激勵模式

　　“水不激不揚，人不激不奮” 是我國古代典型的激勵思想。中國古代在激勵方面有頗多論述和實踐，主要表現在以下幾個方面。

“Water is not hot, people are not hot” is an inspirational idea that is typical of my country’s ancient times. China’s ancient history is rich in the discourse and practice of encouragement, mainly in the following areas.

　　1.情感激勵。

1. .

　　人具有豐富複雜的情感世界，感情因素對人的工作積極性和創造性有很大的影響。 “士為知己者死”就是最典型的例證；劉備三顧茅廬，也是用那份真誠感動了諸葛亮，諸葛亮感激涕零，用了一生的精力和智慧來報答劉備。這些典故都表達了通過感情溝通，以心交心增強歸屬心理、激勵下屬的思想。

Human beings have a complex emotional world in which emotional factors have a great impact on their /a> and their creativity. “The death of the confidant” is the most typical example; and the , with appreciation for the alts and the use of the energy and wisdom of the entire life, have been used to respond to statements.

　　2.表率激勵。

2. .

　　榜樣的力量是無窮的，在我國古代十分推崇領導的榜樣作用。孔子指出：管理者“其身正，不令而行；其身不正，雖墨子提出榮譽激勵令不從。”管理者個人的舉止行 動其實就是下屬模仿的對象，是無聲的命令；“大禹治水三過家門而不入”的故事以及“身先士卒”的成語都說明瞭表率作用的重要意義。

The power of the example is inexorable, and in our country's ancient history the role of the leader is highly respected. Confucius points out that the manager “is right, he does not do it; he is not right, though ink offers an incentive to honour.” The personal behavior of the manager is an imitating and silent order; the story of the “thirteen-way water” and the words “the vanguard” speak for the importance of the role of example.

　　3.獎懲激勵。

3. .

　　獎與懲共同構成對人的雙向激勵，兩者不應偏廢。古人認為要以獎為主，以罰為輔，加強正面激勵。眾所周知的“重賞之下，必有勇夫”就是獎賞激勵的最好說明；韓非也指出:“明君之行賞也,暖乎如時雨,百姓利其澤;其行罰也,畏乎如雷霆,神聖不能解也。故明君無偷賞,無赦罰。偷賞,則功臣墮其業; 赦罰,則姦臣易為非。”只有做到恩威並施，賞罰分明，才能達到鼓勵先進，鞭策後進的真正效果。

The prizes and punishments have been set together as a two-way incentive for each other. The ancients believe that the prizes should be the main one, with punishment as a punishment, and that the positive incentives should be strengthened. The known “rewards” must be the best illustration of the incentive; Han Fei also states: “The reward of the King is warm and the people benefit from the rain, and the punishment of the Lord, fearing the thunder, the Holy One cannot be solved. Therefore, the King has no reward, and there is no impunity.

　　4.榮譽激勵。

4. .

　　榮譽可滿足人的自尊需要，從而激發人們的鬥志和工作積極性。墨子早就提出榮譽激勵：“諸守柞格者三出卻適，守以令召賜食前，予大旗。署百戶邑，著他人財物，建其旗署，令皆明白知之，日某之旗.”對於有功士兵，給予物質獎勵，還以他的名字命名一面大旗，立於各營之中，使他在全軍享有很高的名聲和榮譽。

Honours satisfy the self-esteem of people and inspire their fighting and work. Ink has long proposed : : 激勵理論，比如目標激勵，孫子指出“上下同欲者勝”，將帥和士兵要確定同樣的目標，心往一處想，勁往一處使，這樣才能取得勝利；孫子對物質激勵也很重視，指出:“故車戰得車十乘已上，賞其先得者”，賞賜率先殺敵，取得敵人戰車計程車兵。此外，還有公平激勵、勞酬相符激勵、考核激勵、法理激勵等。

stimulating theory such as http://www.://.int.int.int.int.Ew2%Ew.http.http.http.http.int.int.int.int.int.int.int.int.int.int.int.int.int.int.int.http.int.int.f.....f.f.......f..............f.f.f..f.

　　一、目標激勵

　　行為學家認為：人的動機多起源於人的需求欲望，一種沒有得到滿足的需求是激發動機的起點，也是引起行為的關鍵。因為未得到滿足的需求會造成個人的內心緊張，從而導致個人採取某種行為來滿足需求以解除或減輕其緊張程度。

Activists argue that human motivation stems from the desire for human needs, and that a demand that is not satisfied is the starting point of the motivation and the key to action. Because unmet demand causes personal nervousness, it leads individuals to take action to satisfy demand in order to relieve or reduce it.

　　目標激勵就是把企業的需求轉化為員工的需求。為瞭解除這一需求給他帶來的緊張，他會更加努力地工作。在員工取得階段性成果的時候，管理者還應當把成果反饋給員工。反饋可以使員工知道自己的努力水平是否足夠，是否需要更加努力，從而有助他們在完成階段性目標之後進一步提高他們的目標。

The goal is to encourage businesses to turn their needs into the needs of their employees. In order to understand the tension that this demand has created for him, he will work harder. When employees have achieved a stage-by-stage sexual outcome, managers should also turn their results back to their employees. The opposite will enable them to know whether their level of effort is sufficient and whether they need to do more to help them raise their goals further after the stage-by-stage goal is achieved.

　　運用目標激勵必須註意三點：

The use of the target to inspire the need to focus on three points:

　　一是目標設置必須符合激勵對象的需要。即要把激勵對象的工作成就同其正當的獲得期望掛起鉤來，使激勵對象表現出積極的目的性行為。

One is that to match the need to stimulate the needs of the individual. That is, to tie the achievement of the work that inspires the person to his or her rightful expectations and to inspire the aggressive and purposeful behaviour of the person.

　　二是提出的目標一定要明確。比如：“本月銷售收入要比上月有所增長”這樣的目標就不如“本月銷售收入要比上月增長10%”這樣的目標更有激勵作用。

Second, the goal has to be clear. For example, “This month's sales revenue has increased more than last month” is less encouraging than the goal of sales revenue has increased by 10% over the previous month.

　　三是設置的目標既要切實可行，又具有挑戰性。目標難度太大，讓人可望不可即；目標過低，影響人們的期望值，難以催人奮進。無論目標客觀上是否可以達到，只要員工主觀認為目標不可達到，他們努力的程度就會降低。目標設定應當像樹上的蘋果那樣，站在地下摘不到，但只要跳起來就能摘到。正確的做法應將長遠目標分解為階段目標。

Third, the goal should be both realistic and challenging. The goal is too difficult to expect; it is too low; it affects people’s expectations; and it is difficult to inspire. Whether or not the objective can be achieved, as long as the workers see it as impossible, their efforts will be reduced. Target settings should be as low as apples on trees, but not as long as they jump. The right approach should be long as .

　　二、物質激勵

　　所謂物質激勵，就是從滿足人的物質需要出發，對物質利益關係進行調節，從而激發人的向上動機並控制其行為的趨向。物質激勵多以加薪、減薪、獎金、罰款等形式出現，在目前社會經濟條件下，物質激勵是激勵不可或缺的重要手段，它對強化按勞取酬的分配原則和調動員工的勞動熱情有很大的作用。

So-called material encouragement, which begins with satisfying the physical needs of the human person, regulates the material interest relationship, stimulates the person's upward motivation and controls its behaviour. Material stimulation is an essential tool for stimulating increases, pay cuts, , under the current socio-economic conditions, and it has a significant impact on the consolidation of the distribution of wages and on the motivation of workers.

　　三、情感激勵

　　情感激勵既不是以物質利益為誘導，也不是以精神理想為刺激，而是指領導者與被領導者之間的以感情聯繫為手段的激勵方式。每一個人都需要關懷與體貼，一句親切的問候，一番安慰話語，都可成為激勵人們行為的動力。

Incentives are neither induced by material interests nor inspired by spiritual ideals, but rather and 負激勵

　　根據美國心理學家斯金納的激勵強化理論，可以把激勵行為分為正激勵與負激勵，也就是我們通常所說的獎懲激勵。所謂正激勵就是對個體的符合組織目標的期望行為進行獎勵，以使這種行為更多地出現，提高個體的積極性。所渭負激勵就是對個體的違背組織目標的非期望行為進行懲罰，以使這種行為不再發生，使個體積極性朝正確的目標方向轉移。

According to , American psychologist Skinner encourages the theory

　　在組織工作中，正激勵與負激勵都是必要而有效的，因為這兩種方式的激勵效果不僅會直接作用於個人，而且會間接地影響周圍的個體與群體。通過樹立正面的榜樣和反面的典型，扶正祛邪，形成一種良好的風範，就會產生無形的正面行為規範，比枯燥的教條和規定更直觀、更具體、更明確，能夠使整個群體的行為導向更積極，更富有生氣。

In , both incentives and disincentives are necessary and effective, since the motivation of these two ways will not only directly affect individuals, but will affect the surrounding bodies and . By example of a positive pattern and negative side, it will not only be personal, but it will create a good wind, and it will lead to an impregnable positive movement, more radicalistic, more radical, more radical, more radical, more radical, more radical, more radical, more radical, more radical, more radical, more radical, more radical, and more radical in the entire community.

