xx以股權(quán)為基礎(chǔ)的薪酬制度

1、Equity-based Pay 以股權(quán)為基礎(chǔ)的薪酬制度,,,,,,,,,,,,,,,,,,,,,,,,,Date of Grant授予時(shí)間,Date of Exercise工齡,,,,,,,,,,,,,,,,,,,,,,,,0,2,4,6,8,10,12,14,16,,,,Gain upon maturation of award 獎(jiǎng)勵(lì)到期時(shí)的利得,What Do We Mean by “Equity-Based” Pa

2、y?什么是“以股權(quán)為基礎(chǔ)”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與股票相關(guān)聯(lián)的薪酬形式The basic payout opportunity works as follows:最基本的支付形式如下圖所示:,,The Entire Pay Picture整體薪酬圖,,The Entire Pay Pic

3、ture整體薪酬圖,The Entire Pay Picture整體薪酬圖,Trend Toward Greater Equity Participation for Employees員工持股已成為全球的趨勢,Increasing number of companies have embraced broad-based employee ownership越來越多的公司實(shí)施了廣泛的員工持股計(jì)劃Nonmanagement

4、employees collectively own between 6% and 10% of total corporate equity非管理層員工總計(jì)持有公司全部股票的6%到10%Estimated 3,000 companies have instituted broad-based option plans since 1989從1989年開始，大約3,000家公司實(shí)施了廣泛的員工持股計(jì)劃Shares set a

5、side for options at all public companies valued at $600B compared with $60B in 1985現(xiàn)在所有的上市公司用于股票期權(quán)的股票價(jià)值已上升到6,000億美元，而1985年只有600億美元41% of large U.S. employers give stock options to at least half of their workforce 4

6、1%的美國大型企業(yè)向一半以上的員工授予股票期權(quán),Why Consider Equity-based Pay?為什么考慮以股權(quán)為基礎(chǔ)薪酬制度？,Alignment of shareholders and employees’ incentive opportunities統(tǒng)一股東和員工的獎(jiǎng)勵(lì)機(jī)會(huì)Forges tighter bond between executives and other employees, as all can

7、 be put on a common incentive platform將管理層和其他員工的薪酬制度緊密結(jié)合，使公司所有員工的激勵(lì)機(jī)制趨于統(tǒng)一Motivate broad group of employees to work toward common goal—inspires teamwork鼓勵(lì)廣大員工向共同的目標(biāo)前進(jìn) - 鼓勵(lì)團(tuán)隊(duì)協(xié)作精神Incentive payouts are a “win-win” situat

8、ion—payments occur in direct relation to company performance激勵(lì)機(jī)制處于“雙贏” 狀況 - 報(bào)酬與企業(yè)業(yè)績直接掛鉤Minimizes cash outflow, as payments are made in equity由于實(shí)施了股權(quán)薪酬制度，可以最大限度地減少現(xiàn)金支付,Financial Reasons for Providing Equity-based Pay提

9、供以股權(quán)為基礎(chǔ)薪酬形式的財(cái)務(wù)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學(xué)J.L. Kellogg研究生管理學(xué)院聯(lián)合進(jìn)行的調(diào)查表明(1998年):Companies that instituted employee ownershi

10、p 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對(duì)實(shí)施了員工持股計(jì)劃的公司進(jìn)行跟蹤調(diào)查的四年當(dāng)中，其資產(chǎn)回報(bào)率比同行業(yè)平均水平高出2.6個(gè)百分點(diǎn)Cumulative Total Sh

11、areholder Return over 4 years also 6.9 percentage points greater than comparison group averages四年中股東回報(bào)率要比其他公司高出6.9個(gè)百分點(diǎn)82% of companies reported that ownership program had a significant positive impact on business resul

12、ts有82%的公司認(rèn)為，員工持股計(jì)劃會(huì)對(duì)經(jīng)營業(yè)績產(chǎn)生積極影響Significant correlation between companies reporting positive impact and effective sharing and use of business information分享公司經(jīng)營信息并加以有效利用與以股權(quán)為基礎(chǔ)的薪酬計(jì)劃緊密關(guān)聯(lián)，而這一薪酬計(jì)劃會(huì)對(duì)經(jīng)營業(yè)績產(chǎn)生積極影響,Financial Reas

13、ons for Providing Equity-based Pay提供以股權(quán)為基礎(chǔ)薪酬形式的財(cái)務(wù)因素,Joseph Blasi 1996 study:Joseph Blasi1996年調(diào)查指出:Significantly higher growth in 10-year average financial performance where employees own more than 5% market value當(dāng)員工所

14、持股票超過市值的5%時(shí)，企業(yè)的財(cái)政業(yè)績明顯高于此前10年的平均增長水平Not true where stock concentrated among top 5 officers最高級(jí)別的五位管理人員持有全部股票的公司未達(dá)到這一增長水平American Capital Strategies:美國的資本戰(zhàn)略:Stock price index of public companies with at least 10% emplo

