The author, participated in the case of a non-listed company, took the theoretical analysis, analyze the issues and search for the solutions in the practice of their equity-based incentives program.

作者通过对一个非上市公司实施股权激励过程的案例分析，发现…更多了股权激励在企业实际运用中所遇到的问题，以及针对这些问题，企业如何做出相应的解决对策。

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From practical view abroad, it is not the case in valuing the share value of non - listed company, especially the minor shares.

但从国内外的评估实践来看，非上市公司的股权价值，尤其是少数股权，并非如此。

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The business and non- business activities of the listed company are for profit.

上市公司的一切经营和非经营活动都是为了盈利。

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Although the families who control Hermes were cleared by court to move their shares into an untouchable non-listed holding company by year-end, Arnault still managed to build a 21.4% stake at the maison.

FORBES: Bernard Arnault: Fashion's Person Of The Year