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Equity-based Pay
以股权为基础的薪酬制度
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Date of Grant
授予时间
Date of Exercise
工龄
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Gain upon maturation of
award
奖励到期时的利得
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:
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The Entire Pay Picture
整体薪酬图
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The Entire Pay Picture
整体薪酬图
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The Entire Pay Picture
整体薪酬图
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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 . 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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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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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 . Kellogg Graduate School of Management
(Northwestern University) (1998):
翰威特公司和西北大学. 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
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
业平均水平高出个百分点
— Cumulative Total Shareholder Return over 4 years also percentage points
greater than comparison group averages
四年中股东回报率要比其他公司高出个百分点
— 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
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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
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
— Not true where stock concentrated among top 5 officers
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: % versus % for the Dow and % 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%:%，S&P500指数为%:%。
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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; and
42%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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Long-term Incentive Plan Design
设计长期奖励计划
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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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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 (., stock options) or limited to
just officers (., 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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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:
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Ordinary Income
at Date of Exercise
行权时的一般收入
Purchase price
购买价格
Capital gain
at date of sale
出售时的资本利得
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
授予日 行权日 出售日
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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) %
— Median (percentage of exempt) %
中位(专业水平的百分比) %
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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 . employees have received stock
options (up from 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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Description of Stock Options
股票期权
Grant frequency
授予频率
— Annual 89%
每年 89%
— Other 11%
其它 11%
Maximum exercise period: 91%—10 years
最长行权期限: 91%—10年
Annualized size of awards
年度奖励规模
— 90%–699% + of salary
工资的90%–699%
— Calculated as:
按如下公式计算:
Fair market value price × number of options/frequency
Base salary
市场公平价值×所持股票的数目/频率
基本工资
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Description of Stock Options
股票期权
Vesting
等候期
— Uniform percent per year 64%
(每年)按比例 64%
25% 33%
%45%
50% 9%
20% or less 13%
— Other restrictions/performance vesting 3%
其它受限股票和绩效股票的等候 3%
— Cliff vesting 22%
一次付清期 22%
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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
— Ownership of stock subject to “restrictions”
股票的所有权是“受限的”
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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Ordinary income at
date restrictions lapse
Capital gain at date of sale
Description of Restricted Stock
受限股票
Restricted Stock
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
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Description of Restricted Stock
受限股票
Eligibility
适用对象
— Average (percentage of exempt)%
平均(专业水平的百分比) %
— Median (percentage of exempt) %
中位(专业水平的百分比) %
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Description of Restricted Stock
受限股票
Grant frequency
授予频率
— Annual 27%
每年 27%
— 3–5 years 5%
3-5年 5%
— 1 time only 37%
仅有1次 37%
Size of awards—10%–81% + of salary
奖励规模 - 工资的10%-81%+工资
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Description of Restricted Stock
受限股票
Length of restriction period
限制期
— Cliff vesting most common; average 4 years
一次付清是最普遍的：平均为4年
— Incremental vesting; 2–5 years
可延长等候期的受限股：2–5年
Dividends typically paid during restriction period
在股票受限期内仍享有红利
Termination of employment
雇佣关系终止
— Death/disability/retirement—full vesting
死亡/丧失劳动能力/退休 - 全部按等候期规定进行
— Other terminations—complete forfeiture
其它原因 - 全部没收
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Key Trends
主要趋势
Among Fortune 100 Companies:
《财富》100强企业之中:
— Long-term incentive economic values have grown about 20% per year over the last 10
years
在过去10年中，长期激励价值以每年20%的速度递增
— More emphasis on stock options; clearly largest single piece of total compensation pie
更注重股票期权; 占全面薪酬的绝大部分
Top Corporate Officers—1999
高级管理人员 - 1999
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Key Trends
主要趋势
Most companies offer multiple long-term vehicles
更多公司提供多种长期激励计划
— Number of plans varies by sales size:
方案数量按销售规模而定:
The most common combination is stock option awards in combination with
performance-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票奖励相结合是最佳的组合方式
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Key Trends
主要趋势
Dilution issues
股权稀释问题
— Growth in use of stock options and other share-based 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了股权稀释度增加
— 10%–12% “overhang” 1 is now typical
10%–12%的 “剩余股票率”1 如今十分普遍
— Many companies are approaching 20% overhang
很多公司采用20%的“剩余股票率”的做法
— Boards are challenging these dilution levels asking, “How much does it take to
instill a shareholder value orientation?”
董事会对稀释问题提出质疑：“到底需要多少才能灌输股东价值导向？
— Management is struggling to address competitive pay needs with levels of share
usage
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
1 Overhang = Outstanding unexercised options + shares reserved for future grant
Shares outstanding
1
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
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Long-term Incentive Considerations
长期奖励计划需要考虑的因素
Compensation objectives
薪酬目标：
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Long-term Incentive Considerations
长期奖励计划需要考虑的因素
Impact on executives:
对高级管理人员的影响:
