以股权为基础的薪酬制度课件

Click to edit Master title style,Click to edit Master text styles,Second Level,Third Level,Fourth Level,Fifth Level,1,w,H,翰威特,Equity-based Pay 以股权为基础的薪酬制度,Equity-based Pay 以股权为基础的薪酬制度,Date of Grant,授予,时间,Date of Exercise,工龄,0,2,4,6,8,10,12,14,16,Gain upon maturation of award,奖励到期时的利得,What Do We Mean by“Equity-Based”Pay?什么是“以股权为基础”的薪酬制度?,Any form of pay arrangement aligned with,or paying out in,stock,任何以股票形式支付或与股票相关联的薪酬形式,The basic payout opportunity works as follows:,最基本的支付形式如下图所示,:,Date of GrantDate of Exercise0,The Entire Pay Picture,整体薪酬图,The Entire Pay Picture整体薪酬图,The Entire Pay Picture,整体薪酬图,The Entire Pay Picture整体薪酬图,The Entire Pay Picture,整体薪酬图,The Entire Pay Picture整体薪酬图,Trend Toward Greater Equity Participation for Employees,员工持股已成为全球的趋势,Increasing number of companies have embraced broad-based employee ownership,越来越多的公司实施了广泛的员工持股计划,Nonmanagement employees collectively own between 6%and 10%of total corporate equity,非管理层员工总计持有公司全部股票的6%到10%,Estimated 3,000 companies have instituted broad-based option plans since 1989,从1989年开始，大约3,000家公司实施了广泛的员工持股计划,Shares set aside for options at all public companies valued at$600B compared with$60B in 1985,现在所有的上市公司用于股票期权的股票价值已上升到6,000亿美元，而1985年只有600亿美元,41%,of large U.S.employers give stock options to at least half of their workforce,41%的美国大型企业向一半以上的员工授予股票期权,Trend Toward Greater Equity Pa,Why Consider Equity-based Pay?,为什么考虑以股权为基础薪酬制度？,Alignment of shareholders and employees incentive opportunities,统一股东和员工的奖励机会,Forges tighter bond between executives and other employees,as all can be put on a common incentive platform,将管理层和其他员工的薪酬制度紧密结合，使公司所有员工的激励机制趋于统一,Motivate broad group of employees to work toward common goalinspires teamwork,鼓励广大员工向共同的目标前进-鼓励团队协作精神,Incentive payouts are a“win-win”situationpayments occur in direct relation to company performance,激励机制,处于,“双赢”状况-,报酬与企业业绩直接挂钩,Minimizes cash outflow,as payments are made in equity,由于实施了股权薪酬制度，可以最大限度地减少现金支付,Why Consider Equity-based Pay?,Financial Reasons for Providing Equity-based Pay,提供以股权为基础薪酬形式的财务因素,Study by Hewitt Associates and the J.L.Kellogg Graduate School of Management(Northwestern University)(1998):,翰威特公司和西北大学,J.L.Kellogg,研究生管理学院联合进行的调查表明,(1998,年,):,Companies that instituted employee ownership programs experienced an average annual Return On Assets of 2.6 percentage points greater than industry averages each year of the 4-year study period,对实施了员工持股计划的公司进行跟踪调查的四年当中，其资产回报率比同行业平均水平高出2.6个百分点,Cumulative Total Shareholder Return over 4 years also 6.9 percentage points greater than comparison group averages,四年中股东回报率要比其他公司高出,6.9,个百分点,82%,of companies reported that ownership program had a significant positive impact on business results,有,82%,的公司认为，员工持股计划会对经营业绩产生积极影响,Significant correlation between companies reporting positive impact and effective sharing and use of business information,分享公司经营信息并加以有效利用与以股权为基础的薪酬计划紧密关联，而这一薪酬计划会对经营业绩产生积极影响,Financial Reasons for Providin,Financial Reasons for Providing Equity-based Pay,提供以股权为基础薪酬形式的财务因素,Joseph Blasi 1996 study:,Joseph Blasi,1996,年调查指出,:,Significantly higher growth in 10-year average financial performance where employees own more than 5%market value,当员工所持股票超过市值的5%时，企业的财政业绩明显高于此前10年的平均增长水平,Not true where stock concentrated among top 5 officers,最高级别的五位管理人员持有全部股票的公司未达到这一增长水平,American Capital Strategies:,美国,的资本战略,:,Stock price index of public companies with at least 10%employee ownership outperformed broad-based stock indices,员工持股占10%以上的上市公司的股指比全员持股公司的股指要好,In 19921995:80.19%versus 48.69%for the Dow and 44.87%for S&P 500,在,1992,-1,995,年之间，实施员工持股计划的公司和同业公司未实施持股计划的公司相比，道琼斯指数为,80.19%:,48.69%，,S&P500,指数为80.19%:,44.87%。,Financial Reasons for Providin,Financial Reasons for Providing Equity-based Pay,提供以股权为基础薪酬形式的财务因素,According to,Fortune,Magazines 100 Best Companies survey,of those companies that are publicly traded,财富杂志对世界前100名上市交易公司的调查表明:,60%,have implemented broad-based stock option plans;,60%的企业已经实施了广泛的股票期权计划,42%,offer options to every employee;and,42%为所有员工提供股票期权,80%,of employees at these companies own company stock,这些公司约有,80%的员工拥有公司的股票,Financial Reasons for Providin,Long-term Incentive Plan Design 设计长期奖励计划,Long-term Incentive Pla,Overview,概况,What are long-term incentives?,什么,是长期奖励,?,“,Variable compensation earned over a period of more than 12 months”,12个月以上的可变薪酬,Historically,they have taken many forms:,曾在历史上表现出的形式,:,Nonqualified stock options(“NQSOs”),非资格评定的股票期权,(“,NQSOs”),Incentive stock options(“ISOs”)(circa 1982),激励性的股票期权,(“,ISOs”)(,大约在,1982,年,),Stock appreciation rights(“SARs”)(circa 1973),股票,增值权,(“股票增值权”)(,大约在,1973,年,),Performance plans(circa 1975),绩效计划,(,大约在,1975,年,),Overview概况What are long-term,Overview概况,Restricted stock(circa 1983),受限,股票,(,大约在,1983,年,),Who gets it?,什么人得到这种奖励呢?,Could be as broad as annual incentives and beyond(e.g.,stock options)or limited to just officers(e.g.,performance shares/units),可以象所有员工得到年终奖一样广泛，甚至更多,(例如,，股票期权,),或者只限于主管,(例如,，绩效股份,),Almost all major industrials have some long-term incentive plan,几乎,在所有的主要产业中，都实行了长期奖励计划,Overview概况Restricted stock