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1、People aspects of structural change in the Peoples Republic of China,June 21, 20012001年6月21日,中国进行企业结构调整过程中的人员与激励管理,The business of business is business企业重在经营 - Milton Friedman,To get rich is glorious发展才是硬道理 - Deng XiaoPing邓小平,The great object of the political economy of every country, is to increase
2、 the riches and power of that country.,各国政治经济体制的宗旨在于增加该国的财富与实力。 - Adam Smith,Agenda议程,Global overview of privatization lessons全球企业市场化经验概述 Role of government in transition政府部门在过渡过程中所发挥的作用 Executives and Leadership对高层经理与领导者的激励与约束机制 Long-term Incentives pre-listing公司上市前的长期奖励 Compensation Data薪酬数据 What
3、does it all tell us?结论,Lessons from overseas来自海外的经验,US:美国： the worlds most advanced, competitive economy - most economic freedom全球最发达、最富竞争力的经济体制：经济自由度最大 virtually no experience with privatization实际上缺乏企业股份化经验 Japan:日本： culturally, the most similar advanced economy to Japan, but stalled in the modern
4、economy. New hope from market reforms从文化的维度而言，最类似于日本的发达经济，但日本目前处于停滞不前的状态。市场变革带来新的希望,Lessons from overseas来自海外的经验,Western Europe:西欧： Privatization everywhere, led by UK在英国的带动下，各地都在进行股份化 Different tradition regarding employment截然不同的人员聘用传统 If you create monopolies, not much changes若进行垄断，不会出现过多的变革 Compe
5、tition creates wealth竞争创造财富 Need to break up old industries to create competition需要打破原有的行业格局，促进竞争 Workforces reduced, but society richer人员减少，但社会更加富足,Privatization Transition股份化过渡,Different models:不同的模式： Partial privatization部分股份化 Full sale全部出售 listing上市 auction (smaller companies)拍卖(较小型的公司) Giving a
6、way assets to individuals, eg, Czech Republic, Singapore向个人赠送资产，例如：捷克共和国、新加坡,Privatization Transition - UK Water股份化过渡 - UK Water,Longest most recent experience (15+yrs)最长、最新的经验(15年以上) Gradual listings for many companies许多公司逐步上市 previous managers put in charge原有的经理负责进行管理 carefully regulated markets仔细
7、进行市场规约 initial compensation increase followed by move to market pay遵照市场行情来提供最初的加薪 Few “golden shares” (BP, VSEL)极少“黄金股票”(BP，VSEL),Privatization Transition - UK Water股份化过渡 - UK Water,Problems with several industries许多行业所面临的问题 regulated monopolies规约垄断 higher pay for executives, but little behaviour ch
8、ange lower down高层经理薪酬水准提高，但行为变革幅度却有所下降 competition is key竞争是关键 electric/water industries being re-organized for capital reasons: separating supply from distribution鉴于资本方面的原因，对电力/水力行业进行调整：供应与配送分离,Privatization Transition - UK Water股份化过渡 - UK Water,Originally single operation, run regionally最初为单一型地区运营
9、 Employed 100,000员工总数达10万人 Controlled supply, distribution, customer interface, sewerage disposal控制供应、配送、客户关系及污水处理部门 Regional authorities privatized, but remained monopolies.地区权限市场化，但仍存在垄断 Some companies bought by foreigners某些公司为外资所收购,Privatization Transition - UK Water股份化过渡 - UK Water,Government bo
10、dy (OFWAT) set up to regulate, make standards, guarantee prices, etc通过设立政府机构(OFWAT)来进行调控、制定标准和稳定价格等工作 Water companies operated better, but no substantial change, because monopolies still existedWater公司运作情况有所好转，但因仍存在着垄断，并未出现实质性的变化 Government-sponsored restructuring will leave supply separate from dis
11、tribution, separate from billings政府部门所发起的企业结构调整工作将导致供应与配送、核算部门分离,Privatization Transition - UK Water股份化过渡 - UK Water,Supply companies will supply only供应公司将仅仅供应 better capital structure优化资本结构 limits monopoly限制垄断 Distribution and customer interface配送与客户关系部门 Contracted - open to competition商定 - 公开竞争 No
12、w 40,000 employees and falling现有40,000名员工，并正在有所下降 Consumers, producers and government happy客户、生产方和政府均比较满意,China is the samebut China is different!中国亦如此但有其独特之处！,Some differences with US:与美国所存在的一些差异 - 以下是美国市场所表现的特点： Very fluid, competitive labor market充满活力、富有竞争力的人才市场 Highly educated, confident workfor
13、ce高学历、充满自信的人才队伍 Work is a contract between equals在平等的基础上签署工作合同 Very low unionization很少进行联合 Few government-owned enterprises极少存在国有企业 Tradition of wide stock ownership for investment广义的股票投资所有权传统 Strong tradition for rule of law良好的法律传统 Happiness with mix of market and government regulation乐于将市场与政府规章相匹配
14、,The real issue is change真正的问题源于变革,Minor change细微变革 Feels easy感觉容易 Retains govt control保留政府控制 Low prices for assets资产价格较低,Major Change重大变革 Difficult艰难 Loses govt control失去政府控制 High prices代价较高,How far, and how fast?跨度？速度？,Lesson learned in the US来自美国的经验,Three conditions for effective markets:有效的市场所需具
15、备的三个条件： information on companies and markets freely available公司和市场自由运作方面的信息 liquidity - ability to buy and sell easily流通性 - 能够比较容易地进行购买和出售 one set of rules for all一套通用的规则 treat everyone the same一视同仁 minimize discretion最大限度地减少区别,The Talent Solution人才解决方案,Improving Business Results through People 通过人员
16、来改善经营结果.,Business Results经营结果,Business Strategy经营战略,People Requirements人员要求,Employee Needs员工需求,People Practices, Policies, Programs人员方案、政策、计划,Balanced Measurement均衡评估法,Successful private sector companies manage for value成功的私营公司的价值管理模式,Business Process经营程序,People/HR Strategy人员/人力资源战略 Employment Relat
17、ionship聘用关系,The Talent Solution人才解决方案,Every company is different因公司而异,The Talent Solution人才解决方案,Are they creating the right environment where the right people want to come, stay, and contribute?他们是否正在营造恰当的工作环境，以便吸引恰当的人才加盟、留用并作出积极贡献？,Can they point to progress and results from working on these issues
18、?他们能否通过解决这些问题来取得进步并实现预期结果？,Businesses in all sectors face the same issues各行各业面临着同样的问题,Do they have the right people doing the right things to meet their goals? 为实现目标，他们是否任命恰当的人员来完成恰当的工作？,The Talent Solution人才解决方案,People Management人员管理,Staffing (the right people)人员配置(恰当的人员),Organizing (the right role
19、s)组织(合理的角色及职责分),Developing (the right skills)发展(恰当的技能),Performing (the right outcomes)绩效管理(合理的结果),Rewarding (the right incentives)全面薪酬(合理的回报),People Practices, Policies, Programs人员 方案、政策、计划,A closer look at how people create value in a business近观人员为企业创造价值的模式,Organizing组织,Structure is a consequence o
20、f strategy组织结构即是战略成果 Board of Directors董事会 Representation of ALL shareholders代表所有股东 Oversight of management监督管理人员 Committee system委员会系统 Management管理层 Strategy and execution战略与实施 Outsourcing外包,Staffing人员配置,What kinds of people?人员类型？ Selection选用 Competency management胜任能力管理 Hiring聘用 Behavioral Event In
21、terviewing行为表现面谈,Staffing人员配置,Boards of Directors董事会成员 what kinds of people?人员类型？ understand business strategy理解经营战略 connections to other industries, experience与其它行业相关、经验 careful over representation of a particular group谨慎代表某个特定的小组,Staffing人员配置,Management管理 Big decision - will set the stage for year
22、s to come重大决策 - 为将来奠定基础 Are todays incumbents the right people?当前的任职者是否称职？ Managers need to be able to take decisions经理们需要具备相应的决策力 Must be free from short-term government interference, but must lose job security as a cadre必须免受政府的短期干预，但管理者失去工作保障,Performing绩效管理,Source: 1994-6 research by Hewitt Associ
23、ates出自：翰威特咨询有限公司1994-1996年度调查结果。,Developing发展,Key for all businesses对所有企业而言至关重要 Fits Chinese culture and desires适合于中国文化和期望 Current skill levels for operation in a market are low现有的运营技能在市场中处于偏低水准 Capitalism “101” for directors and managers针对总监和经理们的“101”资本主义制度 Differing needs for each enterprise各企业的不同
24、需求,Rewarding全面薪酬,Does compensation motivate people?薪酬能否激励员工？ Needs careful design需要进行仔细设计 Alignment with strategy is crucial关键在于遵照公司战略 “You get what you pay for”您已取得应有绩效 Next pages show some thoughts on stock options, long-term incentives pre-IPO and some market data for executives.下文中将介绍有关股权激励及公司上市
25、前高层经理长期奖励的一些观点和市场数据.,Stock Options - Conditions for success有效实施股权激励所必须具备的条件：,Must be: strong corporate governance framework 完善的公司治理结构 clear taxation system 健全的税收体系和制度 clear rules for whether companies can use Treasury stock or must buy stock 有关股票来源问题有明确的规定(公司可利用库存股票或回购股票),Stock Options - Conditions
26、for success有效实施股权激励所必须具备的条件：,The government role is low and decisions must be left to the market 政府只做它应该做的事，决定权交给市场 Publicity for investors 完善的信息披露 Rules against insider trading 有关内部交易的制约机制,Long-term incentives - pre-listing长期奖励 - 上市前,Pre-listing - usually no stock on which to offer options上市前 - 通常没
27、有可以提供期权的股票 Three other choices:其它三种选择： cash plan - absolute performance现金计划 - 绝对绩效 cash plan - relative performance现金计划 - 相对绩效 phantom stock plan虚拟股票计划,Long-term incentives - pre-listing长期奖励 - 上市前,Cash plan - absolute performance现金计划：绝对绩效 Simplest solution: decide upon key goal(s) and reward managem
28、ent for achieving it/them - 2 or 3 year plan最简单的方案：确定以关键经营目标的实现为基点的薪酬管理方案 - 2/3年激励计划 Difficulty is goal-setting process, because goals may appear easy/tough in retrospect目标设定程序较难，因为在期末审核时，目标或许似乎较容易/艰难 Needs judgement - function of Board需要加以判断 - 是董事会的职能,Long-term incentives - pre-listing长期奖励 - 上市前,Ca
29、sh-plan - relative performance现金计划：相对绩效 Measures most often used: Total Shareholder Return, growth, Return on Equity最常见的评估标准：总体股东投资回报、增长、股权收益 Only works for public companies where published data is reliable仅适用于那些公布可靠数据的非上市公司,Long-term incentives - pre-listing长期奖励 - 上市前,Phantom Stock Plan虚拟股票计划 (1) A
30、ssume company divided into stock假设公司实行股份制 Divide earnings by # stock units = EPS营业收益除以股票单位数量=每股收益 Multiply EPS by market P/E ratio = stock price用市盈率(P/E) 乘以每股收益=股票价格 (2) Have the company valued by an independent firm由一家独立的机构来对该公司进行估价,Long-term incentives - pre-listing长期奖励 - 上市前,Compensation influenc
31、es management behavior薪酬影响管理行为 Does the plan need to be changed during the term because the situation has changed?在计划执行期间，若情况发生了变化，我们是否需要对该计划加以修改？ Will management “game” the system and act in its own interest to the detriment of the company?管理人员是否将运用该系统来谋私利、损害公司利益？ These are questions that require a
32、 Board这些问题需要由董事会来进行监控,Compensation data薪酬数据,Compensation data for 2000 taken from Hewitt databases in US, Europe and Japan摘自翰威特咨询公司设在美国、欧洲和日本的数据库中的2000年度薪酬数据 several countries combined for Europe欧洲许多国家的综合数据 four sizes of company in US四种规模的美国公司 stock options valued using Black-Scholes methodology运用Bl
33、ack-Scholes方法所估价的股票期权 Benefits and perquisites valued as annual equivalents对福利与特殊津贴进行年度定价,Compensation data - US薪酬数据 - 美国,Companies Greater than 10 Billion规模100亿美元以上的公司,Top Executives高层经理,Total: US$2,675k总计：2675K美元,Compensation data - US薪酬数据 - 美国,Companies Greater than 10 Billion规模在100亿美元以上的公司,Senio
34、r Management Positions高层管理人员,Total: US$548k总计：548K美元,Compensation data - US薪酬数据 - 美国,Companies Greater than 10 Billion规模在100亿美元以上的公司,Middle Management Positions中层管理人员,Total: US$229k总计：229K美元,Compensation data - US薪酬数据 - 美国,Companies Greater than 10 Billion规模在100亿美元以上的公司,Professional Positions专业人员,To
35、tal: US$81k总计：81K美元,Compensation data - Europe薪酬数据 - 欧洲,Top Executives高层经理,Compensation data - Europe薪酬数据 - 欧洲,Senior Management高层管理人员,Compensation data - Europe薪酬数据 - 欧洲,Middle Management中层管理人员,Compensation data - Europe薪酬数据,Professional Positions专业人员,Compensation data - Japan all industry薪酬数据 - 日本
36、所有行业,Top Executives高层经理,Compensation data - Japan Hi-tech薪酬数据 - 日本高科技行业,Top Executives高层经理,Compensation data - Japan all industry薪酬数据 - 日本所有行业,Senior Managers高层管理人员,Compensation data - Japan all industry薪酬数据 - 日本所有行业,Middle Managers中层管理人员,Compensation data - Japan all industry薪酬数据 - 日本所有行业,Professio
37、nal Positions专业人员,Basic salary differences - US$基本工资差异 - 美元,Total compensation differences - US$全面薪酬差异 - 美元,Compensation data - Learnings薪酬数据 - 结论,Markets are messy!市场数据不规范！ Has anyone got it right? No!是否有任何人得出正确答案？没有！ Americans concerned at governance and issues over executive pay美国关注高层经理薪酬的管理和相关问题 Japanese economy stalled, because needed change cannot occur日本经济停滞不前，因为尚未进行必要的变革 Egalitarianism in Europe欧洲的平等主义,Summary总结,Finance财务 Technology技术 People人员 The only long-term sustainable competitive advantage is from people唯一的长期性、持久性竞争优势在于“人”,素材和资料部分来自网络，如有帮助请下载!,51,2021/3/10,