限制性股票/期权/认股权证的区别和税务问题（金融英语No.32）

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请翻译

 The Company has reserved [__________] shares of Common Stock for issuance to officers, directors, employees and consultants of the Company pursuant to its [Plan Year] Stock [Option] Plan duly adopted by the Board of Directors and approved by the Company stockholders (the “Stock Plan”).  Of such reserved shares of Common Stock, [__________] shares have been issued pursuant to restricted stock purchase agreements, options to purchase [__________] shares have been granted and are currently outstanding, and [__________] shares of Common Stock remain available for issuance to officers, directors, employees and consultants pursuant to the Stock Plan.  The Company has furnished to the Purchasers complete and accurate copies of the Stock Plan and forms of agreements used thereunder.

 

参考译文

公司已保留[__] 股普通股，用于按照经公司董事会正式通过和股东会批准的[计划年份]股票[期权]计划向公司高级管理人员、董事、员工和顾问发行普通股（以下简称“持股计划”） 。在上述保留的普通股中，[__] 股已按照限制性股票购买协议发行，购买[__] 股的期权已授予且当前尚未行权，仍有[__]股普通股可用于按照持股计划向公司、高级管理人员、董事、员工和顾问发行。公司已向购买人提供完整、准确的持股计划复印件及据此所使用的协议格式复印件。

 

解析

1、Stock Plan 持股计划

源于员工持股计划（Employee Stock Ownership Plan，ESOP）

Stock Plan翻译为“股份计划”，并不能体现以上含义，所以翻为“持股计划”比较恰当。

2、outstanding options 尚未行权的期权

outstanding shares 发行在外的股票

对于期权来说，outstanding翻为“发行在外的”就不太恰当了，outstanding=exercisable（可行使的），所以翻为“尚可行权的”、“尚未行权的”比较恰当。

3、restricted stock是限售股还是限制性股票？

中国A股市场的限售股有两类，一是股改限售股，指以前上市国企的法人股在2005年的股权分置改革中由原非流通股转变而来的有限售期的流通股，已经很少见了；二是新股限售股，为保持公司控制权的稳定，《公司法》及交易所上市规则对于首次公开发行股份(IPO)并上市的公司，于公开发行前股东所持股份都有一定的限售期规定。

限制性股票指上市公司按照预先确定的条件授予激励对象一定数量的本公司股票，激励对象只有在工作年限或业绩目标符合股权激励计划规定条件的，才可出售限制性股票并从中获益。

（Wikipedia）Restricted stock（限制性股票）, also known as letter stock, refers to stock of a company that is not fully transferable (from the stock-issuing company to the person receiving the stock award) until certain conditions (restrictions) have been met. Upon satisfaction of those conditions, the stock is no longer restricted, and becomes transferable to the person holding the award. Restricted stock is often used as a form of employee compensation, in which case it typically becomes transferrable ("vests")（兑现) upon the satisfaction of certain conditions, such as continued employment for a period of time or the achievement of particular product-development milestones, earnings per share goals or other financial targets. Restricted stock is a popular alternative to stock options, particularly for executives, due to favorable accounting rules and income tax treatment. （简而言之，限制性股票和期权一样，可以用于员工持股计划。公司授予你限制性股票，在一段禁售期间满足公司的要求后，就可以兑现给你，股票就真正属于你了。）

restricted stock要区别于豁免登记而不可转让的restricted securities

https://www.sec.gov/fast-answers/answersrestrichtm.html

"Restricted" securities are securities acquired in an unregistered, private sale from the issuing company or from an affiliate of the issuer. They typically bear a “restrictive” legend clearly stating that you may not resell them in the public marketplace unless the sale is exempt from the SEC’s registration requirements.

Rule 144 under the Securities Act of 1933 provides the most commonly used exemption for holders to sell restricted securities. To take advantage of this rule, you must meet several conditions, including a six-month or one-year holding period.

3、期权（options）和认股权证（warrants）区别

（Investopedia）A stock warrant is just like a stock option because it gives you the right to purchase a company's stock at a specific price and at a specific date. However, a stock warrant differs from an option in two key ways:

1.A stock warrant is issued by the company itself

2.New shares are issued by the company for the transaction. Unlike a stock option, a stock warrant is issued directly by the company. When a stock option is exercised, the shares usually are received or given by one investor to another; when a stock warrant is exercised, the shares that fulfill the obligation are not received from another investor, but directly from the company.

Companies issue stock warrants to raise money. When stock options are bought and sold, the company that owns the stocks does not receive any money from the transactions. However, a stock warrant is a way for a company to raise money through equity (stocks). A stock warrant is a smart way to own shares of a company because a warrant usually is offered at a price lower than that of a stock option. The longest term for an option is two to three years, while a stock warrant can last for up to 15 years. So, in many cases, a stock warrant can prove to be a better investment than a stock option if mid- to long-term investments are what you seek.  

