了解“串联股票增值权”之前，可以先来了解一下“股票增值权”。

股票增值权是一种员工薪酬计划，允许员工从公司股票的增值中获益，但无需购买实际的股票。当股票的价格上升时，员工可以获得等于股票价格上涨的部分的现金或等值的公司股票。

股票增值权的英文表达是Stock Appreciation Rights，简称SARs。

“串联股票增值权”的英文表达是Tandem SARs

股票增值权可分为：独立股票增值权和串联股票增值权。

Stand-alone SARs are granted as independent instruments and are not issued in conjunction with any stock options.

独立股票增值权被作为独立的票据授予，并不与任何股票期权并联发行。

Tandem SARs are granted in conjunction with a Non-Qualified Stock Option or an Incentive Stock Option, which entitles the holder to exercise it as an option or as a SAR. The election of one type of exercise prevents it from being exercised as another.

而串联股票增值权则是与非法定股票期权（Non-Qualified Stock Option）或激励股票期权（Incentive Stock Option）并联授予，其持有者可将其作为股票期权或股票增值权行权。

参考

https://www.16bk.com/zs/ba12p.html

https://www.fidelity.com/products/stockoptions/aboutsar.shtml