中国进行企业结构调整过程中的人员与激励管理(ppt)
People aspects of structural change in the People’s Republic of China

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 does it all tell us? 结论
Lessons from overseas 来自海外的经验
US: 美国：
the world’s 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 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
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 (smaller 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 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
Originally 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
Privatization 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-sponsored 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 interface 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 same…but 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 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
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 discretion 最大限度地减少区别
The Talent Solution 人才解决方案
Successful private sector companies manage for value 成功的私营公司的价值管理模式
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
The Talent Solution 人才解决方案
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 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 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, 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 years to come 重大决策 - 为将来奠定基础
Are today’s 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
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 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 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, 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
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 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 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 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
Compensation data - US 薪酬数据 - 美国
Compensation data - US 薪酬数据 - 美国
Compensation data - US 薪酬数据 - 美国
Compensation data - US 薪酬数据 - 美国
Compensation data - Europe 薪酬数据 - 欧洲
Compensation data - Europe 薪酬数据 - 欧洲
Compensation data - Europe 薪酬数据 - 欧洲
Compensation data - Europe 薪酬数据
Compensation data - Japan all industry 薪酬数据 - 日本所有行业
Compensation data - Japan Hi-tech 薪酬数据 - 日本高科技行业
Compensation data - Japan all industry 薪酬数据 - 日本所有行业
Compensation data - Japan all industry 薪酬数据 - 日本所有行业
Compensation data - Japan all industry 薪酬数据 - 日本所有行业
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”

中国进行企业结构调整过程中的人员与激励管理(ppt)