以上总结及补充，认股权证（warrants）和期权（options）都是授予在未来某个时段以特定价格购买公司股份的权利，行权价通常是低于股票市价才会行权的。

不同的是：

（1）行权期长度：期权最长行权期为2~3年，认股权证最长行权期为15年。

（2）公司操作方式：期权通常用于员工持股计划，公司会提前一段日子从二级市场回购股票作为库存股，并在不超过一年的时间内发给员工（中国《公司法》规定），而认股权证通常用于融资，公司直接向行权的公司发行新股。

（3）稀释（dilution）问题：期权不会稀释，因为股票是从二级市场的投资者转到其他投资者或员工手中，而认股权证的行使会导致稀释，因为发行了新股。

4、期权和限制性股票的时间表

（1）期权时间表

假设国有控股上市公司于2016年1月授予A员工期权，工作一年后（2017年1月） 可行权，行权的两年后方可出售，A员工在2018年2月行权，2021年3月出售。

授予日是2016年1月，可行权日是2017年1月；行权日是A真正进行行权的日子，即2018年2月， 禁售期是2018年2月-2020年2月，出售日是2021年3月。（注：国有控股上市公司的禁售期不得低于两年。）

（2）限制性股票时间表

假设公司于2016年1月授予B员工限制性股票，授予后就是禁售状态，分批解禁，一年后（2017年1月）解禁第一批，解禁后B员工方可出售。

授予日是2016年1月，第一批限制性股票的禁售期/锁定期是（2016年1月-2017年1月），解锁日/行权日是2017年1月。（注：限制性股票的禁售期不得少于1年。）

4、期权和限制性股票，哪个好？

主要是个人所得税的处理不同。

（1）期权的结算方式有三种：以现金净额结算、以普通股净额结算、以普通股总额结算，且计算方式和会计科目很不一样（参考CPA第十章所有者权益的计算例题）。

这里讲的是期权以普通股总额结算。

假设在期权合同中规定以每股10元购入公司普通股10,000股，行权时的股票市价为每股12元。

行权时，支付100,000元的对价获得10,000股。

要交的个人所得税是以市价总额-行权价总额的差额为所得并按“工资、薪金所得”适用的规定计算，计算公式如下：

股票期权形式的工资薪金应纳税所得额=（行权股票的每股市场价-员工取得该股票期权支付的每股施权价）×股票数量

（12-10）×10000=20000（元）

应纳税额=（股票期权形式的工资薪金应纳税所得额／规定月份数×适用税率-速算扣除数）×规定月份数

（上款公式中的规定月份数，是指员工取得来源于中国境内的股票期权形式工资薪金所得的境内工作期间月份数，长于12个月的，按12个月计算。）

假设工作10个月，则20000/10=2000（元），适用税率为10%，速算扣除数为105。

期权个人所得税=（20000/10× 10%-105）×10=950（元）

与一般的工资、薪金所得税额的计算公式对比下：

应纳税额=应纳税所得额×适用税率-速算扣除数

（应纳税所得额=每月收入额-3500，而计算期权所得时不扣除3500元，因为是月收入外的额外所得）

假设9000元月收入，则9000-3500=5500（元），适用税率为20%，速算扣除数为555。

工资个人所得税=（9000-3500）×20%-555=545（元）

（2）限制性股票的个人所得税的计算方式：

应纳税所得额=（股票登记日股票市价+本批次解禁股票当日市价）÷2×本批次解禁股票份数-被激励对象实际支付的资金总额×（本批次解禁股票份数÷被激励对象获取的限制性股票总份数）

期权先是行权日再是禁售期，限制性股票先是禁售期再是兑现日/行权日，都是在行权日交个人所得税的，计算方式不同，所交的个人所得税会有差别。而在国外，差别更大。

（Wikipedia）Under Section 83 of the Internal Revenue Code, the value of property transferred in connection with the performance of services is included in gross income, and is recognized as such on the date on which the property is no longer subject to a substantial risk of forfeiture, or the date on which the property becomes transferable, whichever is earlier. In the case of restricted stock, the former date is generally known as the "vesting date" and is the date when the employee recognizes income for tax purposes (assuming that the restricted stock is not transferable at an earlier date, which is how employers generally structure their restricted stock awards). Employees pay income tax on the value of the restricted stock in the year in which it vests, and then pay capital gains tax on any subsequent appreciation or depreciation in the value of the restricted stock in the year in which it is sold.

A grantee of restricted stock may make an "83(b) election" to recognize the income from the restricted stock grant based on the fair market value of the restricted stock at the time of the grant, rather than at the time of vesting. This is often desirable to minimize income tax liability when the restricted stock is granted at a very low value, but is risky in that the tax paid on the stock award is non-refundable even if the stock does not ultimately vest.

以上， 美国在限制性股票的个人所得税处理方式是。兑现日交个人所得税，出售日也要交资本利得税。但是，美国税法可以让被授予人在授予日就交税，授予日的股价更低，意味着只要不出售股份，所交的个人所得税更低，但是在行权日前离开公司而不能行权的话，是不退税的，白交税了。）

5、个人股权/上市公司股票转让所得的交税问题

《股权转让所得个人所得税管理办法 (试行)》

　　第四条 个人转让股权，以股权转让收入减除股权原值和合理费用后的余额为应纳税所得额，按“财产转让所得”缴纳个人所得税。

（注：财产转让所得应纳税额=（收入总额-财产原值-合理税费）*20%）

　　第三十条 个人在上海证券交易所、深圳证券交易所转让从上市公司公开发行和转让市场取得的上市公司股票，转让限售股，以及其他有特别规定的股权转让，不适用本办法。

（注：个人从上海证券交易所、深圳证券交易所取得的上市公司股票转让所得，暂不征收个人所得税；个人转让境外上市公司的股票而取得的所得，应依法缴纳税款。）

总而言之，期权和限制性股票哪个更合算很难说，计算方式的差异会导致个人所得税有差异。要综合考虑的是公司的经营状况（决定股价走势）、在这个公司要待多久、是境外公司还是境内公司（境外公司的话出售还要交税呐）、期权和限制性股票授予的数量等等。

 

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