　　五、差別激勵

　　人的需求包括：生理需求、安全需求、社會需求、尊重需求和自我實現需求等若幹層次。當一種需求得到滿足之後，員工就會轉向其他需求。由於每個員工的需求各不相同，對某個人有效的獎勵措施可能對其他人就沒有效果。管理者應當針對員工的差異對他們進行個別化的獎勵。比如：有的員工可能更希望得到更高的工資，而另一些人也許並不在乎工資，而希望有自由的休假時間。又比如：對一些工資高的員工，增加工資的吸引力可能不如授予他“Ａ級業務員”的頭銜吸引力大，因為這樣可以使他覺得自己享有地位和受到尊重。每個人都有自己的性格特質。員工的個性各不相同，他們從事的工作也應當有所區別。與員工個性相匹配的工作才能讓員工感到滿意、舒適。

People’s needs include: physical needs, security needs, social needs, respect for needs and self-realization needs. When one needs is satisfied, employees turn to other needs. Given the different needs of each worker, effective incentives for one individual may not be effective for others. Managers should give them a differentiated reward for the differences between employees. For example, some employees may prefer higher wages, while others may not care about their wages and wish to have free vacations.

　　六、公平激勵

　　公平激勵源出於美國心理學家亞當斯的公平理論。這種理論認為：下屬的工作動機和積極性不僅受自己絕對報酬的影響，更重要的還受相對報酬的影響。下屬總會把自己的貢獻和報酬與一個和自己相等條件的人的貢獻和報酬相比較。當這種比值相等時，就會有公平感，就心情舒暢，積極性高漲；反之，就會導致不滿，產生怨氣和牢騷，甚至出現消極怠工的行為。

Fair motivation stems from the American psychologist Adams's fair theory that and "positiveness" are not only affected by their absolute pay, but also, more importantly, by their relative pay. The lower president will compare his or her contribution and payment with that of a person with his or her own terms.

　　運用公平激勵，要做到努力滿足激勵對象的公平意識和公平要求。在現實社會中，不公平的現象較多。例如：由於地區、行業、單位、個人等條件的不同，加之制度和政策上的某些弊端，造成了人們在報酬上的較大差異，並因此引發了一些矛盾。

Using equity incentives, efforts are made to satisfy the requirements of equity and fairness. In a real society, there are more situations of inequality. For example, differences in terms of location, profession, unit, individuality, etc., coupled with institutional and policy disadvantages, cause large differences in people’s pay and, as a result, give rise to contradictions.

　　公平激勵，就應積極減少和消除不公平現象，但正確的做法不是搞絕對平均主義，而是領導者要做到公平處事、公平待人，不搞好惡論人，親者厚、疏者薄。如對激勵對象的分配、晉級、獎勵、使用等方面，要力爭做到公正合理，人人心情舒暢。

Equity inspires a radical reduction and elimination of unfairness, but the right thing to do is not to have absolute alimentism, but rather to have the leaders do justice, treat people fairly, do no harm, have a thick and dissipation. For example, in the distribution, promotion, reward, use, etc., it is just and fair and everyone is in a good mood.

　　七、信任激勵

　　信任激勵就是領導者要充分相信下屬，放手讓其在職權範圍內獨立地處理問題，使其有職有權，創造性地做好工作。古人說“疑則勿任，任則勿疑”。現代領導活動中的用人不疑，更是重要用人原則。

The incentive for trust is for leaders to have full confidence in their subordinates and to let them deal with their problems independently, within their sphere of authority, so that they are empowered and creatively able to do their jobs. The ancients say, “No, no, no, no.”

　　應用信任激勵，要註意三點：

Use trust to inspire three things:

　　一是用人不疑的對象必須是德才兼備，在工作上能放心放手的人才。對那種投機鑽營的“姦臣”和平庸無能的“草包”，決不可輕信重用，否則貽誤大業。

The first is a man who must be both a moral and a professional person, and who can let go of his job. A peaceful and incompetent “seditor” must not be used with much faith or misled.

　　二是切忌輕信閑言碎語。現實社會上，有愛才薦才之士，也有妒才、誣才之徒。領導者一定要頭腦清醒，是非分明，以免影響人才的智慧和創造性發揮。

In reality, there are those who recommend love, and those who are jealous and pious. The leaders must be sober and clear, so that they do not affect the intelligence and creativity of the human being.

　　三是授以權職之後，必須讓其放手工作，不要橫加干涉，否則就談不上真正的信賴和授權。這樣，才能讓被任用者產生最佳心理，以激勵他們充分發揮主觀能動作用。

Third, when a mandate is granted, it must be allowed to work without interference, or there can be no real trust or authority. In this way, the appointee will be given the best psychological incentive to fully exercise his or her vision.

　　八、心智激勵

　　哈佛大學維廉·詹姆士研究表明：在沒有激勵措施下，下屬一般僅能發揮工作能力的20%～30%，而當他受到激勵後，其工作能力可以提升到80%～90%，所發揮的作用相當於激勵前的3到4倍。日本豐田公司採取激勵措施鼓勵員工提建議，結果僅1983年一年，員工提了165萬條建議，平均每人31條，它為公司帶來900億日元利潤，相當於當年總利潤的18%。

Harvard UniversityVillian James: 創造力的開發，激勵心與激勵智要結合起來。

This kind of stimuli can bring intellectual, intellectual and creative development of , and stimulate and stimulate creativity.

　　中國上市公司的激勵模式多種多樣，但多採用業績股票模式。這種只和工作業績掛鉤，不涉及股價的激勵方式，和沒有上市的創業企業是一樣，是處在“做利潤 ”階段，而不是“做市值”階段。這說明，中國上市公司的經營者並不是在“真正為廣大流通股股東創造市場增值”的目標下，通過經營業績和股市價值的相關性為社會創造財富，從而為自己創造財富。

The incentive model for listed companies in China is diverse. The incentive model does not involve ; it does not involve

　　一、業績股票:廣泛使用的激勵模式

i, : Widely used incentive model

　　業績股票在中國上市公司股權激勵機制中占較大的比例，是目前被採用最廣泛的一種激勵模式。

The larger share of performance shares in the stock incentive system of the Chinese listed company is the most widely used incentive model.

　　業績股票（也可稱為業績股權），是指公司根據被激勵者業績水平，以普通股作為長期激勵形式支付給經營者。通常是公司在年初確定業績目標，如果激勵對象在年末達到預定目標，則公司授予其一定數量的股票或提取一定的獎勵基金購買公司股票。

Performance shares (also referred to as performance shares) are paid to managers as long-term incentives by companies based on their motivational performance levels at . Companies usually determine their performance targets at the beginning of the year, and if they encourage the image to reach the target at the end of the year, they award a certain amount of

　　在業績股票激勵模式中，很多公司以凈資產收益率（Return On Equity,ROE）作為考核標準。在這種模式中，公司和受激勵者通常以書面形式事先約定業績股票獎勵的基線。ROE達到某一標準，公司即按約定實施股票激勵，經營者得到股票；ROE每增加一定比例，公司採用相應比例或累進的形式增加股票激勵數量。

In the merit equity incentive model, many companies use (Return On Equity, ROE) as a benchmark. In this model, companies and stimulaters usually have pre-arranged performances in the form of books .

　　中國A股上市公司中，“佛山照明”（000541）、“福地科技”（000828）、“天藥股份”（600488）的業績股權激勵計劃都是每年提取一定數額的獎勵基金，部分或全部用來購買本公司的股票。

Among China's A-stock listing companies, the performance incentive schemes of “Faushan Light” (000541), “Fukuda Technology” (000828), and “Sky Pharmacy” (600488), all draw a certain amount of incentive funds each year to buy some or all of the company's shares.

