薪酬設(shè)計(jì)以股權(quán)為基礎(chǔ)的薪酬制度9

1、1wH翰威特Equity-based Pay 以股權(quán)為基礎(chǔ)的薪酬制度以股權(quán)為基礎(chǔ)的薪酬制度2wH翰威特Date of Grant授予授予時(shí)間時(shí)間Date of Exercise工齡工齡0246810121416Gain upon maturation of award 獎(jiǎng)勵(lì)到期時(shí)的利得What Do We Mean by “Equity-Based” Pay?什么是什么是“以股權(quán)為基礎(chǔ)以股權(quán)為基礎(chǔ)”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與股票相關(guān)聯(lián)的薪酬形式任

2、何以股票形式支付或與股票相關(guān)聯(lián)的薪酬形式vThe basic payout opportunity works as follows:最基本的支付形式如下圖所示最基本的支付形式如下圖所示: :3wH翰威特7B04812/06jpECTSoh.PPT/01-C -024 06/2000Hewitt AssociatesThe Big Picture總體圖總體圖Perquisites特殊待遇特殊待遇Qualified and Supplemental Benefits應(yīng)有福利和補(bǔ)充福利應(yīng)有福利和補(bǔ)充福利Long-Term Incentives (Options, etc.)長期獎(jiǎng)勵(lì)計(jì)劃長期獎(jiǎng)勵(lì)計(jì)劃

3、 (期權(quán)期權(quán), 等等等等)Annual Bonus年度獎(jiǎng)金年度獎(jiǎng)金B(yǎng)ase Salary基本工資基本工資Total Compensation全面薪酬全面薪酬The Entire Pay Picture整體薪酬圖整體薪酬圖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 Incenti

4、ves28%Benefits9%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整體薪酬圖整體薪酬圖5wH翰威特The Entire Pay Picture整體薪酬圖整體薪酬圖7B04812/06jpEC

5、TSoh.PP T/01-C-024 06/2000Hewitt Associates1990-1999 年的美國主趨勢年的美國主趨勢1 1企業(yè)高級行政長官企業(yè)高級行政長官22 CEO, CFO的平均數(shù)的平均數(shù)1991基本工資33%獎(jiǎng)金27%獎(jiǎng)金計(jì)劃28%福利9%特殊待遇3%1995基本工資33%獎(jiǎng)金27%長期獎(jiǎng)金計(jì)劃27%福利11%特殊待遇2%1999基本工資28%長期獎(jiǎng)金計(jì)劃39%福利10%特殊待遇2%獎(jiǎng)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員工持

6、股已成為全球的趨勢vIncreasing 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)劃越來越多的公司實(shí)施了廣泛的員工持股計(jì)劃Nonmanagement 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 si

7、nce 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 aside 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 41%的美國大型企業(yè)向一半以上的員工授予股票期權(quán)7wH翰威特Why Co

8、nsider Equity-based Pay?為什么考慮以股權(quán)為基礎(chǔ)薪酬制度？為什么考慮以股權(quán)為基礎(chǔ)薪酬制度？vAlignment of shareholders and employees incentive opportunities統(tǒng)一股東和員工的獎(jiǎng)勵(lì)機(jī)會vForges tighter bond between executives and other employees, as all can 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vMotivate broad group of

9、 employees to work toward common goalinspires 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vIncentive payouts are a “win-win” situationpayments 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vMinimizes 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8wH翰威特Financia

10、l 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)因素提供以股權(quán)為基礎(chǔ)薪酬形式的財(cái)務(wù)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 ownership programs experienced an

11、 average annual Return On Assets of 2.6 percentage points greater than industry averages each year of the 4-year study period對實(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 Shareholder 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

12、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 results有82%的公司認(rèn)為，員工持股計(jì)劃會對經(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

13、會對經(jīng)營業(yè)績產(chǎn)生積極影響9wH翰威特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)因素提供以股權(quán)為基礎(chǔ)薪酬形式的財(cái)務(wù)因素vJoseph Blasi 1996 study:Joseph Blasi1996年調(diào)查指出:vSignificantly higher growth in 10-year average financial performance where employees own more than 5% market value當(dāng)員工所持股票超過市值的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

14、平Not true where stock concentrated among top 5 officers最高級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vAmerican Capital Strategies:美國的資本戰(zhàn)略:Stock price index of public companies with at least 10% employee 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 19921995: 80.19% versus 48.69% fo

15、r 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%，S&P500指數(shù)為80.19%:44.87%。10wH翰威特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)因素提供以股權(quán)為基礎(chǔ)薪酬形式的財(cái)務(wù)因素vAccording to Fortune Magazines 100 Best Companies survey, of those companies that ar

16、e publicly traded財(cái)富雜志對世界前100名上市交易公司的調(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11wH翰威特 Long-term Incentive Plan Design 設(shè)計(jì)長期獎(jiǎng)勵(lì)計(jì)劃設(shè)計(jì)長期獎(jiǎng)勵(lì)計(jì)劃12wH

