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1、1wEquity-based Pay 以股权为基础的薪酬制度2wDate of Grant 授予时间Date of Exercise 工龄0246810121416Gain 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?vAny 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vThe basic payout opportunity works a
2、s follows: 最基本的支付形式如下图所示:3wThe Entire Pay Picture 整体薪酬图4wThe Entire Pay Picture 整体薪酬图5wThe Entire Pay Picture 整体薪酬图6wTrend Toward Greater Equity Participation for Employees 员工持股已成为全球的趋势vIncreasing 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 emplo
3、yees 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
4、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 workforce41%的美国大型企业向一半以上的员工授予股票期权7wWhy Consider Equity-based Pay? 为什么考虑以股权为基础薪酬制度？vAlignment of shareholders and employees incentive opportunities 统一股东和员工的奖励机会vForges tighter bond betw
5、een 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vMotivate 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vIncentive payouts are a “win-win” situationpayments occur in direct relatio
6、n to company performance 激励机制处于“双赢” 状况 - 报酬与企业业绩直接挂钩vMinimizes 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8wFinancial Reasons for Providing Equity-based Pay 提供以股权为基础薪酬形式的财务因素vStudy by Hewitt Associates and the J.L. Kellogg Graduate School of Management (Northwestern Univer
7、sity) (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
8、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 bet
9、ween 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9wFinancial Reasons for Providing Equity-based Pay 提供以股权为基础薪酬形式的财务因素vJoseph Blasi 1996 study: Joseph Blasi1996年调查指出:vSignificantly higher growth in 10-ye
10、ar 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vAmerican Capital Strategies: 美国的资本战略:Stock price index of public companies with at least 10% empl
11、oyee 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 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11wLo
12、ng-term Incentive Plan Design 设计长期奖励计划12wOverview 概况vWhat 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vHistorically, 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 op
13、tions (“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)13wOverview 概况vRestricted stock (circa 1983) 受限股票(大约在1983年) vWho gets it? 什么人得到这种奖励呢?Could be as broad as annual incentives and b
14、eyond (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)vAlmost 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14wPrevalence 普遍性/相关值vAlmost all major industrials have some long-term incent
15、ive plan 几乎在所有的主要产业中，都实行了长期奖励计划vPrevalence: 普遍性:15wOrdinary Incomeat Date of Exercise行权时的一般收入Purchase price 购买价格Capital gain at date of sale 出售时的资本利得Description of Stock Options 股票期权vNQSOs 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
16、购买股票的权利授予日行权日出售日16wDescription of Stock Options 股票期权vEligibility levels 资格水平Average (percentage of exempt) 21.0% 平均(专业水平的百分比) 21.0%Median (percentage of exempt) 9.6% 中位(专业水平的百分比) 9.6%17wDescription of Stock Options 股票期权vMany companies go much deeper 许多公司做得更加深入“All-employee” option plans “全体员工”的期权计划Hi-tech, start-ups, IPOs 高科技、创业公司、IPOs公司Recent data suggests that well over 6 million U.S. employees have received stock options (up