　　它們具有以下幾個共同特點：高管人員的年度激勵獎金建立在公司當年的經營業績基礎之上，直接與當年利潤掛鉤，一般與當年公司的凈資產收益率相聯繫；公司每年根據高管的表現,提取一定的獎勵基金；公司獎勵基金的使用是通過按當時的市價從二級市場上購買本公司股票的方式完成，從而繞開了目前《公司法》中有關股票期權的法律障礙；高層管理人員持有的本公司股票在行權時間上均有一定限制；高層管理人員的激勵獎金在一開始就全部或部分轉化為本公司的股票，實際上在股票購買上有一定的強制性。

They have a number of common features: the annual incentive award for senior executives is based on the foundation of the company's business performance for the year, directly linked to the current year's profit margin,

　　但三家公司的業績股票激勵計劃的具體實施方案又各有特點（見附文）。

But each of the three companies' performance incentive programs has specific features (see enclosure).

　　業績股票激勵計劃有利有弊。完全通過公司以前的業績來衡量管理人員的表現，這對行業本身不景氣的公司而言未必合理。畢竟兩者的相關性不大。

The performance incentive scheme has both advantages and disadvantages. The performance of managers is measured entirely through the company's previous performances, which is not necessarily reasonable for companies that do not themselves .

　　按當年公佈年報後規定日期的市價買入股票，在市場有效的情況下，管理者不能因該年公司業績的好壞獲得額外收益，但經營者必須考慮自己今後任職期間公司的發展，因此，該種方式有一定的長期激勵約束效用，且經營者的股票收入必須在離職後才能兌現，也有一定的期權性質。

, in which case the manager cannot obtain out-of-pocket gains for the year >, but the operator must take into account the development of his company in the post-election period.

　　經營者在任職期間必須持有獲獎的股票，一旦公司的業績下降，從而導致股票價格下跌，同樣受到損失，該種方式的懲罰效果比期權更加合理，但是這種方式同時又可能制約在股票期權激勵下經營者勇於承擔風險、大膽創新的意願。

The operator must hold a winning stock during his or her term of office, from stock ownership incentive >.

　　當公司今年業績較好的時候，二級市場股票價格較高，如果提取的獎勵基金數量一定，管理人員獲得的股票獎勵將會較少，這與事先確定行權價格，並可以根據實際情況確定發放數量的股票期權相比，成本較高，且激勵效果會受到削弱。

At a time when the company's performance has improved this year, second-tier market stock prices are higher, and managers will receive less of the equity reward if the number of incentive funds is drawn , compared with the pre-determined , and costs are higher and incentive effects are reduced .

　　實行期權必要條件之一是股價應與公司業績相對稱。公司業績良好，股價相應上升，反之則降，這就需要一個完善合理的資本市場，然而這正是我國當前不具備的。例如去年某家推行股權激勵的上市公司業績上漲了20%-30%，但股價卻跌了50%。在此種情況下可能出現經理人經營雖好、股價卻下降，而一些經營不好的股價反升，直接造成經理人員預期不穩，負擔加重，導致激勵失效。

One of the necessary conditions for a right of tenure is that the share price is matched to the company's performance. The company's performance is good, and the stock price is rising, and the reverse is falling. This requires a sound , but this is precisely what our country does not have. For example, in the last year, one equity-enhanced listed company experienced a 20-30% increase in its performance, but the stock price fell by 50%.

　　以業績為責任基礎的股權激勵模式有其固有的缺陷，如對於激勵對象崗位責任的界定、業績指標的確定具有較大的隨意性，對方案制定的要求較高等。尤其是傳統行業上市公司，較高的激勵成本也決定了激勵對象難以擴大。

There are inherent flaws in the credit-based incentive model, such as the more casual nature of the definition of responsibility for posts, the determination of performance indicators, and the higher requirements for programming. In particular, the higher incentive costs for companies that are listed in the traditional industry also determine that it is difficult to encourage a wider audience.

　　二、股票增值:簡單易行的激勵模式

II,

　　股票增值權（Stock Appreciation Rights, SARs）是公司給予激勵對象一種權利：經營者可以在規定時間內獲得規定數量的股票股價上升所帶來的收益，但不擁有這些股票的所有權，自然也不擁有表決權、配股權。

(合同的具體規定，股票增值權的實現可以是全額兌現，也可以是部分兌現。另外，股票增值權的實施可以是用現金實施，也可以摺合成股票來加以實施，還可以是現金和股票形式的組合。

As specified in the contract, stock value-added rights can be realized in full or in part. Furthermore, equity value-added rights may be applied in combination with or in combination of shares, or in combination of cash and stocks.

　　股票增值權經常在三個條件下使用，第一個是股票薪酬計劃可得股票數額有限，第二個是股票期權或股票贈予導致的股權稀釋太大，第三個是封閉公司，沒有股票給員工。

The equity value-added rights are often used under three conditions, the first being the shares , the second being the shares , and the third being the closed company with no equity workers.

　　“中石化”（600028）和“三毛派神”（000779）均採取了股權增值方案。

(600028) and "tri-Maoist God" (000779).

　　“中石化”2000年向境外發行H股時，預留股份作為股票來源，對高層管理人員採用股票增值權激勵。根據上市時股票價格與行使時股價的差額，將股價上升部分作為獎勵分配給增值權持有人。授予對象是480名在關鍵部門工作的中高級管理人員—包括董監事（不含獨立董事）、總裁、副總裁、財務總監、各事業部負責人、各職能部門負責人和各分、子公司及附屬公司負責人。這次股票增值權數量是2.517億股H股，占總股本的0.3%。具體的行權方法是行權價為H股發行價，即1.61港元，兩年後行權，自行權之日起第三、第四、第五年的行權比例分別為30%、30%和40%，有效期是五年。

. shares as stock source > > > stock value-added rights of senior managers = > >, 480 middle-level managers = 4% Afkít/l%Abl%Eb2 > > > > > > > > >

　　在股票增值權的考核指標上，“中石化”專門設立了關鍵績效指標（KPI）。關鍵效績指標主要包括利潤、回報率和成本降低額等三個方面。增值權持有人必須在考核指標達標後，才能行使權力。因此，股票增值權能否行使，不僅與公司的股價相連，還與個人的業績密切相關。上市公司高級管理層的收入將分成三塊，即工資、業績獎金和股票增值權；後兩部分是浮動的，占到了個人收入的65%至75%。

On the index of stock value-added rights, ;

　　“中石化”股票增值方案很有特點：

The “middle petrochemical” equity value-added programme is special:

　　直接從對外發行的股票留取部分作為獎勵的辦法。這在國內上市公司激勵機制方案中是非常少見的。

This is very rare in the case of domestically listed companies scheme.

　　股票增值模式的激勵幅度比較大，浮動的收入占到了高管人員目標總收入的大部分，業績獎金和股票期權占到了潛在薪酬總額的75%。而且管理人員層次越高，期權的比例也越高。以2000年披露的薪酬為例，“中石化”6名執行董事共獲得基薪36萬元，業績獎金39.5萬元，兩項合計75.5萬元，平均每人 12.5萬元。假定這6名執行董事人均100萬股期權，在行權的五年內只要上漲1元，收入就是100萬元。

The incentive for the stock value-added model is greater, with floating income accounting for the bulk of the overall HLCM target income, and merit awards and stock options accounting for 75% of the potential gross remuneration. And the higher the manager hierarchy, the higher the share of the options. For example, “medium petrochemical” > 360,000 yuan, or 755,000 yuan, or an average of 125,000 yuan. Assuming that the six executive directors have an average of 1 million shares per capita, revenue will rise by 1 million yuan over the five-year period of authority.

　　“三毛派神”2001年1月董事會決定建立長期激勵機制，實行股票增值權激勵方案。上市公司授予激勵對象一定數量的股票增值權，每一股增值權的價值為年底和年初公司每股凈資產的差值，用獎勵基金方式分年度發放資金，並每年留取部分作為風險準備金。方案激勵對象為公司董事、高管人員、技術骨幹等。以公司凈資產增值為評定指標，股權從股票增值基金中發放。增值權持有人分四步對其增值權行權。第一年兌現20%，第二年、第三年各兌現30%，剩餘20%作為風險抵押金，在員工離職時兌現。

Board of Directors decided to establish a long-term incentive scheme to implement the stock value-added incentive programme. Listed companies granted incentives to a certain amount of stock value-added rights valued > Board of Directors decided to establish a long-term incentive scheme.

