)模式。股票期權(quán)模式目前在美國(guó)最流行、運(yùn)作方法也最規(guī)范。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(duì)象自已為行權(quán)支付對(duì)價(jià)。對(duì)持有者來(lái)講股票期權(quán)只是一種權(quán)利，而非義務(wù)。它主要包括以下具體形式。依照我國(guó)公司法的規(guī)定，上市公司是指所發(fā)行的股票在證券交易所上市交易的股份有限公司。因此建立完善的股權(quán)激勵(lì)制度，是一舉多得的好事。（二）實(shí)施股權(quán)激勵(lì)制度的意義實(shí)施股權(quán)激勵(lì)制度，企業(yè)可以留住優(yōu)秀員工，在員工和企業(yè)、股東間構(gòu)建和諧關(guān)系，尤其是可以激發(fā)員工的勞動(dòng)熱情和創(chuàng)造激情，為企業(yè)多創(chuàng)造效益。需要說(shuō)明的是，如果一個(gè)國(guó)家沒(méi)有完善的股權(quán)激勵(lì)制度，而僅僅只有部分企業(yè)做著個(gè)別的嘗試，還不能說(shuō)該國(guó)有了股權(quán)激勵(lì)制度。例如，股票期權(quán)制度主要與成熟的證券市場(chǎng)相伴生，因此它也主要適用于上市公司，如果股權(quán)激勵(lì)與股票期權(quán)相對(duì)等，就意味著數(shù)量眾多的中小企業(yè)無(wú)緣實(shí)施股權(quán)激勵(lì)。需要澄清的是，國(guó)內(nèi)很多理論書(shū)籍經(jīng)常將股票期權(quán)等同于股權(quán)激勵(lì)，這種認(rèn)識(shí)過(guò)于狹隘。在借鑒國(guó)際非上市公司股權(quán)激勵(lì)的一般經(jīng)驗(yàn)和總結(jié)我國(guó)非上市公司股權(quán)激勵(lì)歷史與現(xiàn)狀的基礎(chǔ)上，作者試圖通過(guò)本文就完善我國(guó)非上市公司股權(quán)激勵(lì)制度進(jìn)行探討，對(duì)于在非上市公司建立股權(quán)激勵(lì)制度的意義，以及制度建設(shè)的關(guān)鍵點(diǎn)，提出一些設(shè)想，并呼吁國(guó)家盡快以立法的形式建立和推廣非上市公司股權(quán)激勵(lì)制度。而且，我國(guó)上市公司主要的股權(quán)激勵(lì)模式就是股票期權(quán)，國(guó)內(nèi)多數(shù)的股權(quán)激勵(lì)理論和書(shū)籍基本上都是圍繞著上市公司和股票期權(quán)為對(duì)象的，鮮見(jiàn)以非上市公司股權(quán)激勵(lì)制度為研究對(duì)象的理論和書(shū)籍?，F(xiàn)在人們?cè)絹?lái)越認(rèn)識(shí)到，建立和推廣股權(quán)激勵(lì)制度，是調(diào)整產(chǎn)權(quán)關(guān)系，完善分配制度，建立現(xiàn)代企業(yè)制度，改善勞動(dòng)關(guān)系，發(fā)展和完善中國(guó)特色社會(huì)主義市場(chǎng)經(jīng)濟(jì)制度，以至于構(gòu)建和諧社會(huì)和建設(shè)創(chuàng)新型國(guó)家的重要措施之一。股權(quán)激勵(lì)或者說(shuō)員工持股早已有之，但其現(xiàn)代意義上的發(fā)展不過(guò)五十余年，卻在全世界范圍內(nèi)獲得了廣泛推廣。 Finally it gives remendations that the relevant law enforcement system and judicial system should be adjusted in accordance with the establishment of Equity Incentive system for private corporation.Keywords　private corporation。 it also stresses that the guiding ideology—attaching great importance and actively encouraging private corporation to establish Equity Incentive system, and describing the principle of the establishment and improvement of Equity Incentive system for private corporation. It subsequently presents the main content of Equity Incentive system for Private Corporation: Different enterprises may choice different Equity Incentive patterns. In the long time of present and future, the managers and core staff should be the main targets of Equity Incentives. The authority should make policies and regulations which are conducive to the development of the system in the aspects of credit、tax and overthecounter market building, etc。 private enterprises lack awareness of the need for Equity Incentive and the trials of Equity Incentive are often unnecessarily interfered by the executive and judicial Authorities。 after the cutoff point the legislative activities are in full swing. They respectively include: the legislation of issuing shares to inhouse staff in the jointstock limited Company raising funds from targeted sources, the legislation of Employee Stock Ownership Association, the legislation of the incentive stock to the operators and core technology Management. In the previous legislations the legislation of Employee Stock Ownership Association holds the most influence in society. On the practical front, the Equity Incentive practices have gone through the course that the jointstock limited pany raising funds from targeted sources issued shares to inhouse staff and it was prohibited, the Employee Stock Ownership Association was stopped and, the incentive stock to the operators and core technology Management was strictly restricted. This section subsequently presents the status quo of the Equity Incentive system for non listed panies in China. Amendments to the Company Law and Securities Law in 2005 provide protection legislation for the Equity Incentive system for Private Corporation, which promote the nonlisted pany39。 In accordance with the division of the basic rights and obligations for different relations, it can be divided into nowEquity Incentive, promissory phase Equity Incentive and stock options incentive. In this section it also describes some of more mon basic Equity Incentive theory: human capital theory, agency theory, theory of corporate governance. In the final section of this section, it introduces the brief history of the development of Equity Incentive system: including the brief history of the development of the international Equity Incentives, the history of stock options and its significance, employee stock ownership’s history and its significance, and the brief development history of domestic Equity Incentive system. The second section is about the concept and meaning of the Equity Incentive system for Private Corporation. Equity Incentive system for private corporation, which include limited liability panies and nonlisted limited jointstock corporation, is one for internal management or other employees. Through the authoritative statistical data, this section shows that the private corporation has bee an important section of our national economy。關(guān)鍵詞：非上市公司；股權(quán)激勵(lì)A(yù)bstractEquity Incentive is one of the businesstostaff incentive ways in modern society. It is a longterm incentive. Its core: the enterprise employees access to capital and property rights through the property rights reform. They participate in corporate management process as the owner, tie the interests of the employees with longterm interests of the enterprises, and maximize the working enthusiasm of the employees so as to maximize the efficiency of enterprises. Equity Incentive in China has the following problems: only a very small volume of listed panies implement the current system of Equity Incentives, Private Corporation which account for the vast majority of the total number of enterprises seldom implement it. And the vast majority of domestic Equity Incentive theory is mainly aimed at listed panies of stock options. There are few specific monographs on Equity Incentive system for Private Corporation. This article is intended to emphasize that all sectors of society, especially governmental decisionmaking organs should attach great importance to promote Equity Incentive system for private corporation. On the basis of the theory of the Equity Incentive system, The at recalled the history of the Equity Incentive system for private corporation in China in parison with the system in the United States、 Europe