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1、以股权为基础的薪酬制度培训资料-29页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”的薪酬的薪酬制度制度?n nAny 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n nThe basic payout opportunity wor
2、ks as follows:最基本的支付形式如下图所示:The Entire Pay Picture整体薪酬图整体薪酬图The Entire Pay Picture整体薪酬图整体薪酬图The Entire Pay Picture整体薪酬图整体薪酬图Financial Reasons for Providing Equity-based Pay提供以股权为基础薪酬形式的财提供以股权为基础薪酬形式的财务因素务因素n nStudy by Hewitt Associates and the J.L.Kellogg Graduate School of Management(Northwestern U
3、niversity)(1998):翰威特公司和西北大学翰威特公司和西北大学J.L.KelloggJ.L.Kellogg研研究生管理学院联合进行的调查究生管理学院联合进行的调查表明表明(1998(1998年年):):n nCompanies that instituted employee Companies that instituted employee ownership programs experienced an ownership programs experienced an average annual Return On Assets of average annual Re
4、turn On Assets of 2.6 percentage points greater than 2.6 percentage points greater than industry averages each year of the 4-year industry averages each year of the 4-year study periodstudy period对实施了员工持股计划的公司进行跟踪调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查的四年当中，其资产回报率比同行业平均水平高出均水平高出2.62.6个百分点个百分点n nCumul
5、ative Total Shareholder Return Cumulative Total Shareholder Return over 4 years also 6.9 percentage points over 4 years also 6.9 percentage points greater than comparison group averagesgreater than comparison group averages四年中股东回报率要比其他公司高出四年中股东回报率要比其他公司高出6.96.9个百分点个百分点n n82%of companies reported tha
6、t 82%of companies reported that ownership program had a significant ownership program had a significant positive impact on business resultspositive impact on business results有有82%82%的公司认为，员工持股计划会对经的公司认为，员工持股计划会对经营业绩产生积极影响营业绩产生积极影响n nSignificant correlation between companies Significant correlation b
7、etween companies reporting positive impact and effective reporting positive impact and effective sharing and use of business informationsharing and use of business information分享公司经营信息并加以有效利用与以股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酬计划会对经营业绩产生积极影响Financial Reasons for P
8、roviding Equity-based Pay提供以股权为基础薪酬形式提供以股权为基础薪酬形式的财务因素的财务因素n nJoseph Blasi 1996 study:Joseph Blasi1996Joseph Blasi1996Joseph Blasi1996Joseph Blasi1996年调查指出年调查指出年调查指出年调查指出:n nSignificantly 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当
9、员工所持股票超过市值的当员工所持股票超过市值的当员工所持股票超过市值的5%5%5%5%时，企业的财时，企业的财时，企业的财时，企业的财政业绩明显高于此前政业绩明显高于此前政业绩明显高于此前政业绩明显高于此前10101010年的平均增长水平年的平均增长水平年的平均增长水平年的平均增长水平n nNot true where stock concentrated among Not true where stock concentrated among top 5 officerstop 5 officers最高级别的五位管理人员持有全部股票的公司未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
10、增长水平达到这一增长水平n nAmerican Capital Strategies:美国美国美国美国的资本战略的资本战略的资本战略的资本战略:n nStock price index of public companies with Stock price index of public companies with at least 10%employee ownership at least 10%employee ownership outperformed broad-based stock indicesoutperformed broad-based stock indices员
11、工持股占员工持股占10%10%以上的上市公司的股指比全员持以上的上市公司的股指比全员持股公司的股指要好股公司的股指要好n nIn 19921995:80.19%versus 48.69%for In 19921995:80.19%versus 48.69%for the Dow and 44.87%for S&P 500the Dow and 44.87%for S&P 500在在19921992-1-1995995年之间，实施员工持股计划的公司年之间，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，道琼斯和同业公司未实施持股计划的公司相比，道琼斯指数为指数为80.19%:80.19