　　這套方案至今還沒有進入實際操作階段。從方案本身來說，它還是具備比較鮮明的特點：

So far, the program has not entered the practical operating phase. It is a relatively clear feature of the program itself:

　　成功解決了激勵的股票來源問題。利用公司的每股凈資產的增值作為激勵的實施手段，並不涉及中國當前法律、政策上的有關限制。具體的激勵方案由股東大會通過便可執行，無需其他部門審批。相比其他方案，股票增值權更簡單、方便、易於操作。

The use of the value added of each of the company's clean assets as an incentive does not involve restrictions on China's current laws and policies. The specific incentive program is can be implemented without the approval of other ministries. Stock added rights are easier, easier, and easier to operate than in other schemes.

　　用凈資產增值作為激勵的指標，避免了當前中國股票市場價格與公司基本面偏離，股價不能反映公司和管理者業績的問題。

Using clean value added as an incentive indicator, and , stock prices do not reflect the performance of companies and managers.

　　方案的不足是通常由於每股凈資產的增值都比較小，受激勵對象能夠獲得的收益也相應比較少。股票增值權應有的激勵效率便會降低。同時，這一激勵方案與其公司的股票價格在市場上的表現無直接關係，可能產生公司經營層利益和股東利益不一致的現象。

At the same time, this incentive programme is not directly related to the market price of the company's stock, and may create a perception that shareholders interests are inconsistent.

　　中國上市公司目前的股權增值方案和國外相比，仍然是比較保守的，存在較多的限制條件。

The current equity value-added programmes of listed Chinese companies remain more conservative and subject to more restrictive conditions than do foreign countries.

　　第一，股票增值權的主要設計思路是以公司股票在市場的價格升幅來給持有人員創造收益的。增值權持有人要想獲得收益，必須努力提升公司的業績，以換取市場的認同而使股價上揚。這樣，股價的上揚要求也即是對持有人強有力的約束。國內的公司在制定這類激勵方案時，除了巨集觀方面的限制外，一般都還會加上其他的條件，如“中石化”的關鍵績效指標與“三毛派神”的凈資產增值。多重的限制條件對管理層提出了更高的要求，但同時也削弱了股票增值權的激勵效率。

First, the main idea of stock value-added rights is to generate gains for the holders by raising the price of a company’s stock on the market. In order for the holders of value-added rights to reap the benefits, efforts must be made to boost the company’s performance in exchange for market recognition.

　　第二，激勵收益金額較低。“中石化”的股票增值權方案給了管理人員最多70%的浮動收入。如果H股的價格上漲了1元，就可能會給數位高管帶來百萬元的收入。當然，這對他們以前的工資來說，是一筆不菲的收入。但是，相對他們給公司帶來的收益，這卻是非常微小的一部份，接近0.3%而已。管理人員創造的價值與他們的所得仍不成比例。

Second, the incentive earnings are lower. The “middle petrochemical” equity value-added scheme provides managers with up to 70 per cent of floating income. If H shares increase by one dollar, they may generate millions of dollars in revenue for a number of top managers. Of course, this is a small amount of income for their previous wages. But this is a very small part of what they bring to the company, almost 0.3 per cent.

　　三、股票期權:政策邊緣的激勵模式

iii, : incentive model for policy edges

　　股票期權（Stock Options）是以股票為標的物的一種合約，期權合約的賣方（也稱立權人），通過收取權利金將執行或不執行該項期權合約的選擇權讓渡給期權合約的買方（也稱持權人）。持權人將根據約定價格和股票市場價格的差異情況決定執行或放棄該期權合約。在美國，那些進入指數的股票，一般都有標準化的期權合約在市場上交易，這些股票期權合約的交易與發行股票的公司無關。

Stock Rights (Stock Offices) is a contract for stocks < , title sellers (also entitled) 行權期股票市價高於約定價（行權價），股票期權受權人就會向公司購買約定數量的股票（行權），從而獲得價差收入；如果所購股票的市價在行權後繼續上升，受權人就通過股票轉售獲得股票增值轉讓收入。在股票市價低於約定價格時，被授予者可以放棄行使購買股票的權利。

The income earned by the entitled person through the stock options is generally made up of both margin differential and resale value-added income. If is higher than the agreed price, the entitled person will buy the stock (right to move) from the firm and earn the price difference; if the market price of the stock purchased continues to rise after the title, the entitled person will receive the income from the stock value added through the sale of the stock.

　　受權人行權需滿足一定的條件，如從受權到行權有一定的時間限制等。公司向受權人提供的股票，可以是公司從市場上購買的股票（即回購股票），也可以是公司新發行的股票（增發股票）。受權人的收益與股票市價、行權條件以及稅制有關。

The shares provided by the company to the entitled owner may be stock purchased by the company from the market (i.e. ), stock purchased by the company from the market (i.e. ) or stock acquired by the company from the market (清華同方”（600100）、“東方電子”（000682）、“中興通訊”（000063）等均推行了股票期權方案。

Currently, “Long-source power” (000966), “ (6001000), “A href=https://wiki.mbalib.com/zh-tw/%E4%B8%AD%E5%E4%E9%E9%E8%AE8%AE%AF's "title=" newsletter" (00063) all promote stock ownership programs.

　　“長源電力”的股票期權激勵方案的主體思路：設立薪酬與考核委員會，主要是進行股票期權方面的管理，如業績指標評定和期權的執行。激勵範圍包括公司董事、監事、高管人員及附屬單位的主要負責人等。方案的具體內容是，以凈資產收益率9%、總資產報酬率3.87%為考核指標，股票期權數量為社會公眾股的 0.1%；股票期權的贈予時間為股東大會後，股票期權的行權價為公司股票首次發行價的110%到120%。用於激勵的股票由薪酬與考核委員會從二級市場購入。

Incentives include corporate directors, 股權出讓給經營者。在中國，由於內部人控制問題，採用這種方法會導致企業經營者將國有股份以較低的價格進行轉讓，造成國有資產流失。國有股的出讓會受到諸多的限制並必須經過嚴格的審批程式。這種方法存在較大的難度。

Outside the country, there are generally three ways to address stock sources: first, the former equity owner . In China, the former equity owner .

　　第二，公司增發新股給經營者。目前中國的新股發行政策尚沒有關於准許從上市公司首次公開發行中預留股份以實行股票期權計劃的規定，增發新股的政策也沒有相關的條款。

Second,

　　第三，公司自二級市場回購股票來滿足股票期權的需求。這種方法存在著制度障礙，我國《公司法》規定“公司不得收購本公司的股票，但為減少公司資本而註銷股份與持有本公司股票的其他公司合併時除外。”目前實行股票期權激勵方案的公司大都以本公司的某個機構代表受權者購買股票，或委托外面的基金公司進行代購股票。在“長源電力”中，薪酬與考核委員會在具體操作這一事務。

Third, the company buys its stock back from the second-tier market to meet the demand for stock options. There are institutional obstacles to this approach, as our company's Companies Act provides that “the company shall not The company's capital and other companies holding shares in the company

　　中國股票期權的特點之一是行權價較低。在國際通行做法中，股票期權的行權價不能低於授予時該股票的市場價，這樣可以保證期權對管理層的激勵作用。在中國目前情況下，股票的市場價格並不能實時、正確地反映公司的業績，自然也就無法正確反映公司管理層的表現。較低的行權價的設立，可以確保公司管理層在完成規定的業績情況下，獲得獎勵，從而實現對管理層的激勵作用。

One of the special features of China’s stock options is that they are less expensive. In international practice, stock options cannot be less expensive than the market price of the stock at the time they are granted, which guarantees their incentive to the management.

　　四、複合模式:多管齊下的激勵模式

iv,

　　複合模式綜合採用了多種股權激勵模式。以“廣州藥業”（600332）和“吳忠儀錶”（000862）為例，分析該模式。

The complex model combines multiple forms of equity incentive. The model is analysed using examples such as the Guangzhou Pharmacy (600332) and the Oh Trundary (000862).

　　“廣州藥業”自2001年起實施長期激勵機制，以凈資產利潤率12%為考核目標，達標後按照不高於公司當年利潤的6%提取激勵基金進行獎勵，激勵基金在當年的經營成本中列支。董事會下設專門機構—薪酬委員會負責公司股權激勵和考核的管理。按照方案設想，激勵對象獲得的激勵基金不能立即兌現，而是由激勵對象信托給一個“由公司統一指定”的受托人，在規定時間內以受托人的名義購買“廣州藥業”的股票。

The Guangzhou Pharmacy has been running a long-term incentive system since 2001, targeting 12 per cent of the clean capital profit rate, and is awarded an incentive from the Enterprise's 6 per cent incentive fund . The board set up the facility .

