股权来激励，商道有奇绩：九号公司弯道超车之谜
案例编号：
CN_2025KJYGSCW_8642
被浏览次数：
122
案例名称：
股权来激励，商道有奇绩：九号公司弯道超车之谜
译名：
Motivating with Equity, Achieving Remarkable Results: How Ninebot Overtook on the Curve
案例作者：
宋建波、刘宝琴、曹文成
作者单位：
中国人民大学商学院
译者：
-
案例企业：
九号有限公司
行业：
信息技术产业
学科领域：
会计与公司财务、其他
规模：
中小型
案例语种：
中文
案例类型：
决策型
中文关键词：
九号公司，股权激励，双重股权结构，限制性股票
英文关键词：
Segway-Ninebot; Equity Incentives; Dual-Class Share Structure; Restricted Stock
中文摘要：
在科技创新型企业快速发展的背景下，双重股权结构成为平衡企业控制权与人才激励需求的重要治理模式。作为智能短交通与服务机器人领域的代表性企业，九号公司采用双重股权结构，在保障创始人团队控制权的同时，通过多轮股权激励计划激发核心团队活力。本案例以九号公司为研究对象，系统分析其在双重股权结构下实施股权激励的动因、特征及存在的问题。九号公司上市前后的股权激励计划在设计与实施层面呈现显著差异：上市前实施的员工认股期权计划、创始人期权计划等在条款设计、考核指标等方面存在合规意识不足、利益输送嫌疑等问题；上市后推出的多期限制性股票激励计划，则在考核指标设置、激励效果等方面呈现出边际效用递减、模式单一等新问题。通过对案例的深入分析，本文提出相应优化建议：企业应明确战略目标，增强合规意识；构建与生命周期相适应的动态激励组合；设计多维考核体系；建立可持续激励生态系统。本案例为理解科技型企业在双重股权结构下的股权激励设计提供了有益参考，对同类企业的治理实践具有借鉴意义。本课程涉及公司治理、财务管理、审计等多方面，有助于学生巩固所学理论，开拓研究视野，提升实践意识。
英文摘要：
Against the backdrop of the rapid growth of technology-driven enterprises, the dual-class share structure (DCS) has emerged as a critical governance mechanism for balancing control rights with talent incentive needs. As a representative firm in the fields of intelligent short-distance transportation and service robotics, Ninebot, Inc. has adopted a dual-class share structure that safeguards the founding team’s control while stimulating the vitality of its core management team through multiple rounds of equity-based incentive plans. This case study uses Ninebot as the focal firm to systematically examine the motives, characteristics, and challenges of implementing equity incentives under a dual-class share structure. Notable differences exist between Ninebot’s pre-IPO and post-IPO incentive programs. Before listing, the Employee Stock Option Plan (ESOP) and Founders’ Option Plan exhibited issues such as insufficient compliance awareness and potential tunneling or benefit transfer due to weak contractual and performance design. After the IPO, the company introduced a series of Restricted Stock Incentive Plans (RSIPs), which, despite improving transparency and governance, have shown diminishing marginal returns and homogeneity in incentive design and performance metrics. Through in-depth case analysis, this paper offers several optimization recommendations: enterprises should clarify strategic objectives and strengthen compliance awareness; develop dynamic incentive portfolios aligned with the firm’s lifecycle stage; design multidimensional performance evaluation systems; and build a sustainable incentive ecosystem. This case provides valuable insights into the design of equity incentives under dual-class share structures in technology-based firms and offers practical implications for similar companies seeking to optimize governance mechanisms. The case also integrates key concepts from corporate governance, financial management, and auditing, helping students consolidate theoretical knowledge, broaden their research perspective, and enhance practical awareness.
适用对象：
本科|MBA|EMBA
编写方式：
采编
开发时间：
2025
入库时间：
2025
索要案例使用说明：
确认订购本案例：