17、翰威特Overview概況概況vWhat 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vHistorically, they have taken many forms:曾在歷史上表現(xiàn)出的形式:Nonqualified stock options (“NQSOs”)非資格評定的股票期權(quán)(“NQSOs”)Incentive stock options (“ISOs”) (circa 1982)激勵(lì)性的股票期權(quán)(“ISO

18、s”)(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 plans (circa 1975)績效計(jì)劃(大約在1975年)13wH翰威特Overview概況概況vRestricted stock (circa 1983)受限股票(大約在1983年) vWho 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 t

19、o just officers (e.g., 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)vAlmost 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虛擬股票Restricted Stock受限股票Perfor

20、mance Shares績效股票Performance Units績效單位SARs 股票增值權(quán)ISOs 獎(jiǎng)勵(lì)股票期權(quán)NQSOs非資格評定的股票期權(quán)1989 Prevalence1999 PrevalencePrevalence普遍性普遍性/ /相關(guān)值相關(guān)值vAlmost 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vPrevalence:普遍性:15wH翰威特$0$40$80Date of grantDate of exerciseDate of sale Ordinary Inco

21、me 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股票股票期權(quán)期權(quán)vNQSOs非資格評定的股票期權(quán)Stock optionright 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16wH翰威特Description of Stock Options股票期權(quán)股票期權(quán)vEli

22、gibility levels資格水平Average (percentage of 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%17wH翰威特Description of Stock Options股票期權(quán)股票期權(quán)vMany 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-tech, start-ups, IPOs高科技、創(chuàng)業(yè)公司、IPOs公司Recent data sugg

23、ests 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)18wH翰威特Description of Stock Options股票期權(quán)股票期權(quán)vGrant frequency授予頻率Annual89%每年89%Other11%其它11%vMaximum exercise period: 91%10 years最長行權(quán)期限: 91%10年vAnnualized s

24、ize 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 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19wH翰威特Description of Stock Options股票期權(quán)股票期權(quán)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/

25、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%20wH翰威特Description of Restricted Stock受限股票受限股票vStock issued to an executive in connection with performance of services to company授予高級管理人員的，與公司業(yè)績掛鉤的股票Shares issued at no cost to executive授予時(shí)高級管理人員不支付股票的費(fèi)用Ownership of stock subject to “restr

26、ictions”股票的所有權(quán)是“受限的” Stock usually “vests” upon continued employment for certain period (typically 35 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21wH翰威特$0$40$80Date of grantDate restrictions LapseDate o

27、f sale Ordinary income at date restrictions lapseCapital gain at date of saleDescription of Restricted Stock受限受限股票股票vRestricted 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22wH翰威特Description of Restricted Stock受限受限股票股票vEligibility適用對象Average (percentage of exempt)11.9%平均(專業(yè)水平的百分比) 11.9%Median (percentage

28、 of exempt)2.0%中位(專業(yè)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授予頻率Annual27%每年27%35 years 5%3-5年 5%1 time only37%僅有1次37%vSize of awards10%81% + of salary獎(jiǎng)勵(lì)規(guī)模 - 工資的10%-81%+工資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

29、 common; average 4 years一次付清是最普遍的：平均為4年Incremental vesting; 25 years可延長等候期的受限股：25年vDividends typically paid during restriction period在股票受限期內(nèi)仍享有紅利vTermination of employment雇傭關(guān)系終止Death/disability/retirementfull vesting死亡/喪失勞動能力/退休 - 全部按等候期規(guī)定進(jìn)行Other terminationscomplete forfeiture其它原因 - 全部沒收25wH翰威特70%2

30、0%10%Stock Options 股票期權(quán)股票期權(quán)Performance Plans 績效計(jì)劃績效計(jì)劃Restricted Stock 受限股票受限股票Key Trends主要趨勢主要趨勢vAmong 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 emphasis on stock options; clearly largest sin

31、gle piece of total compensation pie更注重股票期權(quán); 占全面薪酬的絕大部分vTop Corporate Officers1999高級管理人員 - 199926wH翰威特Sales Size銷售規(guī)模銷售規(guī)模Average Long-Term Vehicles平均長期方案平均長期方案Under $1.0 billion低于$10億1.3$1.0$2.4 billion$10 - $24億1.6$2.5$4.9 billion$25 - $49億2.0$5.0$9.9 billion$50 - $99億2.1Over $10.0 billion超過$100億2.3K

32、ey Trends主要趨勢主要趨勢vMost companies offer multiple long-term vehicles更多公司提供多種長期激勵(lì)計(jì)劃Number of plans varies by sales size:方案數(shù)量按銷售規(guī)模而定:vThe 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27wH翰威特Key Trends主要趨勢主要趨勢vDilution 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”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Boar