　　在推進激勵機制的同時，“廣州藥業”對下屬的兩家子公司進行了改製。2001年12月，“廣州市醫葯公司”改製為“廣州醫葯有限公司”；2002年1月“廣州中藥一廠”改製為“廣州中一藥業有限公司 ”。以每股凈資產作價各增資擴股10%，用於持股計劃。兩家企業的持股自然人都是33位，而負責人必須以100萬元以上、300萬元以下的現金入股，經營班子成員則按負責人70%的比例，即70萬元以上入股；企業的中層核心管理人員和技術骨幹按負責人10%-20%的比例入股。通過兩家企業的改製，“廣州藥業”實施了企業經營者和核心骨幹持股經營機制。“廣州中藥一廠”2001年稅前利潤7000萬，在改製、經營者持股後，2002年1月至5月已經達到 6500萬。

At the same time as the incentive scheme was introduced, the “Hong Kong Pharmacy” made changes to its two subsidiaries. In December 2001, the “Hong Kong City Medical Company” changed to “

　　“廣州藥業”方案的特點在於：第一，方案設定公司的業績目標並提取激勵基金進行獎勵，激勵基金在當年的經營成本中列支，董事會下設專門機構負責公司股權激勵和考核的管理。無論上市公司還是子公司，在具體操作中避開政策限制，不需證監會批准。

The focus of the Guangzhou Pharmacy programme is: first, the program sets corporate performance targets and provides incentives to the incentive fund, encourages the fund to contribute to the operating costs of the year, and the board has set up a dedicated body to manage corporate equity incentives and appraisals. Whether listed companies or subsidiaries, avoid policy restrictions in specific operations, without the approval of .

　　第二，可行性比較高。由於不是高管本人持股，就不再受拋出股票鎖定期限的影響。

Second, it is more feasible. Since it is not the executive who owns the shares, it is no longer affected by the duration of the stock cast.

　　第三、激勵基金兌現時間由公司制定而不受激勵對象是否離職的影響，可以切實達到對激勵對象中長期的約束效果。

Third, incentive funds are set up by companies at a time when they are not motivated to influence whether or not they are released from their jobs, and the binding effect on incentives for the longer term can be achieved.

　　“吳忠儀錶”2000年7月通過了實施員工激勵、約束機制暨股票期權、期股和員工持股計劃的議案。該方案的激勵範圍為公司決策層、經營管理層、主要研發人員、關鍵崗位人員等。方案採用“期權＋期股”的組合激勵—約束機制，通過期股和以全體員工為發起人設立股份有限公司。公司的設立方法是以上市公司員工為發起人，以貨幣或實物出資，設立一個新的股份有限公司。每位發起人可認購的股份由該員工在公司崗位、學歷職稱、工齡和職齡等因素綜合確定。股票來源有兩個渠道，期權所需股票來源渠道為二級市場流通股票或公司定向增發新股，而期股所需股票來源為公司定向增發新股和國有股轉讓。

,

　　期股的行權方式是在期股授予之後的第三年允許行權最多量為第一年執行期股的20%；第四年可行權的最多量是第一年執行期股的50%；第五年以後可行權最多量為第一年執行期股的全部股權；期權的行權方式是在期權贈予後的第三年允許期權持有者行權最多量為第一年贈予期權的20%；第四年可行權最多量為第一年贈予期權的50%；第五年必須將第一年贈予的尚未行權的期權全部行權完畢，否則將失去行權的權利。從期權贈予日到期權行權這段時間，公司每年利潤增長率和凈資產收益率都應達到一定水平，否則即使二級市場價格高於行權價格，被授予人也不准行權。先將國有股轉讓到“期股賬戶”，其所有權仍屬國家，再通過施行期股計劃，將被授予人的薪酬部分轉入“期股賬戶”。行權後股票所有權轉移到行權人的股票賬戶，國家得到股權轉讓資金（行權人的薪酬部分），從而實現了國有股逐步減持的目的。同時，為了保證被授予人的利益，購買期股的資金要鎖定在期股賬戶內，直至滿足期股變現的要求。基於這些考慮，期股在薪酬中所占比例及其流動性以及行權價格的確定等就成為期股方案設計的關鍵問題。

In the third year after the granting of the title, the title of the title is allowed up to 20 per cent of the first year's title; in the fourth year, the maximum amount available is allowed up to 50 per cent of the first year's title; in the fourth year, the maximum amount available is up to 50 per cent of the first year's title; in the fourth year, the maximum amount available is up to 50 per cent; in the fourth year, the maximum amount available is up to 50 per cent of the first year's title; in the fourth year, the maximum amount available is up to 50 per cent of the outstanding year's title is up to 50 per cent of the first year's title; in the fourth year, the maximum amount available is up to 50 per cent of the unlicensed term's title is up to 50 per cent of the first year's title; in the fifth year, the total amount available is up to 8 per cent of the unlicensed account of the pending account is up to 8 per cent of the total amount of the A.

　　“吳忠儀錶”的方案實施後，公司內國有股比例由47.37%降低到30%；“三年期股計劃所需股份+員工持股公司受讓國有股份”合計占現有股本比率為17.39%。

Following the implementation of the “O-Jongxin Watch” programme, the share ratio in the company's home country was reduced from 47.37 per cent to 30 per cent; the share requirement in the three-year equity plan plus the share in the employee-owned company's share in the given country was 17.39 per cent.

　　“吳忠儀錶”的方案具備很鮮明的特色。第一、新方案實施後，國家和員工持股公司分別成為第一股東和第二股東。員工持股公司的存在，改變了原有的國有資產管理缺位問題。

First, after the new program was implemented, the state and the CPS became the first and second shareholders. The existence of the CPS changed the existing country's lack of assets .

　　第二、把產權結構的調整與員工激勵很好的結合起來。在產權改革的同時把長期有效的激勵機制建立起來。

Second, structure adjustment with combined well with incentives.

　　第三、建立“期股賬戶”把實行期股計劃與國有股減持相結合。通過期股和以全體員工為發起人設立的股份有限公司受讓國有股（或法人股）組合方式，一方面實現了國有股的逐步減持，是國有股權減持和上市公司股權重組的一種新方式；另一方面把國有股權作為期股股票來源，通過在公司內部設立一個“期股賬戶”將期股計劃和國有股減持方案有機結合了起來。

Third, the establishment of the `state share account' combines the with shares with . 9% of shares with

　　五、虛擬股票:高科技企業的常用模式

V, : the usual model for high-tech enterprises

　　虛擬股票（Phantom Stocks）是指公司授予激勵對象一種“虛擬”的股票，激勵對象可以據此享受一定數量的分紅權和股價升值收益，此時的收入即未來股價與當前股價的差價，但沒有所有權，沒有表決權，不能轉讓和出售，在離開企業時自動失效。

(Phantom Stocks" >Phantom Stocks) means that the company awards an incentive for a “virtual” stock, an incentive for > > >

　　虛擬股票和股票期權有一些類似的特性和操作方法，如激勵對象和公司在計劃施行前簽訂合約，約定給予虛擬股票的數量、兌現時間表、兌現條件等。兩者的區別在於：虛擬股票並不是實質性的股票認購權，它實際上是將獎金延期支付；虛擬股票資金來源於企業的獎勵基金。

Virtual stocks and stock options have some similar characteristics and methods of operation, such as encouraging buyers and companies to sign contracts prior to the implementation of the plan, and contracting for the number of virtual stocks, cash schedules, cashier conditions, etc. The difference is that virtual stocks are not real stock buyouts, which actually extend payments ; virtual equity funds are derived from corporate incentive funds.

　　由於虛擬股票的發放會導致公司發生現金支出，如果股價升幅過大，公司可能面臨現金支付風險，因此一般會為計劃設立專門的基金。

As a result of the release of virtual stocks, the company incurred in cash , and if the stock price rises too high, the company may be at risk of cash payments, and therefore a dedicated fund is usually set up for the plan.

　　虛擬股票在高科技企業如IT業中採用較多。“上海貝嶺”（600171）、“銀河科技”（000806）等公司均採取了虛擬股票激勵機制。

Virtual shares are used more frequently in high-tech enterprises, such as IT. Companies such as Shanghai Bay (600171), Galaxy Technologies (000806), among others, have adopted virtual stock incentive schemes.

　　上世紀90年代後期，“上海貝嶺”面臨著人才流失的壓力。行業內人才處於稀缺狀態，而競爭對手則採取了較為有力的激勵措施。公司原來的“基本工資+獎金”的激勵機制，已經不能適應形勢的需求。

In the late 1990s, of the brain drain. While has taken a powerful incentive measure.