15、yee ownership outperformed broad-based stock indices員工持股占10%以上的上市公司的股指比全員持股公司的股指要好In 1992–1995: 80.19% versus 48.69% for the Dow and 44.87% for S&P 500在1992-1995年之間，實(shí)施員工持股計(jì)劃的公司和同業(yè)公司未實(shí)施持股計(jì)劃的公司相比，道瓊斯指數(shù)為80.19%:48.69%

16、，S&P500指數(shù)為80.19%:44.87%。,Financial Reasons for Providing Equity-based Pay提供以股權(quán)為基礎(chǔ)薪酬形式的財(cái)務(wù)因素,According to Fortune Magazine’s 100 Best Companies survey, of those companies that are publicly traded《財(cái)富雜志》對(duì)世界前100名上市交易公司的

17、調(diào)查表明:60% have implemented broad-based stock option plans;60%的企業(yè)已經(jīng)實(shí)施了廣泛的股票期權(quán)計(jì)劃42% offer options to every employee; and 42%為所有員工提供股票期權(quán)80% of employees at these companies own company stock這些公司約有80%的員工擁有公司的股票,,Long-ter

18、m Incentive Plan Design 設(shè)計(jì)長期獎(jiǎng)勵(lì)計(jì)劃,Overview概況,What are long-term incentives?什么是長期獎(jiǎng)勵(lì)?“Variable compensation earned over a period of more than 12 months” 12個(gè)月以上的可變薪酬Historically, they have taken many forms:曾在歷史上表現(xiàn)出的形

19、式:Nonqualified stock options (“NQSOs”)非資格評(píng)定的股票期權(quán)(“NQSOs”)Incentive stock options (“ISOs”) (circa 1982)激勵(lì)性的股票期權(quán)(“ISOs”)(大約在1982年)Stock appreciation rights (“SARs”) (circa 1973)股票增值權(quán)(“股票增值權(quán)”)(大約在1973年)Performance pl

20、ans (circa 1975)績效計(jì)劃(大約在1975年),Overview概況,Restricted stock (circa 1983)受限股票(大約在1983年) Who gets it?什么人得到這種獎(jiǎng)勵(lì)呢?Could be as broad as annual incentives and beyond (e.g., stock options) or limited to just officers (e.g.

21、, performance shares/units)可以象所有員工得到年終獎(jiǎng)一樣廣泛，甚至更多(例如，股票期權(quán))或者只限于主管(例如，績效股份)Almost all major industrials have some long-term incentive plan幾乎在所有的主要產(chǎn)業(yè)中，都實(shí)行了長期獎(jiǎng)勵(lì)計(jì)劃,Prevalence普遍性/相關(guān)值,Almost all major industrials have some

22、long-term incentive plan幾乎在所有的主要產(chǎn)業(yè)中，都實(shí)行了長期獎(jiǎng)勵(lì)計(jì)劃Prevalence:普遍性:,Ordinary Income at Date of Exercise 行權(quán)時(shí)的一般收入,Purchase price購買價(jià)格,Capital gainat date of sale 出售時(shí)的資本利得,,,,,Description of Stock Options股票期權(quán),

23、NQSOs非資格評(píng)定的股票期權(quán)Stock option—right to buy stock at a fixed price over a specified period of time股票期權(quán) - 在規(guī)定的時(shí)間段內(nèi)，以固定價(jià)格購買股票的權(quán)利,授予日,行權(quán)日,出售日,Description of Stock Options股票期權(quán),Eligibility levels資格水平Average (percentage of

24、exempt) 21.0%平均(專業(yè)水平的百分比) 21.0%Median (percentage of exempt) 9.6%中位(專業(yè)水平的百分比) 9.6%,Description of Stock Options股票期權(quán),Many companies go much deeper許多公司做得更加深入“All-employee” option plans“全體員工”的期權(quán)計(jì)劃Hi-t

25、ech, start-ups, IPOs高科技、創(chuàng)業(yè)公司、IPOs公司Recent data suggests that well over 6 million U.S. employees have received stock options (up from 2.5 million in 1992)最新數(shù)據(jù)顯示，現(xiàn)已有超過600萬的美國員工持有公司股權(quán)(從1992年的250萬不斷上升),Description of Stoc

26、k Options股票期權(quán),Grant frequency授予頻率Annual89%每年89%Other11%其它11%Maximum exercise period: 91%—10 years最長行權(quán)期限: 91%—10年Annualized size of awards年度獎(jiǎng)勵(lì)規(guī)模90%–699% + of salary工資的90%–699%Calculated as:按如下公式計(jì)算:Fair

