我國企業(yè)結(jié)構(gòu)調(diào)整過程中的人員與激勵管理(參考版)
2025-03-10 00:26本頁面
【正文】 Developing 發(fā)展 Key for all businesses 對所有企業(yè)而言至關(guān)重要 Fits Chinese culture and desires 適合于中國文化和期望 Current skill levels for operation in a market are low 現(xiàn)有的運營技能在市場中處于偏低水準 ? Capitalism “101” for directors and managers 針對 總監(jiān)和經(jīng)理們的“ 101”資本主義制度 ? Differing needs for each enterprise 各企業(yè)的不同需求 Rewarding 全面薪酬 Does pensation motivate people? 薪酬能否激勵員工？ Needs careful design 需要進行仔細設計 Alignment with strategy is crucial 關(guān)鍵在于遵照公司戰(zhàn)略 ? “ You get what you pay for” 您已取得應有績效 Next pages show some thoughts on stock options, longterm incentives preIPO and some market data for executives…... 下文中將介紹有關(guān)股權(quán)激勵及公司上市前高層經(jīng)理長期獎勵的一些觀點和市場數(shù)據(jù) …... . .... Stock Options Conditions for success 有效實施股權(quán)激勵所必須具備的條件 ： Must be: ? strong corporate governance framework 完善的公司治理結(jié)構(gòu) ? clear taxation system 健全的稅收體系和制度 ? clear rules for whether panies can use Treasury stock or must buy stock 有關(guān)股票來源問題有明確的規(guī)定 (公司可利用庫存股票或回購股票 ) Stock Options Conditions for success 有效實施股權(quán)激勵所必須具備的條件 ： ? The government role is low and decisions must be left to the market 政府只 做它應該做的事，決定權(quán)交給市場 ? Publicity for investors 完善的信息披露 ? Rules against insider trading 有關(guān)內(nèi)部交易的制約機制 Longterm incentives prelisting 長期獎勵 上市前 Prelisting usually no stock on which to offer options 上市前 通常沒有可以提供期權(quán)的股票 Three other choices: 其它三種選擇： ? cash plan absolute performance 現(xiàn)金計劃 絕對績效 ? cash plan relative performance 現(xiàn)金計劃 相對績效 ? phantom stock plan 虛擬股票計劃 Longterm incentives prelisting 長期獎勵 上市前 Cash plan absolute performance 現(xiàn)金計劃：絕對績效 Simplest solution: decide upon key goal(s) and reward management for achieving it/them 2 or 3 year plan 最簡單的方案：確定以關(guān)鍵經(jīng)營目標的實現(xiàn)為基點的薪酬管理方案 2/3年激勵計劃 Difficulty is goalsetting process, because goals may appear easy/tough in retrospect 目標設定程序較難，因為在期末審核時，目標或許似乎較容易 /艱難 Needs judgement function of Board 需要加以判斷 是董事會的職能 . .... Longterm incentives prelisting 長期獎勵 上市前 Cashplan relative performance 現(xiàn)金計劃：相對績效 Measures most often used: Total Shareholder Return, growth, Return on Equity 最常見的評估標準：總體股東投資回報、增長、股權(quán)收益 Only works for public panies where published data is reliable 僅適用于那些公布可靠數(shù)據(jù)的非上市公司 Longterm incentives prelisting 長期獎勵 上市前 Phantom Stock Plan 虛擬股票計劃 (1) Assume pany divided into stock 假設公司實行股份制 Divide earnings by stock units = EPS 營業(yè)收益除以股票單位數(shù)量 =每股收益 Multiply EPS by market P/E ratio = stock price 用市盈率 (P/E) 乘以每 股收益 =股票價格 (2) Have the pany valued by an independent firm 由一家獨立的機構(gòu) 來對該公司進行估價 Longterm incentives prelisting 長期獎勵 上市前 Compensation influences management behavior 薪酬影響管理行為 Does the plan need to be changed during the term because the situation has changed? 在計劃執(zhí)行期間，若情況發(fā)生了變化，我們是否需要對該計劃加以修改？ Will management “game” the system and act in its own interest to the detriment of the pany? 管理人員是否將運用該系統(tǒng)來謀私利、損害公司利益？ These are questions that require a Board 這些問題需要由董事會來進行監(jiān)控 Compensation data 薪酬數(shù)據(jù) Compensation data for 2023 taken from Hewitt databases in US, Europe and Japan 摘自翰威特咨詢公司設在美國、歐洲和日本的數(shù)據(jù)庫
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