　　在這種情況下，1999年7月“上海貝嶺”開始在企業內部試行“虛擬股票贈予與持有激勵計劃”。這套方案的總體構思是將每年員工獎勵基金轉換為公司的“ 虛擬股票”並由授予對象持有，持有人在規定的期限後按照公司的真實股票市場價格以現金分期兌現。公司每年從稅後利潤中提取一定數額的獎勵基金，然後從獎勵基金中拿出一部分來實施這一計劃。在年初，董事會與總經理、總經理與其下屬的激勵對象簽訂協議，年底按協議考核確定獎勵基金提取數額及每個獲獎人員所獲虛擬股票的數額（按考核情況及市價折算）。職工虛擬持股後，若實施送配股，將同步增加持有的股數；若分紅，職工也將獲得相應的現金。員工持有達到一定年限後，可將虛擬股票按一定的速度分階段兌現。

In this context, in July 1999, the “Shanghai Bay” experimented with the “Virtual Stock Grant and Holding Stimulus Scheme” within the enterprise. The overall idea of the programme was to convert to the company's “Virtual Stock Grant and Holding Scheme” by awarding > >.

　　該方案授予對象主要為公司的高級管理人員與技術骨幹。對這兩種對象“上海貝嶺”實行了不同的激勵制度。高級管理人員採用“年薪+獎金+股票期權”的結構。比如控股公司對由其推薦、委派、提名併在公司領薪的總經理、黨組織書記等公司主要負責人實施年收入辦法。年收入主要由基薪和加薪獎勵兩部分組成。基薪是以年度為單位，根據企業的資產規模、管理複雜程度及其它參考因素確定的基本報酬；加薪屬於風險收入，與經營者經營成果、工作經營業績以及貢獻掛鉤。加薪可以有現金和股票兩種形式。公司在對受益人進行考核以後，按其經營業績向受益人增發和特別獎勵1—5個月基薪的現金或等值的股票。股票在一定時間內不得兌現和流通，但受益人享有分紅、轉增股本等權利。當受益人任職超過2年，期股累計超過5萬元時，可兌現超過部分的20%。任職到期，或正常離職滿一年後可按約定時間表兌現股票。對於高級技術人員，採用“年薪+獎金+虛擬股票期權+營業收入提成”的收入結構。在獲得虛擬股票期權的人員中，占總數20%的科技人員獲得了總額度的80%，而其他人員則獲得了剩餘的20%。期權授予時，通過一定程度的考核，最終確定每一位有權獲得虛擬股票期權的人員的具體獲得數額。

The programme awards a different incentive system to senior managers and technical cadres, such as the company's main company. For these two types, a different incentive system is applied to the company's “Shanghai Bay”. For example,

　　“上海貝嶺”作為我國最早推行股票期權的上市IT公司，其虛擬股票方案獨具創意。其方案並不涉及股票的買賣運作，沒有違規的嫌疑，但通過虛擬股票的引入，將公司股價與員工利益聯繫在了一起。在目前的制度環境下，不失為一種變通的方式。國家在股票期權問題上還沒有明確的政策，虛擬股票期權只能採用內部結算的辦法進行操作。

“Shanghai Bay” is the first listed IT company in our country to introduce stock options, and its virtual stock programme is innovative. It does not involve stock sales, it is not suspect of irregularities, but, through the introduction of virtual stocks, links the company’s share price to the employee’s interests. In the current system environment, it is a way to change. The country has no clear policy on stock options, and virtual stock options can only operate with

　　虛擬股票模式需要關註幾個問題：第一，股票二級市場的風險。如果在二級市場股票的波動幅度加大，公司將承擔很大的市場風險，可能發生兌付危機，給公司造成損失。最明顯的是，一旦今後股價大漲，其激勵基金可能無法支付到期應兌現的金額。長期執行也缺乏相應的資金支持，處理比較複雜。

Virtual stock models need to address a number of issues: First, the risk of second-tier stock markets. If the wave of second-tier stocks increases, the company will take on , which could cause losses to the company.

　　第二，行權價如何確定。行權價定高了，則獲利空間小，不會有經營者去買；定低了則會使人感到不公平。其中存在一個股票期權行權價激勵和約束的強度問題。國際上，行權價主要分為現值有利法、等現值法和現值不利法，其參照系是該公司在股市上的現行股價。我國當前的股市存在不合理性，股價偏離其實際價值，且波動較大，所以照此確定行權價很難。國內企業如要確定行權價，最合適的是實行現值有利法，即行權價低於當前股價，否則激勵的效果差。

At the international level, the prices are https://wiki.mbalib.com/zh-tw2% Bw2%E2%E8% Bwww%E8%E2%Ew%E2%Eft2%E2%E2%E2%E2%E2%EbN8%EbN8%EbN8%E2%E2%EbN8%E2%E2%E2%E2%E2%E2%Eftl%E2%E2%E2%E2%E2%E2%Etl%Etl%E%E%%E%E%E%E%E%E%E%%E%E%E%E%E%E%E%E%Etttl) current value) current value %E8%2%E%E%E%E%E%E%E%Ettl%E%E%E%E%E%E'E'E%E%E%E% of current value of current value of current value % of current value < < < < < < < < > < < < < < < < < < < < <

　　第三，如何考核參與虛擬期權計劃的人員。對經營者業績進行科學的考核，是實現經營者報酬與其業績掛鉤的前提。如果考核指標無需任何努力即可達到，或者並不是在期權與期股的作用下實現的，那麼，激勵合約並未實現其目標。以凈資產收益率還是以股價作為考核指標呢？一般情況下，公司的具體財務指標反映企業過去的表現，股票二級市場的表現用來預期上市公司未來現金流。一個有效的經營者業績考核體系，應該將兩者結合起來。

Third, how to test those involved in virtual options. Scientific evaluation of the operator’s performance is a prerequisite for the provider’s pay and its performance. If the criteria are not met by any effort, or if they are not performed as part of the options and shares, then the target is not met. With a clean yield rate or a share price, the company’s body reflects the previous business’s performance.

　　虛擬股票模式避免了以變化不定的股票價格為標準去衡量公司業績和激勵員工，從而避免了由於投機或其它巨集觀變數等經理人員不可控因素引起公司股票非正常波動時對期權價值的影響；同時，虛擬股票實質上是一種資金的延期支付，在目前的制度環境下這不失為一種避免違規操作的好方法。

The virtual stock model avoids measuring company performance and stimulating workers by standardizing volatile stock prices, and avoids the impact of an uncontrollable agent's influence on title value in the same time that the virtual stock reality is a deferred payment of capital, a good way to avoid irregularity in the current institutional environment.

　　六、MBO:管理價值提升的激勵模式

vi, : incentive model for management value enhancement

　　管理層收購（Management Buyout即MBO，又稱“經理層融資收購”）是指目標公司的管理者或經理層利用借貸所融資本購買本公司的股份，從而改變公司所有者結構、控制權結構和資產結構，進而達到重組本公司目的，並獲取預期收益的一種收購行為。通常，上市公司管理層和員工共同出資成立職工持股會或上市公司管理層出資成立新的公司作為收購主體，一次性或多次通過其受讓原股東持有的上市公司國有股份，從而直接或間接成為上市公司的控股股東。

"https://wiki.mbalib.com/zh-tw/Management_Buyout" title= "Manigate Buyout" >E5%D7%D7%Eh-tweak

　　目前，已有“宇通客車”（600066）、“粵美的”（000527）、“深圳方大A”（000055）、“佛塑股份”（000973）等上市公司試行MBO方案（有關前三個公司的MBO過程及模式見《新財富》2002年1月號《陽光下的管理層收購》）。

At present, there are listed companies such as (000527),

　　“宇通客車”、“粵美的”MBO方案共同點是，均為投資公司收購。這種方式的優點在於：第一，避開了相關法律對諸多問題特別是股票來源的限制，使持股方案能順利實施；第二，管理層和其他員工自己出資認購公司股份，既能保證激勵，又能保證約束；第三，轉讓的法人股，相對成本較低；第四，以協議方式進行轉讓，價格高於公司每股凈資產，容易獲得國資管理部門的許可。

In common with the "Wouton passenger car" and "MBO" programmes, "https://wiki.mbalib.com/zh-tw/%E6.68A%95%E8%B5%84%E5%AC%E5%E5%F%B8" tile= "investment company" /a", the advantages of this approach are: first, to avoid legal restrictions on multiple issues, especially stock sources, so that stock-holding schemes can be implemented smoothly; second, to allow management and other workers to own shares in companies, both incentives and bonds; third, to transfer corporate shares at lower costs; and fourth, to make transfers in a negotiated manner, which are more expensive than each company's equity and can easily obtain the approval of the Department of State Administration.

