以股权为基础的薪酬制度

发布时间：2021-06-08

股权设置,股权薪酬方法

wEquity-based Pay 以股权为基础的薪酬制度

H 翰威特

股权设置,股权薪酬方法

What Do We Mean by “Equity-Based” Pay? 什么是“以股权为基础”的薪酬制度?

Any 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

The basic payout opportunity works as follows: 最基本的支付形式如下图所示:Gain upon maturation of award 奖励到期时的利得

w16 14 12 10 8 6 4 2 0

Date of Grant 授予时间

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Date of Exercise 工龄

股权设置,股权薪酬方法

The Entire Pay Picture 整体薪酬图

The Big Picture 总体图Total Compensation 全面薪酬

Perquisites 特殊待遇 Qualified and Supplemental Benefits 应有福利和补充福利 Long-Term Incentives (Options, etc.) 长期奖励计划 (期权, 等等) Annual Bonus 年度奖金 Base Salary 基本工资

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Hewitt Associat es

B0 4 81 2 /0 6jp ECTS o h .P P T/01 -C -02 4 06 /2 0 00

股权设置,股权薪酬方法

The Entire Pay Picture 整体薪酬图

1990-1999 Key Trends in the U.S.Top Corporate Officers21991Perquisites 3% Base Salary 33%Perquisites 2% Benefits 11%

1995Base Salary 33%

Benefits 9%

Long-Term Incentives 28%

Bonus 27%B en efits 10%

1999P erq u isites 2%

Long-Term Incentives 27%

Bonus 27%

B ase S alary 28%

L o n g -T erm In cen tiv es 39% Bonus 21%

1 2

Average Revenues $2B/Median Revenues $2B Average of CEO, CFO, and Law7B04812/06jpECTSoh.PPT/01-C-024 06/2000

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He witt Associates

股权设置,股权薪酬方法

The Entire Pay Picture 整体薪酬图

1990-1999 年的美国主趋势企业高级行政长官21991

1995特殊待遇 2%基本工资 33%

特殊待遇 3% 福利 9%

基本工资 33%

福利 11%

奖金计划 28% 奖金 27%

1999福利 10% 特殊待遇 2%

长期奖金计划 27%

奖金 27%

基本工资 28%

长期奖金计划 39% 奖金 21%1 2

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平均收入 $2B /中位收入 $2B C EO, CFO 的平均数7B04812/06jpE CT Soh.PP T/01- C- 024 06/2000

Hewi tt Asso ci at es

股权设置,股权薪酬方法

Trend Toward Greater Equity Participation for Employees 员工持股已成为全球的趋势

Increasing 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

— 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3,000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

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股权设置,股权薪酬方法

Why Consider Equity-based Pay? 为什么考虑以股权为基

础薪酬制度？

Alignment of shareholders and employees’ incentive opportunities统一股东和员工的奖励机会

Forges 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

Motivate broad group of employees to work toward common goal—inspires teamwork鼓励广大员工向共同的目标前进 - 鼓励团队协作精神

Incentive payouts are a ―win-win‖ situation—payments 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

Minimizes 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

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股权设置,股权薪酬方法

Financial Reasons for Providing Equity-based Pay 提供以股权为基础薪酬形式的财务因素

Study 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 2.6 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 that 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8

H 翰威特

股权设置,股权薪酬方法

Financial Reasons for Providing Equity-based Pay 提供以股权为基础薪酬形式的财务因素

Joseph Blasi 1996 study:Joseph Blasi1996年调查指出:

Significantly higher growth in 10-year average financial performance where employees own more than 5% market value— Not true where stock concentrated among top 5 officers

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

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

American 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 1992

–1995: 80.19% versus 48.69% for the Dow and 44.87% for S&P 500

在1992-1995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，道琼斯指数为80.19%:48.69%,S&P500指数为80.19%:44.87%。

H 翰威特

股权设置,股权薪酬方法

Financial Reasons for Providing Equity-based Pay 提供以股权为基础薪酬形式的财务因素

According to Fortune Magazine’s 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 implemented 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; and42%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

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股权设置,股权薪酬方法

wLong-term Incentive Plan Design 设计长期奖励计划

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股权设置,股权薪酬方法

Overview 概况

What are long-term incentives?什么是长期奖励?

— “Variable compensation earned over a period of more than 12 months‖ 12个月以上的可变薪酬

Historically, 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) 股票增值权(“股票增值权”)(大约在1973年)— Performance plans (circa 1975) 绩效计划(大约在1975年)

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股权设置,股权薪酬方法

Overview 概况

Restricted stock (circa 1983) 受限股票(大约在1983年)

Who 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，股票期权)或者只限于主管(例如，绩效股份)

Almost 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

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股权设置,股权薪酬方法

Prevalence 普遍性/相关值

Almost 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

Prevalence:普遍性:

NQSOs 非资格评定的股票期权 ISOs 奖励股票期权 SARs 股票增值权 Performance Units 绩效单位 Performance Shares 绩效股票 Restricted Stock 受限股票 Phantom Stock 虚拟股票 0%4% 10% 12% 28% 55%

79% 76%

45% 22% 32% 26% 15% 44% 36%

10% 20% 30% 40% 50% 60% 70% 80% 90% 1989 Prevalence14

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1999 Prevalence

股权设置,股权薪酬方法

Description of Stock Options 股票期权

NQSOs

非资格评定的股票期权

— Stock option—right 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$80Capital gain at d

ate of sale 出售时的资本利得 Ordinary Income at Date of Exercise 行权时的一般收入

wPurchase price 购买价格$40

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$0 Date of grant

Date of exercise

Date of sale

授予日

行权日15

出售日

股权设置,股权薪酬方法

Description of Stock Options 股票期权

Eligibility levels资格水平

— Average (percentage of exempt) 平均(专业水平的百分比)

21.0% 21.0% 9.6% 9.6%

— Median (percentage of exempt) 中位(专业水平的百分比)

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股权设置,股权薪酬方法

Description of Stock Options 股票期权

Many 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 million 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)

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股权设置,股权薪酬方法

Description of Stock Options 股票期权

Grant frequency授予频率

— Annual 每年— Other 其它

89% 89%11% 11%

Maximum exercise period: 91%—10 years最长行权期限: 91%—10年年度奖励规模

Annualized size of awards— 90%–699% + of salary工资的90%–699%

— Calculated as:

按如下公式计算:

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Fair market value price × number of options/frequency Base salary18

市场公平价值×所持股票的数目/频率基本工资

股权设置,股权薪酬方法

Description of Stock Options 股票期权

Vesting等候期— Uniform percent per year (每年)按比例 64% 64% 33%

25%

33.3% 50% 20% or less

45%9% 13%

— Other restrictions/performance vesting 其它受限股票和绩效股票的等候— Cliff vesting 一次付清期

3% 3%22% 22%

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股权设置,股权薪酬方法

Description of Restricted Stock 受限股票

Stock 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股票的所有权是“受限的”

— Ownership of stock subject to ―restrictions‖ Stock usually ―vests‖ upon continued employment for certain period (typically 3–5 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

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股权设置,股权薪酬方法

Description of Restricted Stock 受限股票

Restricted Stock 受限股票$80

Capital gain at date of sale 出售时的资本利得

w$40Ordinary income at date restrictions lapse 限制解除日时的一般收入

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$0 Date of grant 授予日

Date restrictions Lapse 限制解除日21

Date of sale 转让日

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