27、market value price × number of options/frequency Base salary,,市場公平價(jià)值×所持股票的數(shù)目/頻率,基本工資,Description of Stock Options股票期權(quán),Vesting等候期Uniform percent per year64%(每年)按比例64%25%33%

28、33.3%45%50%9%20% or less13%Other restrictions/performance vesting3%其它受限股票和績效股票的等候3%Cliff vesting22%一次付清期22%,Description of Restricted Stock受限股票,Stock issued to an executive in connection with performance o

29、f services to company授予高級(jí)管理人員的，與公司業(yè)績掛鉤的股票Shares issued at no cost to executive授予時(shí)高級(jí)管理人員不支付股票的費(fèi)用Ownership of stock subject to “restrictions”股票的所有權(quán)是“受限的”Stock usually “vests” upon continued employment for certain per

30、iod (typically 3–5 years)股票“等候”通常要求員工為公司服務(wù)滿3至5年Unvested shares are forfeited upon termination of employment during restriction period當(dāng)員工在股票受限期內(nèi)離開公司時(shí)，未到期的股票將被沒收,Ordinary income at date restrictions lapse,Capita

31、l gain at date of sale,,Description of Restricted Stock受限股票,Restricted Stock受限股票,限制解除日時(shí)的一般收入,出售時(shí)的資本利得,授予日,限制解除日,轉(zhuǎn)讓日,Description of Restricted Stock受限股票,Eligibility適用對(duì)象Average (percentage of exempt)11.9%平均(專業(yè)水平的百分比

32、) 11.9%Median (percentage of exempt)2.0%中位(專業(yè)水平的百分比) 2.0%,Description of Restricted Stock受限股票,Grant frequency授予頻率Annual27%每年27%3–5 years 5%3-5年 5%

33、1 time only37%僅有1次37%Size of awards—10%–81% + of salary獎(jiǎng)勵(lì)規(guī)模 - 工資的10%-81%+工資,Description of Restricted Stock受限股票,Length of restriction period限制期Cliff vesting most common; average 4 years一次付清是最普遍的：平均為4年Increm

34、ental vesting; 2–5 years可延長等候期的受限股：2–5年Dividends typically paid during restriction period在股票受限期內(nèi)仍享有紅利Termination of employment雇傭關(guān)系終止Death/disability/retirement—full vesting死亡/喪失勞動(dòng)能力/退休 - 全部按等候期規(guī)定進(jìn)行Other terminati

35、ons—complete forfeiture其它原因 - 全部沒收,Key Trends主要趨勢,Among Fortune 100 Companies:《財(cái)富》100強(qiáng)企業(yè)之中:Long-term incentive economic values have grown about 20% per year over the last 10 years在過去10年中，長期激勵(lì)價(jià)值以每年20%的速度遞增More empha

36、sis on stock options; clearly largest single piece of total compensation pie更注重股票期權(quán); 占全面薪酬的絕大部分Top Corporate Officers—1999高級(jí)管理人員 - 1999,Key Trends主要趨勢,Most companies offer multiple long-term vehicles更多公司提供多種長期激勵(lì)計(jì)劃N

37、umber of plans varies by sales size:方案數(shù)量按銷售規(guī)模而定:The most common combination is stock option awards in combination with performance-based awards and/or restricted stock awards股票期權(quán)獎(jiǎng)勵(lì)同以績效為基礎(chǔ)的獎(jiǎng)勵(lì)或限制股票獎(jiǎng)勵(lì)相結(jié)合是最佳的組合方式,

38、,,Key Trends主要趨勢,Dilution issues股權(quán)稀釋問題Growth in use of stock options and other share-based plans has resulted in big dilution levels股票期權(quán)和其他以股票為基礎(chǔ)的計(jì)劃的廣泛應(yīng)用導(dǎo)致了股權(quán)稀釋度增加10%–12% “overhang” 1 is now typical10%–12%的 “剩余股票率”

39、1 如今十分普遍Many companies are approaching 20% overhang很多公司采用20%的“剩余股票率”的做法Boards are challenging these dilution levels asking, “How much does it take to instill a shareholder value orientation?”董事會(huì)對(duì)稀釋問題提出質(zhì)疑：“到底需要多少才能灌輸股

40、東價(jià)值導(dǎo)向？Management is struggling to address competitive pay needs with levels of share usage管理層試圖用股票占有層次來闡述具有競爭性的工資的需求1 Overhang = Outstanding unexercised options + shares reserved for future grant

41、 Shares outstanding,1剩余股票率 =,已發(fā)行但未行權(quán)的期權(quán) + 用于將來授予而置留的股票,已發(fā)行股票,Long-term Incentive Considerations長期獎(jiǎng)勵(lì)計(jì)劃需要考慮的因素,Compensation objectives薪酬目標(biāo)：,Long-term Incentive Considerations長期獎(jiǎng)勵(lì)計(jì)劃需要考慮的因素,Impact on executives:對(duì)高級(jí)管理