　　管理層收購資金是很大的問題。對國企老總來說，一下子很難拿出上千萬元上億元來，非國有銀行、信托投資公司及民營資本，將成為MBO的主要資金來源。一般的做法是，管理層以私人財產作抵押，成功收購後，再改用公司股權作抵押，有時出資方也會成為股東。

This is a big problem for management. For corporate owners, it is difficult to generate tens of millions of dollars in trust investment companies such as and .

　　七、業績單位:規避股價影響的激勵模式

vii, : incentive model to avoid the impact of stock prices

　　和業績股票相比，業績單位減少了股價的影響。業績單位支付的是現金，而且是按考核期期初市盈率計算的股價折算的現金。在業績單位方案下，高層管理人員的收入是現金或者是市值等於現金的股票，除了有期初市盈率影響的痕跡外，不再受到股價的其它影響。

In comparison with the performance stock, the performance unit has reduced the impact of the share price. The performance unit is paying cash, and at the beginning of the appraisal period . Under the performance unit scheme, the income of a senior administrator is either cash or market value equivalent shares, and is no longer affected by the stock price beyond the mark of an initial market surplus.

　　“東方創業”（600278）、“天通股份”（600330）、“天大天財”（000836）等上市公司實施了業績單位激勵方案。下麵對“東方創業”的激勵機制進行簡要分析。

Listed companies such as “East Startup” (600278), “Tiancong shares” (600330), and “Tiancong Treasure” (000836).

　　2000 年10 月，“東方創業”通過了經營者群體及主要業務骨幹激勵方案。方案規定，實現經營目標（稅後利潤指標），提取稅後利潤的2%作為基本獎勵金；超額完成指標，再按超額區間分段提取，作為超額獎勵金：超額10%（含10%），提取超額部分的30%；超額10%-20%（含20%），再提取此區段的40%；超額20%以上，再提取此區段的50%（以50%為限）。

In October 2000, the East End Craft adopted an incentive program such as . The scheme now provides (after taxation mark), 2% of the after-tax profit recovery is a basic incentive; over-directed index is completed and then withdrawn at a sub-point of %B%B%E8E8%90%A5%E7%A7%A%E%A%E6%E0%87%" for the target > (after profit mark of 20%) and more than 20% per cent of the excess-ext limit is a further 20% 20%.

　　激勵方案特別強調收益風險對等原則，在設置獎勵金的同時規定，若實現稅後利潤低於指標的10%，按上年度經營者收入扣減30%。低於10%-20%，扣減40%；低於20%-30%，扣減50%（以50%為限）。獎勵基金中，30%採用現金形式，分發給有關個人，70%為風險基金，由公司統一托管。激勵方案還規定，在合同期間離開公司的，或有嚴重錯誤使公司遭受損失的，公司有權酌情減少或取消其獎勵基金。

Incentive programmes specifically stress the reciprocity of earnings risks by stipulating that, at the same time when incentives are set up, the operator's income is reduced by 30 per cent. Less than 10% - 20%, less than 40%; less than 20 - 30%, less than 50% (50%). In the incentive fund, 30% of the money is in the form of "Rate" fund, 70% of it is in the form of >.

　　據“東方創業”2000年年報披露，公司從當年實現的9821萬元稅後利潤中提取經營者群體及業務骨幹獎勵金682萬元。獎勵基金從當年的凈利潤或成本中支出。

According to the Eastern Creativity 2000 report, the company took $6.82 million from the $9.82 million in tax and post-tax profits realized in the year. The incentive fund spends $6.82 million from the clean profits or costs of the year.

　　這套激勵方案的激勵作用是比較大的。而且，該方案特別強調，經營指標是指股東大會通過的當年盈利指標，而不是規定每年必須保持一定的增長率。這樣的處理更為靈活。

The motivational effect of this incentive programme is greater. Moreover, the programme is particularly strong in that it refers to the profit markers adopted by the stockholders’ congress in the year, not to the requirement that a certain rate of growth be maintained each year. This approach is more dynamic.

　　八、經營者持股:風險與收益共擔的激勵模式

VIII, : incentive model for risk and benefit sharing

　　經營者持股，即管理層持有一定數量的本公司股票併進行一定期限的鎖定。這些股票的來源有公司無償贈送給受益人；由公司補貼、受益人購買；公司強行要求受益人自行出資購買。激勵對象在擁有公司股票後，成為自身經營企業的股東，與企業共擔風險，共用收益。

The owners hold shares, i.e. their own shares held in a certain amount at the management level, are locked for a limited period of time. These shares originate from companies that are not awarded to the beneficiaries; are purchased by the company by the beneficiary; and they are forced to ask the beneficiary to purchase the shares themselves.

　　國內公司實行經營者持股，通常是公司以低價方式補貼受益人購買本公司的股票，或者直接規定經營層自行出資購買。目前“浙江創業”（600840）、“中遠發展”（600641）等上市公司已經實施經營者持股計劃。下麵以這兩家公司為案例進行簡要分析。

Domestic firms own shares, usually by subsidising their beneficiaries to buy their own shares at a low price, or directly by making provision for their own purchases. Listed companies such as Zhejiang Start-up (600840), Middle and Far Development (6006441) have now implemented stock-holding schemes.

　　“浙江創業”的經營者持股計劃規定，高管人員在限定的時間內，用個人的資金從二級市場上買入一定數量的本公司社會公眾股，在任職期間內將被鎖定，只能在離職6個月後才能拋出。新一屆董事是在1999年6月買入本公司的股票，平均價在10.4元左右。激勵範圍包括正副總經理、財務總監、董秘等8人。其中，總經理持股最高，為2萬股。該公司2001年12月董事會改選，在新一屆董事會中，目前只有總經理、財務總監、董秘三人仍持有公司的股份。對於新的董事會，公司仍有意向執行持股計劃，但還沒有具體的執行日期。

The ownership scheme of the owners of Zhejiang Crafts stipulates that the executives will buy a certain amount of their company for a limited period of time, and will be locked up during their term of office only six months after the date of their appointment. In June 1999, the new director will buy his company's stock, at an average cost of about 10.4 yuan.

　　這一方案的特點在於：第一、公司強制要求高層管理人員從市場上購買公司的股票，併在任期內鎖定。通過股票將管理層的利益與公司的發展捆綁在一起。由於股票在任期內鎖定，只有在離職半年後才能拋出。這樣，可以有效地減少管理層的短期行為。

The special point of this programme is that, first, corporate coercion requires high-level managers to buy their shares from the market and lock them in their term of office. By tying management interests to corporate development through equities. Since stocks are locked up during their term of office, they can be thrown out only after six months of absence. This would effectively reduce short-term management behaviour.

　　第二、可以更好地保護中小股東的利益。管理層持有本公司的股份一般都只有萬餘股，占到公司總股本的一個很小比例。由於管理層本身就是小股東，考慮事情和做出決策時必定會從照顧到中小股東的利益。這樣，公司也會更加容易贏得他們的支持。

Second, the interests of small and medium-sized shareholders can be better protected. The management sector usually owns only a few shares, a small proportion of the company’s total stock. Since the management is a small shareholder in its own right, the interests of small and medium-sized shareholders must be taken into account and decided upon.

　　 第三、該方案對管理層的約束多於激勵。管理層購入公司股票的收益同期權一樣，可以由行權價差收入和轉售增值收入兩部分。但不同的是，在該方案中，管理層人員必須自行解決資金來源，先購買股票。做法有點相當於管理層在公司質押自己的財產。相對股票期權，自然激勵作用少了許多，約束作用卻相當明顯。這樣的方案如果處理不好，可能會對管理人員造成相當的負面作用。

Third, the scheme has a lot more incentive for management than it is for management. The management buys shares at the same time as the company’s shares, it can be used as a share of the margin differential and the resale of the value-added income. But, differently, in the program, managers have to fund their own funds and buy stocks first. A little like the management at /a>.

