1wH翰威特Equity-basedPay以股权为基础的薪酬制度2wH翰威特DateofGrant授予时间DateofExercise工龄0246810121416Gainuponmaturationofaward奖励到期时的利得WhatDoWeMeanby“Equity-Based”Pay?什么是“以股权为基础”的薪酬制度?Anyformofpayarrangementalignedwith,orpayingoutin,stock任何以股票形式支付或与股票相关联的薪酬形式Thebasicpayoutopportunityworksasfollows:最基本的支付形式如下图所示:3wH翰威特7B04812/06jpECTSoh.PPT/01-C-02406/2000HewittAssociatesTheBigPicture总体图Perquisites特殊待遇QualifiedandSupplementalBenefits应有福利和补充福利Long-TermIncentives(Options,etc.)长期奖励计划(期权,等等)AnnualBonus年度奖金BaseSalary基本工资TotalCompensation全面薪酬TheEntirePayPicture整体薪酬图4wH翰威特7B04812/06jpECTSoh.PPT/01-C-02406/2000HewittAssociates1990-1999KeyTrendsintheU.S.1TopCorporateOfficers22AverageofCEO,CFO,andLaw1991BaseSalary33%Bonus27%Long-TermIncentives28%Benefits9%Perquisites3%1995BaseSalary33%Bonus27%Long-TermIncentives27%Benefits11%Perquisites2%1999BaseSalary28%Long-TermIncentives39%Benefits10%Perquisites2%Bonus21%1AverageRevenues$2B/MedianRevenues$2BTheEntirePayPicture整体薪酬图5wH翰威特TheEntirePayPicture整体薪酬图7B04812/06jpECTSoh.PPT/01-C-02406/2000HewittAssociates1990-1999年的美国主趋势1企业高级行政长官22CEO,CFO的平均数1991基本工资33%奖金27%奖金计划28%福利9%特殊待遇3%1995基本工资33%奖金27%长期奖金计划27%福利11%特殊待遇2%1999基本工资28%长期奖金计划39%福利10%特殊待遇2%奖金21%1平均收入$2B/中位收入$2B6wH翰威特TrendTowardGreaterEquityParticipationforEmployees员工持股已成为全球的趋势Increasingnumberofcompanieshaveembracedbroad-basedemployeeownership越来越多的公司实施了广泛的员工持股计划—Nonmanagementemployeescollectivelyownbetween6%and10%oftotalcorporateequity非管理层员工总计持有公司全部股票的6%到10%—Estimated3,000companieshaveinstitutedbroad-basedoptionplanssince1989从1989年开始,大约3,000家公司实施了广泛的员工持股计划—Sharessetasideforoptionsatallpubliccompaniesvaluedat$600Bcomparedwith$60Bin1985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%oflargeU.S.employersgivestockoptionstoatleasthalfoftheirworkforce41%的美国大型企业向一半以上的员工授予股票期权7wH翰威特WhyConsiderEquity-basedPay?为什么考虑以股权为基础薪酬制度?Alignmentofshareholdersandemployees’incentiveopportunities统一股东和员工的奖励机会Forgestighterbondbetweenexecutivesandotheremployees,asallcanbeputonacommonincentiveplatform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Motivatebroadgroupofemployeestoworktowardcommongoal—inspiresteamwork鼓励广大员工向共同的目标前进-鼓励团队协作精神Incentivepayoutsarea“win-win”situation—paymentsoccurindirectrelationtocompanyperformance激励机制处于“双赢”状况-报酬与企业业绩直接挂钩Minimizescashoutflow,aspaymentsaremadeinequity由于实施了股权薪酬制度,可以最大限度地减少现金支付8wH翰威特FinancialReasonsforProvidingEquity-basedPay提供以股权为基础薪酬形式的财务因素StudybyHewittAssociatesandtheJ.L.KelloggGraduateSchoolofManagement(NorthwesternUniversity)(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):—CompaniesthatinstitutedemployeeownershipprogramsexperiencedanaverageannualReturnOnAssetsof2.6percentagepointsgreaterthanindustryaverageseachyearofthe4-yearstudyperiod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—CumulativeTotalShareholderReturnover4yearsalso6.9percentagepointsgreaterthancomparisongroupaverages四年中股东回报率要比其他公司高出6.9个百分点—82%ofcompaniesreportedthatownershipprogramhadasignificantpositiveimpactonbusinessresults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—Significantcorrelationbetweencompaniesreportingpositiveimpactandeffectivesharinganduseofbusinessinformation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9wH翰威特FinancialReasonsforProvidingEquity-basedPay提供以股权为基础薪酬形式的财务因素JosephBlasi1996study:JosephBlasi1996年调查指出:Significantlyhighergrowthin10-yearaveragefinancialperformancewhereemployeesownmorethan5%marketvalue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—Nottruewherestockconcentratedamongtop5officers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AmericanCapitalStrategies:美国的资本战略:—Stockpriceindexofpubliccompanieswithatleast10%employeeownershipoutperformedbroad-basedstockindices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—In1992–1995:80.19%versus48.69%fortheDowand44.87%forS&P500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%。10wH翰威特FinancialReasonsforProvidingEquity-basedPay提供以股权为基础薪酬形式的财务因素AccordingtoFortuneMagazine’s100BestCompaniessurvey,ofthosecompaniesthatarepubliclytraded《财富杂志》对世界前100名上市交易公司的调查表明:—60%haveimplementedbroad-basedstockoptionplans;60%的企业已经实施了广泛的股票期权计划—42%offeroptionstoeveryemployee;and42%为所有员工提供股票期权—80%ofemployeesatthesecompaniesowncompanystock这些公司约有80%的员工拥有公司的股票11wH翰威特Long-termIncentivePlanDesign设计长期奖励计划12wH翰威特Overview概况Whatarelong-termincentives?什么是长期奖励?—“Variablecompensationearnedoveraperiodofmorethan12months”12个月以上的可变薪酬Historically,theyhavetakenmanyforms:曾在历史上表现出的形式:—Nonqualifiedstockoptions(“NQSOs”)非资格评定的股票期权(“NQSOs”)—Incentivestockoptions(“ISOs”)(circa1982)激励性的股票期权(“ISOs”)(大约在1982年)—Stockappreciationrights(“SARs”)(circa1973)股票增值权(“股票增值权”)(大约在1973年)—Performanceplans(circa1975)绩效计划(大约在1975年)13wH翰威特Overview概况Restrictedstock(circa1983)受限股票(大约在1983年)Whogetsit?什么人得到这种奖励呢?—Couldbeasbroadasannualincentivesandbeyond(e.g.,stockoptions)orlimitedtojustofficers(e.g.,performanceshares/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)Almostallmajorindustrialshavesomelong-termincentiveplan几乎在所有的主要产业中,都实行了长期奖励计划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%PhantomStock虚拟股票RestrictedStock受限股票PerformanceShares