12、%:48.69%48.69%，S&P500S&P500指数为指数为80.19%:80.19%:44.87%44.87%。Financial Reasons for Providing Equity-based Pay提供以股权为基础薪酬形式提供以股权为基础薪酬形式的财务因素的财务因素n nAccording to Fortune Magazines 100 Best Companies survey,of those companies that are publicly traded财富杂志对世界前财富杂志对世界前财富杂志对世界前财富杂志对世界前100100100100名上市交易公司的调查表
13、明名上市交易公司的调查表明名上市交易公司的调查表明名上市交易公司的调查表明:n n60%60%have implemented broad-based stock option have implemented broad-based stock option plans;plans;60%60%的企业已经实施了广泛的股票期权计划的企业已经实施了广泛的股票期权计划n n42%42%offer options to every employee;and offer options to every employee;and 42%42%为所有员工提供股票期权为所有员工提供股票期权n n80%80
14、%of employees at these companies own of employees at these companies own company stockcompany stock这些公司约有这些公司约有80%80%的员工拥有公司的股票的员工拥有公司的股票 Long-term Incentive Plan Design 设计长期奖励计划设计长期奖励计划Overview概况概况n nWhat are long-term incentives?什么什么什么什么是长期奖励是长期奖励是长期奖励是长期奖励?n n“Variable compensation earned over a
15、Variable compensation earned over a period of more than 12 months”period of more than 12 months”1212个月以上的可变薪酬个月以上的可变薪酬n nHistorically,they have taken many forms:曾在历史上表现出的形式曾在历史上表现出的形式曾在历史上表现出的形式曾在历史上表现出的形式:n nNonqualified stock options(Nonqualified stock options(“NQSOsNQSOs”)非资格评定的股票期权非资格评定的股票期权(“NQ
16、SOsNQSOs”)n nIncentive stock options(Incentive stock options(“ISOsISOs”)(circa 1982)(circa 1982)激励性的股票期权激励性的股票期权(“ISOsISOs”)()(大约在大约在19821982年年)n nStock appreciation rights(Stock appreciation rights(“SARsSARs”)(circa)(circa 1973)1973)股票股票增值权增值权(“股票增值权股票增值权”)()(大约在大约在19731973年年)n nPerformance plans(c
17、irca 1975)Performance plans(circa 1975)绩效计划绩效计划(大约在大约在19751975年年)Overview概况概况n nRestricted stock(circa 1983)受限受限股票股票(大约在大约在19831983年年)n nWho gets it?什么人得到这种奖励呢什么人得到这种奖励呢什么人得到这种奖励呢什么人得到这种奖励呢?n nCould be as broad as annual incentives and Could be as broad as annual incentives and beyond(e.g.,stock opt
18、ions)or limited to just beyond(e.g.,stock options)or limited to just officers(e.g.,performance shares/units)officers(e.g.,performance shares/units)可以象所有员工得到年终奖一样广泛，可以象所有员工得到年终奖一样广泛，甚至更多甚至更多(例如例如，股票期权，股票期权)或者只限于或者只限于主管主管(例如例如，绩效股份，绩效股份)n nAlmost all major industrials have some long-term incentive pla
19、n几乎几乎在所有的主要产业中，都实行了在所有的主要产业中，都实行了长期奖励计划长期奖励计划Prevalence普遍性普遍性/相关值相关值n nAlmost all major industrials have some long-term incentive plan几乎几乎几乎几乎在所有的主要产业中，都实行了长期奖励计划在所有的主要产业中，都实行了长期奖励计划在所有的主要产业中，都实行了长期奖励计划在所有的主要产业中，都实行了长期奖励计划n nPrevalence:普遍性普遍性普遍性普遍性:Ordinary Income at Date of Exercise 行权时的一般收入Purchas
20、e price购买价格Capital gainat date of sale 出售时的资本利得Description of Stock Options股票股票期权期权n nNQSOs非资格评定的股票期权非资格评定的股票期权非资格评定的股票期权非资格评定的股票期权n nStock optionStock optionright to buy stock at a fixed right to buy stock at a fixed price over a specified period of timeprice over a specified period of time股票期权股票期权
21、 -在规定的时间段内在规定的时间段内，以固定价格购，以固定价格购买股票的权利买股票的权利授予日行权日出售日Description of Stock Options股票股票期权期权n nEligibility levels资格水平资格水平资格水平资格水平n nAverage(percentage of exempt)Average(percentage of exempt)21.0%21.0%平均平均(专业水平的专业水平的百分比百分比)21.0%21.0%n nMedian(percentage of exempt)Median(percentage of exempt)9.6%9.6%中位中位