　　九、延期支付:避免經營短期化的激勵模式

IX, : incentive model to avoid short-termization

　　延期支付，也稱延期支付計劃（Deferred Compensation Plan），是指公司將管理層的部分薪酬，特別是年度獎金、股權激勵收入等按當日公司股票市場價格折算成股票數量，存入公司為管理層人員單獨設立的延期支付帳戶。在既定的期限後或在該高級管理人員退休以後，再以公司的股票形式或根據期滿時的股票市場價格以現金方式支付給激勵對象。激勵對象通過延期支付計劃獲得的收入來自於既定期限內公司股票的市場價格上升，即計劃執行時與激勵對象行權時的股票價差收入。如果折算後存入延期支付帳戶的股票市價在行權時上升，則激勵對象就可以獲得收益。但如果該市價不升反跌，激勵對象的利益就會遭受損失。

also known as

　　“寶信軟體”的延期支付方案激勵額度較大，是公司上年度的凈利潤的10%。以2001年為例，這一金額達到380萬元；激勵範圍廣，2001年度受益人共有150人，占公司員工總數的20%；資金來源獨特，是從營運成本中支出。從營運成本中出資，在稅前列支，股東容易接受，但卻會減少國家稅收，原則上需要國家稅務機關的批准。

In 2001, for example, this sum amounted to $3.8 million; in 2001, 150 beneficiaries accounted for 20 per cent of the total number of company employees; the source of the funds was uniquely spent on operating costs. Funding from operating costs, at , was easily accepted by the shareholders, but reduced national tax revenue and required approval from the State Revenue Authority.

　　“三木集團”的延期支付方案主要思路是公司對完成考核指標的管理層進行“效益薪金”獎勵，併進行一定時間的凍結，以任職期限為延期期限。

The main thrust of the SMI deferred payment programme is the company's “benefit pay” reward for the management that completed the evaluation of the criteria, combining a freeze for a certain period of time, with the extension of the term of office.

　　在本方案中，公司高層領導的薪酬結構由三部分組成：年薪、股票、福利。總裁除了拿年薪12萬元，還根據上一年度的“綜合業績”—完成的利潤指標及對公司長遠發展的努力程度，來確定“效益薪金”，而且70%的效益薪金要用於購買本公司股票。公司高級管理人員和下屬公司經理人員實行按凈利潤5%提取效益薪金制度，效益薪金70%再用於購買本公司股票，並鎖定用於企業風險抵押。對適宜劃小經營的外貿等子公司經理人員按公司註冊資本10%-30%的比例持虛股（即只有分紅權，沒有實際所有權），然後再用所得紅利的70%，轉為其個人對公司的實際出資，使虛股轉為實股，逐步使子公司經營者個人實際出資達到公司註冊資本的10%-30%。控股子公司經營者實行“持股經營”，持股比例從5%到30%不等。對有經營管理能力，而資金不足的經營者，先給10%的“乾股 ”，若經營的好，來年的紅利全額“填空”。經過多年努力，逐步變“乾股”為“實股”，一直到規定的限額。

is composed of three components: annual salary, stock, < 12 million" of annual salaries > <2% of netts > > <2% of netts <2% of netts > > . >

　　“三木集團”的延期支付方案在集團公司與子公司採用了不同的激勵方法。公司的高級管理人員是採取效益薪金制度，子公司經營者要求持股經營。所有者和經營者有機結合。方案中先授予激勵對象股權，將其所持股份的紅利轉為實際出資，直至激勵對象實際持有股份。這一方案成功地解決了經營者對持股的現金要求。

The SMI’s deferred payment program takes a different incentive approach to the group’s companies and subsidiaries. The company’s top manager is a cost-effective salary system, and the company’s owners demand ownership. The owners and operators have a structured union. The program first grants incentive rights to the image pairs and converts the red interest in their shares into real capital until it motivates them to hold shares in real terms.

　　延期支付模式具有兩個特點：第一，延期支付收益與公司的業績緊密相連。管理層必須關註公司的股市價值。只有股價上升，激勵對象才能保證自己的利益不受損害；而實現簽訂的契約可以規定，如果激勵對象工作不力或者失職導致企業利益受損，可以減少或取消延期支付收益進行懲罰；

The deferred payment model has two special features: first, the deferred payments are closely linked to the company’s performance. Management must focus on the value of the company’s stock market.

　　第二，延期支付方式可以激勵管理層考慮公司的長遠利益的決策，以免經營者行為短期化。

Second, deferred payments can stimulate management decisions that take into account the long-term interests of the company in order to avoid short-termization of the activities of the operator.

　　十、員工持股:從勞動者走向所有者的激勵模式

10,

　　員工持股計劃（Employee Stock Ownership Plans，簡稱ESOP），由公司內部員工個人出資認購本公司部分股份，並委托公司進行集中管理。員工持股制度為企業員工參與企業所有權分配提供了制度條件，持有者真正體現了勞動者和所有者的雙重身份。

( >Employee Stones"

　　員工持股是國有法人股減持的一個通道。上市公司建立員工持股計劃可以改善上市公司治理機制。員工擁有一定比例的股份，在一定程度上有利於完善監督機制，改善公司治理結構失效帶來的問題。在目前的經濟背景下，員工持股計劃作為一種激勵機制，在人才競爭中具備明顯的作用。通過員工持股，企業和個人都能夠獲得可持續發展。

The head office of a listed company is 信托基金組織，用計劃實施免稅的那部分利潤回購現有股東手中的股票，然後再把信托基金組織買回的股票重新分配給員工；二是一次性購買原股東的股票，企業建立工人信托基金組織並回購原股東手中的股票。回購後原購票作廢，企業逐漸按制定的員工持股計劃向員工出售股票。

The scheme for holding shares is usually two types: through , the planned delivery of portion of the trust fund from the current owner, and the purchase of the B9%E 9% E 9% of the shares from the trust fund organization

　　“大眾科創”（600635）、“金地集團”（600383）等實施了員工持股計劃。有關“大眾科創”員工持股情況見《新財富》2002年9月號《持股會》一文，下麵主要分析“金地集團”的方案。

(600383), etc. The stockholdings of the "Municipal community" are described in the September 2002 edition of the Holdings, which analyses the programme of the "Goldland group" below.

　　1994年，“金地集團”開始試行企業內部職工持股。該次持股計劃，設計了2530萬股作為內部員工持股的股份總額，每股面值為1元。規定員工持股總值不得超過總股本的30%。實行職工持股制度後，公司總股本中約70%為國有股和法人股，約30%為內部職工股。在內部職工股的總量中，70%供現有員工認購，30%作為預留股份，用於獎勵公司優秀人員和新增員工認購。員工持股不轉讓、不交易、不繼承,員工離開公司或退休就要退股。

In 1994, the “Golden Land Corporation” began to run an intra-business employer's shareholding of about 70% of the company's total shareholdings and about 30% of . Of the total number of domestic workers' holdings, about 70% of the current stockholdings are owned by workers and about 30% are reserved for hires and are used to reward the company's talented and new workers.

　　職工持股的資金來自三塊：員工個人出資、公司划出專項資金借給員工以及工會從歷年積累的公益金中劃轉。職工個人出資認購公司股份，占資金來源的35%-50%。公司為職工個人提供貸款，專用於認購公司股份，大體占資金來源的35%。貸款本息從企業分紅中扣回。利率參考同期住房貸款利率。從公司的獎勵基金和福利基金中提出一部分直接獎勵給企業的優秀職工。

The employer's share capital came from three funds: , loaned to employees and the union from the years public interest .

　　“金地集團”的員工持股計劃，建立了投資分紅和勞動報酬相結合的激勵機制；員工持股以工會社團法人形式持有公司股份解決了員工單個持股對企業決策影響力小的問題。預留股份作為獎勵優秀員工紅股和提供符合持股資格的新進員工認購，對企業可持續的引進人才，作了很好的制度鋪墊。

The scheme for workers in the “Golden Land Group” established an incentive scheme to combine investment credits and ; the shareholding in the corporate form of a union addressed the issue of the influence of the shareholding on company shares in the form of a corporate group.

[編輯]

1. ↑ 趙民,李雪,陳立華.上市公司十大激勵模式.《新財富》2003,01

取自"https://wiki.mbalib.com/zh-tw/%E6%BF%80%E5%8A%B1%E6%A8%A1%E5%BC%8F"

欧易(OKX)最新版本

【遇到注册下载问题请加文章最下面的客服微信】永久享受返佣20%手续费！

APP下载   全球官网 大陆官网

币安(Binance)最新版本

币安交易所app【遇到注册下载问题请加文章最下面的客服微信】永久享受返佣20%手续费！

APP下载   官网地址

火币HTX最新版本

火币老牌交易所【遇到注册下载问题请加文章最下面的客服微信】永久享受返佣20%手续费！

APP下载   官网地址