【正文】 員工持股已成為全球的趨勢 ? Increasing number of panies have embraced broadbased employee ownership 越來越多的公司實(shí)施了廣泛的員工持股計劃 — Nonmanagement employees collectively own between 6% and 10% of total corporate equity 非管理層員工總計持有公司全部股票的 6%到 10% — Estimated 3,000 panies have instituted broadbased 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劃 — Shares set aside for options at all public panies valued at $600B pared with $60B in 1985 現(xiàn)在所有的上市公司用于股票期權(quán)的股票價值已上升到 6,000億美元，而 1985年只有 600億美元 — 41% of large . 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) 7 w H 翰威特 Why Consider Equitybased 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)一股東和員工的獎勵機(jī)會 ? Fes tighter bond between executives and other employees, as all can be put on a mon 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機(jī)制趨于統(tǒng)一 ? Motivate broad group of employees to work toward mon goal—inspires teamwork 鼓勵廣大員工向共同的目標(biāo)前進(jìn) 鼓勵團(tuán)隊協(xié)作精神 ? Incentive payouts are a ―winwin‖ situation—payments occur in direct relation to pany performance 激勵機(jī)制 處于 “雙贏” 狀況 報酬與企業(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 8 w H 翰威特 Financial Reasons for Providing Equitybased Pay 提供以股權(quán)為基礎(chǔ)薪酬形式的財務(wù)因素 ? Study by Hewitt Associates and the . Kellogg Graduate School of Management (Northwestern University) (1998): 翰威特公司和西北大學(xué) . 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 average annual Return On Assets of percentage points greater than industry averages each year of the 4year study period 對實(shí)施了員工持股計劃的公司進(jìn)行跟蹤調(diào)查的四年當(dāng)中，其資產(chǎn)回報率比同行業(yè)平均水平高出 — Cumulative Total Shareholder Return over 4 years also percentage points greater than parison group averages 四年中股東回報率要比其他公司高出 — 82% of panies reported that ownership program had a significant positive impact on business results 有 82%的公司認(rèn)為，員工持股計劃會對經(jīng)營業(yè)績產(chǎn)生積極影響 — Significant correlation between panies 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)的薪酬計劃緊密關(guān)聯(lián)，而這一薪酬計劃會對經(jīng)營業(yè)績產(chǎn)生積極影響 9 w H 翰威特 Financial Reasons for Providing Equitybased Pay 提供以股權(quán)為基礎(chǔ)薪酬形式的財務(wù)因素 ? Joseph Blasi 1996 study: Joseph Blasi1996年調(diào)查指出 : ? Significantly higher growth in 10year 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，企業(yè)的財政業(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 panies with at least 10% employee ownership