本文以万科股份有限公司首期(2006-2008年)限制性股票激励计划为例,分析其实施股权激励的动因。万科的首期激励计划是否能得以顺利的实施,企业高管是否能拿到自己“限制性股票”与公司的财务指标及相关的生产经营状况密切相关,而企业在激励前后并没有显著改善。建立股东与职业经理人的团队之间的利益共享,形成长效激励机制是激励计划的初衷。为此,如何完善激励业绩考核指标和信息披露等的约束机制显得尤为重要。 This article takes the first phase (2006-2008) restricted stock incentive plan of Vanke Co., Ltd. as an example to analyze the motivation of implementing equity incentive. Whether the first phase of Vanke’s incentive plan can be successfully implemented, whether executives can get their “restricted shares ” and the company’s financial indicators and related production and operation conditions are closely related to the enterprise before and after the incentive is not significant improve. The establishment of shareholders and professional managers of the team between the benefit-sharing, the formation of long-term incentive mechanism is the original intention of the incentive plan. To this end, how to improve the incentive performance evaluation indicators and information disclosure and other constraints mechanism is particularly important.