随着我国证券市场的日渐成熟，公司治理结构的日益完善，法律法规的逐步健全，为我国上市公司股权激励的实施提供了一个良好的环境。股权激励方式主要是企业经营者在一定条件下获得企业的一部分股权，从而把企业所有者和经营者两者的利益更紧密地结合在一起。使其从股东的角度参与决策，分享利润，共担风险，有助于企业经营者增强责任感，激励其努力工作，由此改善公司治理结构，提高上市公司的经营业绩和公司质量。在欧美等市场经济发达国家和地区，股权激励在实践中的积极作用得到了充分的验证，许多学者的分析证实了进行股权激励的企业经营业绩要远远好于未进行股权激励的同类企业。中兴通讯公司作为全球领先的综合性通信制造业上市公司和全球通信解决方案提供商之一。于2006年初，中兴通讯启动股权激励计划设计，中兴通讯在制定股权激励计划过程中，既参考国际同行的股权激励及薪酬资料，同时也借鉴了国内更早公布的其他上市公司股权激励方案的经验，因此，其股权激励的总激励额度、人均获授数量、各种期限等各项主要指标的确定都具有较为科学的依据，是股权激励有效性分析的最好案例之一。本文以中兴通讯的股权激励为研究对象，分析股权激励对企业正反两方面的作用。对股权激励制度的各要素进行研究，同时也关注由于制度本身，以及外部环境不配套等原因，对该股权激励的有效性性分析。该股权激励计划是否能够建立与公司业绩和长期战略紧密挂钩的长期激励机制，从而完善整体薪酬结构体系，并为中兴通讯的业绩长期持续发展奠定人力资源的竞争优势。进而思考所导致的股权激励实施中存在的主要问题，提出改良方案以提高股权激励制度在我国高科技企业运行的有效性，尽可能降低、减少其运行中的负面影响。这对于正在进一步扩大实行股权激励制度、推进企业改革来说，具有理论和实践的双重意义。

The development of china security market, the progress in the corporate governance structure and the establishment of rules and regulation provided a good environment for the implementation of equity incentive in sino-listed company. The main method of implement equity incentives is that professional manager, under certain conditions, hold a part of equity. Share incentives can be a method for shareholders and professional manager having the similar interest in decision-making, profits-sharing, risks-sharing. This method also will help business operators increase their responsibility and encourage their work, thus improving the corporate governance structure, improving the performance and value of listed company. In mature market economy just as Europe and United States, equity incentive play an active role in practice, which has been validted by many scholars who find that the performance of enterprises establishing equity incentives perform much better than the similar enterprise without equity incentive. ZTE is a leading global integrated communications manufacturing companies and one of global communications solutions provider. In early 2006, ZTE launched equity incentive design. During the development of share incentive plan processsion, we make reference to international counterparts equity incentive and compensation information, and also draws on earlier published domestic equity incentive programs of other listed companies experience. Therefore, the total incentive amount of equity incentive, granted per capita quantity of the various deadlines for the main indicators for determining has a scientific basis, is the effectiveness of incentive stock one of the best cases. In this paper, author study the equity incentive of ZTE, and analyze the positive and negative role generated by the equity incentive for ZTE. This article focus on the characteristics for high-tech enterprises of equity incentive system of all elements, while author will concern that, as the system itself and outside environment, such as the reasons for not supporting, make the analysis for the effectiveness of incentive stock. The share incentive plan is to build long-term strategy with the company closely linked to performance and long-term incentives to improve the overall salary structure system, and performance of ZTE's long-term sustainability of human resources development competitive advantage. Then reflect on the implementation of equity incentive caused major problems, propose improvement programs to improve equity incentive system to run in the effectiveness of high-tech enterprises in China, as low as possible, to reduce the negative impact of its operations. This is to further expand the implementation of equity incentive system to promote enterprise reform, in the theoretical and practical significance.