EquitybasedPay以股权为基础的薪酬制度

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1、1wH翰威特Equity-based Pay 以股权为基础的薪酬制度以股权为基础的薪酬制度2wH翰威特Date of Grant授予授予时间时间Date of Exercise工龄工龄0246810121416Gain upon maturation of award 奖励到期时的利得What Do We Mean by“Equity-Based”Pay?什么是什么是“以以股权为基础股权为基础”的薪酬制度的薪酬制度?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任何以股票

2、形式支付或与股票相关联的薪酬形式vThe basic payout opportunity works as follows:最基本的支付形式如下图所示最基本的支付形式如下图所示:3wH翰威特7B04812/06jpECTSoh.PPT/01-C-024 06/2000Hewitt AssociatesThe Big Picture总体图总体图Perquisites特殊待遇特殊待遇Qualified and Supplemental Benefits应有福利和补充福利应有福利和补充福利Long-Term Incentives(Options,etc.)长期奖励计划长期奖励计划(期权期权,等等等

3、等)Annual Bonus年度奖金年度奖金Base Salary基本工资基本工资Total Compensation全面薪酬全面薪酬The Entire Pay Picture整体薪酬图整体薪酬图4wH翰威特7B04812/06jpECTSoh.PPT/01-C-024 06/2000Hewitt Associates1990-1999 Key Trends in the U.S.1Top Corporate Officers22Average of CEO,CFO,and Law1991Base Salary33%Bonus27%Long-Term Incentives28%Benefit

4、s9%Perquisites3%1995Base Salary33%Bonus27%Long-Term Incentives27%Benefits11%Perquisites2%1999Base Salary28%Long-Term Incentives39%Benefits10%Perquisites2%Bonus21%1Average Revenues$2B/Median Revenues$2BThe Entire Pay Picture整体薪酬图整体薪酬图5wH翰威特The Entire Pay Picture整体薪酬图整体薪酬图7B04812/06jpECTSoh.PP T/01-C-

5、024 06/2000Hewitt Associates1990-1999 年的美国主趋势年的美国主趋势1 1企业高级行政长官企业高级行政长官22 CEO,CFO的平均数的平均数1991基本工资33%奖金27%奖金计划28%福利9%特殊待遇3%1995基本工资33%奖金27%长期奖金计划27%福利11%特殊待遇2%1999基本工资28%长期奖金计划39%福利10%特殊待遇2%奖金21%1平均收入平均收入$2B/中位收入中位收入$2B6wH翰威特Trend Toward Greater Equity Participation for Employees员工持股已成为全球的趋势vIncreasi

6、ng 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

7、,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7wH翰威特Why Consider Equity-based Pay?

8、为什么考虑以股权为基础薪酬制度？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 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vMotivate broad group of employees to work toward

9、 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 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8wH翰威特Financial Reasons for Providing Equity-ba

10、sed Pay提供以股权为基础薪酬形式的财务因素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 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

11、.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 th

12、at 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9wH翰威特Financial Reasons fo

13、r Providing Equity-based Pay提供以股权为基础薪酬形式的财务因素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-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 amon

14、g 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%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

15、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%。10wH翰威特Financial Reasons for Providing Equity-based Pay提供以股权为基础薪酬形式的财务因素提供以股权为基础薪酬形式的财务因素vAccording 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 impl

16、emented 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11wH翰威特 Long-term Incentive Plan Design 设计长期奖励计划设计长期奖励计划12wH翰威特Overview概况概况vWhat are long-term incentives?什么是长期奖励?“Va

17、riable 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 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

18、权(“股票增值权”)(大约在1973年)Performance plans(circa 1975)绩效计划(大约在1975年)13wH翰威特Overview概况概况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 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

19、，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14wH翰威特10%32%4%44%22%12%55%36%15%45%76%26%79%28%0%10%20%30%40%50%60%70%80%90%Phantom Stock虚拟股票Restricted Stock受限股票Performance Shares绩效股票Performance Units绩效单位SARs 股票增值权ISOs 奖励股票期权NQSOs非资格评定的股票期

20、权1989 Prevalence1999 PrevalencePrevalence普遍性普遍性/相关值相关值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vPrevalence:普遍性:15wH翰威特$0$40$80Date of grantDate of exerciseDate of sale Ordinary Income at Date of Exercise 行权时的一般收入Purchase price购买价格Capital gainat date of sa

21、le 出售时的资本利得Description of Stock Options股票股票期权期权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，以固定价格购买股票的权利授予日行权日出售日16wH翰威特Description of Stock Options股票股票期权期权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

22、(percentage of exempt)9.6%中位(专业水平的百分比)9.6%17wH翰威特Description of Stock Options股票股票期权期权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 from 2.5 m

23、illion in 1992)最新数据显示，现已有超过600万的美国员工持有公司股权(从1992年的250万不断上升)18wH翰威特Description of Stock Options股票股票期权期权vGrant frequency授予频率Annual89%每年89%Other11%其它11%vMaximum exercise period:91%10 years最长行权期限:91%10年vAnnualized size of awards年度奖励规模90%699%+of salary工资的90%699%Calculated as:按如下公式计算:Fair market value pri

