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股票增值权及其分类及与股票期权的比较

一、股票增值权及其分类

股票增值权（Stock Appreciation Rights，SARs），是指上市公司授予公司员工在未来一定时期和约定条件下，获得规定数量的股票价格上升所带来收益的权利。被授权人在约定条件下行权，上市公司按照行权日与授权日二级市场股票差价乘以授权股票数量，发放给被授权人现金。股票增值权分为独立股票增值权（Stand-alone SARs）和串联股票增值权（Tandem SARs）。独立股票增值权被作为独立的票据授予，并不与任何股票期权并联发行。而串联股票增值权则是与非法定股票期权（Non-Qualified Stock Option）或激励股票期权（Incentive Stock Option）并联授予，其持有者可将其作为股票期权或股票增值权行权。

二、股票增值权与股票期权的比较

股票增值权和股票期权，作为股权激励工具中的两个重要分支，既有共同点，也有本质区别。如同硬币的两面，二者是独立客观存在的，不存在包含的关系。
    （一）股票增值权和股票期权的共同特点
      1.股票增值权和股票期权都是期权金融工具在企业激励中的应用，他们共同赋予激励对象一种未来的风险收益获取的权利，当市场价格高于激励对象的行权价格时，激励对象可以行权获得收益、否则，激励对象可以放弃行权，避免损失。 
      2.股票增值权和股票期权共同的获利原理均是二级市场股价和企业授予激励对象期权时约定的行权价格之间的差价。
      3.在可以实现的激励目标上，股票增值权和股票期权有很大的共同点，都具有很好的长期性和激励性，但约束性会偏弱一些。
     （二）股票增值权和股票期权的区别
       1.股票增值权和股票期权区别主要在于激励标的物的选择。股票增值权是一种虚拟股权激励工具，激励标的物仅仅是二级市场股价和激励对象行权价格之间的差价的升值收益，并不能获取企业的股票。股票期权的激励标的物是企业的股票，激励对象在行权后可以获得完整的股东权益。 
       2.激励对象收益来源不同。股票增值权采用“企业请客，企业买单”的方式，激励对象的收益由企业用现金进行支付，其实质是企业奖金的延期支付。股票期权则采用“企业请客，市场买单”的方式，激励对象获得的收益由市场进行支付

Stock Appreciation Right, its Types, and its comparation with stock option

What is a Stock Appreciation Right (SAR)?
 
      A Stock Appreciation Right (SAR) is an award which provides the holder with the ability to profit from the appreciation in value of a set number of shares of company stock over a set period of time.

The valuation of a stock appreciation right operates exactly like a stock option in that the employee benefits from any increases in stock price above the price set in the award. However, unlike an option, the employee is not required to pay an exercise price to exercise them, but simply receives the net amount of the increase in the stock price in either cash or shares of company stock, depending on plan rules.

 
       Types of Stock Appreciation Rights

       There are two different types of Stock Appreciation Rights: 

•Stand-alone SARs are granted as independent instruments and are not issued in conjunction with any stock options.

•Tandem SARs are granted in conjunction with a Non-Qualified Stock Option or an Incentive Stock Option, which entitles the holder to exercise it as an option or as a SAR. The election of one type of exercise prevents it from being exercised as another.