22、(专业水平的专业水平的百分比百分比)9.6%9.6%Description of Stock Options股票股票期权期权n nMany companies go much deeper许多公司做得更加深入许多公司做得更加深入许多公司做得更加深入许多公司做得更加深入n n“All-employeeAll-employee”option plans option plans“全体全体员工员工”的期权计划的期权计划n nHi-tech,start-ups,IPOsHi-tech,start-ups,IPOs高科技、创业公司、高科技、创业公司、IPOsIPOs公司公司n nRecent data
23、suggests that well over 6 million U.S.Recent data suggests that well over 6 million U.S.employees have received stock options(up from 2.5 employees have received stock options(up from 2.5 million in 1992)million in 1992)最新数据显示，现已有超过最新数据显示，现已有超过600600万的美国员工持有公司万的美国员工持有公司股权股权(从从19921992年的年的250250万不断上升
24、万不断上升)Description of Stock Options股票股票期权期权n nGrant frequency授予授予频率频率n nAnnualAnnual89%89%每年每年89%89%n nOtherOther11%11%其它其它11%11%n nMaximum exercise period:91%10 years最长行权期限最长行权期限:91%:91%1010年年n nAnnualized size of awards年度奖励规模年度奖励规模n n90%699%+90%699%+of salaryof salary工资的工资的90%90%699%699%n nCalculat
25、ed as:Calculated as:按如按如下公式计算下公式计算:Fair market value price number of Fair market value price number of options/frequencyoptions/frequency Base salary Base salary市场公平价值所持股票的数目/频率基本工资Description of Stock Options股票股票期权期权n nVesting等候期等候期n nUniform percent per yearUniform percent per year 64%64%(每年每年)按比例
26、按比例64%64%n n25%25%33%33%n n33.3%33.3%45%45%n n50%50%9%9%n n20%20%or lessor less13%13%n nOther restrictions/performance vestingOther restrictions/performance vesting3%3%其它受限股票和绩效股票的等候其它受限股票和绩效股票的等候3%3%n nCliff vestingCliff vesting22%22%一次付清期一次付清期22%22%Description of Restricted Stock受限受限股票股票n nStock i
27、ssued to an executive in connection with performance of services to company授予高级管理人员的，与公司业绩挂钩授予高级管理人员的，与公司业绩挂钩的股票的股票n nShares issued at no cost to executiveShares issued at no cost to executive授予时高级管理人员不支付股票的费用授予时高级管理人员不支付股票的费用n nOwnership of stock subject to“restrictions”Ownership of stock subject t
28、o“restrictions”股票的所有权是股票的所有权是“受限的受限的”n nStock usually“vests”upon continued Stock usually“vests”upon continued employment for certain period(typically employment for certain period(typically 35 years)35 years)股票股票“等候等候”通常要求员工为公司服务满通常要求员工为公司服务满3 3至至5 5年年n nUnvested shares are forfeited upon Unvested s
29、hares are forfeited upon termination of employment during termination of employment during restriction periodrestriction period当员工在股票受限期内离开公司时，未到期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的股票将被没收 Ordinary income at date restrictions lapseCapital gain at date of saleDescription of Restricted Stock受限受限股票股票n nRestrict
30、ed Stock受限股票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Description of Restricted Stock受限受限股票股票n nEligibility适用对象适用对象n nAverage(percentage of exempt)Average(percentage of exempt)11.9%11.9%平均平均(专业水平的百分比专业水平的百分比)11.9%11.9%n nMedian(percentage of exempt)Median(percentage of exempt)2.0%2.0%中位中位(专业水平的百分比专业水平的百分比)2
31、.0%2.0%Description of Restricted Stock受限受限股票股票n nGrant frequency授予频率授予频率授予频率授予频率n nAnnualAnnual27%27%每年每年27%27%n n35 35 yearsyears 5%5%3-53-5年年 5%5%n n1 1 time onlytime only37%37%仅有仅有1 1次次37%37%n nSize of awards10%81%+of salary奖励规模奖励规模-工资的工资的10%-81%+10%-81%+工资工资Description of Restricted Stock受限受限股票股