24、ce number of options/frequency Base salary市场公平价值所持股票的数目/频率基本工资19wH翰威特Description of Stock Options股票股票期权期权vVesting等候期Uniform percent per year64%(每年)按比例64%25%33%33.3%45%50%9%20%or less13%Other restrictions/performance vesting3%其它受限股票和绩效股票的等候3%Cliff vesting22%一次付清期22%20wH翰威特Description of Restricted St

25、ock受限受限股票股票vStock issued to an executive in connection with performance of services to company授予高级管理人员的，与公司业绩挂钩的股票Shares issued at no cost to executive授予时高级管理人员不支付股票的费用Ownership of stock subject to“restrictions”股票的所有权是“受限的”Stock usually“vests”upon continued employment for certain period(typically 35

26、 years)股票“等候”通常要求员工为公司服务满3至5年 Unvested shares are forfeited upon termination of employment during restriction period当员工在股票受限期内离开公司时，未到期的股票将被没收21wH翰威特$0$40$80Date of grantDate restrictions LapseDate of sale Ordinary income at date restrictions lapseCapital gain at date of saleDescription of Restricte

27、d Stock受限受限股票股票vRestricted Stock受限股票限制解除日时的一般收入出售时的资本利得授予日限制解除日转让日22wH翰威特Description of Restricted Stock受限受限股票股票vEligibility适用对象Average(percentage of exempt)11.9%平均(专业水平的百分比)11.9%Median(percentage of exempt)2.0%中位(专业水平的百分比)2.0%23wH翰威特Description of Restricted Stock受限受限股票股票vGrant frequency授予频率Annual2

28、7%每年27%35 years 5%3-5年 5%1 time only37%仅有1次37%vSize of awards10%81%+of salary奖励规模-工资的10%-81%+工资24wH翰威特Description of Restricted Stock受限受限股票股票vLength of restriction period限制期Cliff vesting most common;average 4 years一次付清是最普遍的：平均为4年Incremental vesting;25 years可延长等候期的受限股：25年vDividends typically paid dur

29、ing restriction period在股票受限期内仍享有红利vTermination of employment雇佣关系终止Death/disability/retirementfull vesting死亡/丧失劳动能力/退休-全部按等候期规定进行Other terminationscomplete forfeiture其它原因-全部没收25wH翰威特70%20%10%Stock Options 股票期权股票期权Performance Plans 绩效计划绩效计划Restricted Stock 受限股票受限股票Key Trends主要趋势主要趋势vAmong Fortune 100

30、Companies:财富100强企业之中:Long-term incentive economic values have grown about 20%per year over the last 10 years在过去10年中，长期激励价值以每年20%的速度递增More emphasis on stock options;clearly largest single piece of total compensation pie更注重股票期权;占全面薪酬的绝大部分vTop Corporate Officers1999高级管理人员-199926wH翰威特Sales Size销售规模销售规模A

31、verage Long-Term Vehicles平均长期方案平均长期方案Under$1.0 billion低于$10亿1.3$1.0$2.4 billion$10-$24亿1.6$2.5$4.9 billion$25-$49亿2.0$5.0$9.9 billion$50-$99亿2.1Over$10.0 billion超过$100亿2.3Key Trends主要趋势主要趋势vMost companies offer multiple long-term vehicles更多公司提供多种长期激励计划Number of plans varies by sales size:方案数量按销售规模而定

32、:vThe most common combination is stock option awards in combination with performance-based awards and/or restricted stock awards股票期权奖励同以绩效为基础的奖励或限制股票奖励相结合是最佳的组合方式27wH翰威特Key Trends主要趋势主要趋势vDilution issues股权稀释问题Growth in use of stock options and other share-based plans has resulted in big dilution lev

33、els股票期权和其他以股票为基础的计划的广泛应用导致了股权稀释度增加10%12%“overhang”1 is now typical10%12%的“剩余股票率”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?”董事会对稀释问题提出质疑：“到底需要多少才能灌输股东价值导向？

34、Management is struggling to address competitive pay needs with levels of share usage管理层试图用股票占有层次来阐述具有竞争性的工资的需求1 Overhang=Outstanding unexercised options+shares reserved for future grant Shares outstanding1剩余股票率=已发行但未行权的期权+用于将来授予而置留的股票已发行股票28wH翰威特Stock OptionsPerformance Cash PlansRestricted Stock股票期

35、权绩效现金计划受限股票Shareholder value focus注重股东价值High高Moderate中Moderate中Executive ownership高级管理人员所有权Moderate 中Low低High高Recognition awards专门贡献奖High高Low低High高Long-term Incentive Considerations长期奖励计划需要考虑的因素长期奖励计划需要考虑的因素vCompensation objectives薪酬目标：29wH翰威特Stock OptionsPerformance Cash Plans Restricted Stock股票期权绩

36、效现金方案受限股票Compensation risk薪酬风险High高Moderate中Low低Pay for performance绩效奖励Moderate中High高Low低Retention留任员工Moderate中High高High高Stock ownership股票所有权High高Low低High高Cash flow现金流量Negative/neutral负/中位Positive正Negative/neutral负/中位Long-term Incentive Considerations长期奖励计划需要考虑的因素长期奖励计划需要考虑的因素vImpact on executives:对高级管理人员的影响: