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1、People aspects of structural change in the Peoples Republic of China,June 21, 2001 2001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 inc
2、rease 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 Dat
3、a 薪酬数据 What 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 stal
4、led in the modern 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 chang
5、es 若进行垄断，不会出现过多的变革 Competition 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 (small
6、er companies) 拍卖(较小型的公司) Giving away 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
7、经理负责进行管理 carefully regulated markets 仔细进行市场规约 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
8、 pay for executives, but little behaviour change 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,Origi
9、nally single operation, run regionally 最初为单一型地区运营 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,Privatizatio
10、n Transition - UK Water 股份化过渡 - UK Water,Government body (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 existed Water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-spo
11、nsored restructuring will leave supply separate from distribution, 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 in
12、terface 配送与客户关系部门 Contracted - open to competition 商定 - 公开竞争 Now 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, competi
13、tive labor market 充满活力、富有竞争力的人才市场 Highly educated, confident workforce 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
14、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,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
15、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 d
16、iscretion 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 compan
17、ies 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 Relationship 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
18、? 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? 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
19、 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 roles) 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
20、 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 of 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 execut
21、ion 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 Interviewing 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, experie
22、nce 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 years 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 s
23、hort-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 Associates 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
24、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 “Y
25、ou 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
26、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 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 inv
27、estors 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 p
28、hantom 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 management 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, bec
29、ause 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,Cash-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
30、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) Assume 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
31、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 influences management behavior 薪酬影响管理行为 Does the plan need to be changed during the term because the situation has chan
32、ged? 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 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,
33、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Black-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,Compensatio
34、n 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,Senior 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,Compani
35、es 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,Total: US$81k 总计：81K美元,Compensation data - Europe 薪酬数据 - 欧洲,Top Executives 高层经理,Compensa
36、tion data - Europe 薪酬数据 - 欧洲,Senior Management 高层管理人员,Compensation data - Europe 薪酬数据 - 欧洲,Middle Management 中层管理人员,Compensation data - Europe 薪酬数据,Professional Positions 专业人员,Compensation data - Japan all industry 薪酬数据 - 日本所有行业,Top Executives 高层经理,Compensation data - Japan Hi-tech 薪酬数据 - 日本高科技行业,To
37、p Executives 高层经理,Compensation data - Japan all industry 薪酬数据 - 日本所有行业,Senior Managers 高层管理人员,Compensation data - Japan all industry 薪酬数据 - 日本所有行业,Middle Managers 中层管理人员,Compensation data - Japan all industry 薪酬数据 - 日本所有行业,Professional Positions 专业人员,Basic salary differences - US$ 基本工资差异 - 美元,Total
38、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”,