以股权为基础的薪酬制度解读

Click to edit Master title style,Click to edit Master text styles,Second Level,Third Level,Fourth Level,Fifth Level,*,w,H,翰威特,Equity-based Pay 以股权为根底的薪酬制度,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,嘉奖到期时的利得,What Do We Mean by“Equity-Based”Pay?什么是“以股权为根底”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:最根本的支付形式如以下图所示:,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打算,Nonmanagement employees collectively own between 6%and 10%of total corporate equity非治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年开头，大约3,000家公司实施了广泛的员工持股打算,Shares set aside for options at all public companies valued at$600B compared with$60B in 1985现在全部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,Why Consider Equity-based Pay?为什么考虑以股权为根底薪酬制度？,Alignment of shareholders and employees incentive opportunities统一股东和员工的嘉奖时机,Forges tighter bond between executives and other employees,as all can be put on a common incentive platform将治理层和其他员工的薪酬制度严密结合，使公司全部员工的鼓励机制趋于统一,Motivate broad group of employees to work toward common goalinspires teamwork鼓舞宽阔员工向共同的目标前进-鼓舞团队协作精神,Incentive payouts are a“win-win”situationpayments occur in direct relation to company performance鼓励机制处于“双赢”状况-酬劳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，可以最大限度地削减现金支付,Financial Reasons for Providing Equity-based Pay供给以股权为根底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争论生治理学院联合进展的调查说明(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对实施了员工持股打算的公司进展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，员工持股打算会对经营业绩产生乐观影响,Significant correlation between companies reporting positive impact and effective sharing and use of business information共享公司经营信息并加以有效利用与以股权为根底的薪酬打算严密关联，而这一薪酬打算会对经营业绩产生乐观影响,Financial Reasons for Providing Equity-based Pay供给以股权为根底薪酬形式的财务因素,Joseph Blasi 1996 study:Joseph Blasi1996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最高级别的五位治理人员持有全部股票的公司未到达这一增长水平,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1992-1995年之间，实施员工持股打算的公司和同业公司未实施持股打算的公司相比，道琼斯指数为80.19%:48.69%，S&P500指数为80.19%:44.87%。,Financial Reasons for Providing Equity-based Pay供给以股权为根底薪酬形式的财务因素,According to Fortune Magazines 100 Best Companies survey,of those companies that are publicly traded财宝杂志对世界前100名上市交易公司的调查说明:,60%have implemented broad-based stock option plans;60%的企业已经实施了广泛的股票期权打算,42%offer options to every employee;and 42%为全部员工供给股票期权,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,Long-term Incentive Plan Design 设计长期嘉奖打算,Overview,概况,What are long-term incentives?什么是长期嘉奖?,“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)鼓励性的股票期权(“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)绩效打算(大约在1975年),Overview概况,Restricted stock(circa 1983)受限股票(大约在1983年),Who gets it?什么人得到这种嘉奖呢?,Could be as broad as annual incentives and beyond(e.g.,stock options)or limited to just officers(e.g.,performance shares/units)可以象全部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几乎在全部的主要产业中，都实行了长期嘉奖打算,Prevalence,普遍性/,相关值,Almost all major industrials have some long-term incentive plan几乎在全部的主要产业中，都实行了长期嘉奖打算,Prevalence:普遍性:,Ordinary Income at Date of Exercise,行权时的一般收入,Purchase price,购置价格,Capital gainat date of sale,出售时的资本利得,Description of Stock Options,股票,期权,NQSOs非资格评定的股票期权,Stock optionright to buy stock at a fixed price over a specified period of time股票期权-在规定的时间段内，以固定价格购置股票的权利,授予日,行权日,出售日,Description of Stock Options股票期权,Eligibility levels,资格水平,Average(percentage of exempt)21.0%,平均