32、票n nLength of restriction period限制期限制期n nCliff vesting most common;average 4 yearsCliff vesting most common;average 4 years一次付清是一次付清是最最普遍的：普遍的：平均为平均为4 4年年n nIncremental vesting;25 yearsIncremental vesting;25 years可延长等候期的受限股：可延长等候期的受限股：2 2 5 5年年n nDividends typically paid during restriction period在股票
33、受限期内仍享有红利在股票受限期内仍享有红利n nTermination of employment雇佣关系终止雇佣关系终止雇佣关系终止雇佣关系终止n nDeath/disability/retirementfull vestingDeath/disability/retirementfull vesting死亡死亡/丧失劳动能力丧失劳动能力/退休退休-全部按等候期规定全部按等候期规定进行进行n nOther terminationscomplete forfeitureOther terminationscomplete forfeiture其它其它原因原因-全部没收全部没收Key Trend
34、s主要趋势主要趋势n nAmong Fortune 100 Companies:财富财富财富财富100100100100强企业之中强企业之中强企业之中强企业之中:n nLong-term incentive economic values have Long-term incentive economic values have grown about 20%per year over the last 10 grown about 20%per year over the last 10 yearsyears在过去在过去1010年中，长期激励价值以每年年中，长期激励价值以每年20%20%的速
35、度递的速度递增增n nMore emphasis on stock options;clearly More emphasis on stock options;clearly largest single piece of total compensation pielargest single piece of total compensation pie更注重股票期权更注重股票期权;占全面薪酬的绝大部分占全面薪酬的绝大部分n nTop Corporate Officers1999高级管理人员高级管理人员高级管理人员高级管理人员 -1999-1999-1999-1999Key Trends
36、主要趋势主要趋势n nMost companies offer multiple long-term vehicles更多公司提供多种长期激励计划更多公司提供多种长期激励计划更多公司提供多种长期激励计划更多公司提供多种长期激励计划n nNumber of plans varies by sales size:Number of plans varies by sales size:方案数量按销售规模而定方案数量按销售规模而定:n nThe most common combination is stock option awards in combination with performance
37、-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股票期权奖励同以绩效为基础的奖励或限制股股票期权奖励同以绩效为基础的奖励或限制股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票奖励相结合是最佳的组合方式票奖励相结合是最佳的组合方式票奖励相结合是最佳的组合方式Key Trends主要趋势主要趋势n nDilution issues股权稀释问题股权稀释问题股权稀释问题股权稀释问题n nGrowth in use of stock options and other share-Growth in
38、use of stock options and other share-based plans has resulted in big dilution levelsbased plans has resulted in big dilution levels股票期权和其他以股票为基础的计划的广泛应用导致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了股权稀释度增加n n10%12%“10%12%“overhang”overhang”1 1 is now typical is now typical10%10%12%12%的的 “剩余股票率剩余股票率”1 1 如今十分普遍如今
39、十分普遍n nMany companies are approaching 20%overhangMany companies are approaching 20%overhang很多公司采用很多公司采用20%20%的的“剩余股票率剩余股票率”的做法的做法n nBoards are challenging these dilution levels Boards are challenging these dilution levels asking,“How much does it take to instill a asking,“How much does it take to in
40、still a shareholder value orientation?”shareholder value orientation?”董事会对稀释问题提出质疑：董事会对稀释问题提出质疑：“到底需要多少到底需要多少才能灌输股东价值导向？才能灌输股东价值导向？n nManagement is struggling to address competitive Management is struggling to address competitive pay needs with levels of share usagepay needs with levels of share usa
41、ge管理层试图用股票占有层次来阐述具有竞争性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的工资的需求1 1 OverhangOverhang=Outstanding unexercised options+shares reserved Outstanding unexercised options+shares reserved for future grantfor future grant Shares Shares outstandingoutstanding1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n nCompensation objectives薪酬目标：薪酬目标：薪酬目标：薪酬目标：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n nImpact on executives:对高级管理人员的影响对高级管理人员的影响对高级管理人员的影响对高级管理人员的影响:祝 大 家 未来路上一帆风顺！