中國進行企業(yè)結(jié)構(gòu)調(diào)整過程中的人員與激勵管理(ppt)
People aspects of structural change in the People’s Republic of China

Agenda 議程
Global overview of privatization lessons 全球企業(yè)市場化經(jīng)驗概述
Role of government in transition 政府部門在過渡過程中所發(fā)揮的作用
Executives and Leadership 對高層經(jīng)理與領(lǐng)導(dǎo)者的激勵與約束機制
Long-term Incentives pre-listing 公司上市前的長期獎勵
Compensation Data 薪酬數(shù)據(jù)
What does it all tell us? 結(jié)論
Lessons from overseas 來自海外的經(jīng)驗
US: 美國：
the world’s most advanced, competitive economy - most economic freedom 全球最發(fā)達、最富競爭力的經(jīng)濟體制：經(jīng)濟自由度最大
virtually no experience with privatization 實際上缺乏企業(yè)股份化經(jīng)驗
Japan: 日本：
culturally, the most similar advanced economy to Japan, but stalled in the modern economy. New hope from market reforms 從文化的維度而言，最類似于日本的發(fā)達經(jīng)濟，但日本目前處于停滯不前的狀態(tài)。市場變革帶來新的希望
Lessons from overseas 來自海外的經(jīng)驗
Western Europe: 西歐：
Privatization everywhere, led by UK 在英國的帶動下，各地都在進行股份化
Different tradition regarding employment 截然不同的人員聘用傳統(tǒng)
If you create monopolies, not much changes 若進行壟斷，不會出現(xiàn)過多的變革
Competition creates wealth 競爭創(chuàng)造財富
Need to break up old industries to create competition 需要打破原有的行業(yè)格局，促進競爭
Workforces reduced, but society richer 人員減少，但社會更加富足
Privatization Transition 股份化過渡
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) 拍賣(較小型的公司)
Giving away assets to individuals, eg, Czech Republic, Singapore 向個人贈送資產(chǎn)，例如：捷克共和國、新加坡
Privatization Transition - UK Water 股份化過渡 - UK Water
Longest most recent experience (15+yrs) 最長、最新的經(jīng)驗(15年以上)
Gradual listings for many companies 許多公司逐步上市
previous managers put in charge 原有的經(jīng)理負責(zé)進行管理
carefully regulated markets 仔細進行市場規(guī)約
initial compensation increase followed by move to market pay 遵照市場行情來提供最初的加薪
Few “golden shares” (BP, VSEL) 極少“黃金股票”(BP，VSEL)
Privatization Transition - UK Water 股份化過渡 - UK Water
Problems with several industries 許多行業(yè)所面臨的問題
regulated monopolies 規(guī)約壟斷
higher pay for executives, but little behaviour change lower down 高層經(jīng)理薪酬水準提高，但行為變革幅度卻有所下降
competition is key 競爭是關(guān)鍵
electric/water industries being re-organized for capital reasons: separating supply from distribution 鑒于資本方面的原因，對電力/水力行業(yè)進行調(diào)整：供應(yīng)與配送分離
Privatization Transition - UK Water 股份化過渡 - UK Water
Originally single operation, run regionally 最初為單一型地區(qū)運營
Employed 100,000 員工總數(shù)達10萬人
Controlled supply, distribution, customer interface, sewerage disposal 控制供應(yīng)、配送、客戶關(guān)系及污水處理部門
Regional authorities privatized, but remained monopolies. 地區(qū)權(quán)限市場化，但仍存在壟斷
Some companies bought by foreigners 某些公司為外資所收購
Privatization Transition - UK Water 股份化過渡 - UK Water
Government body (OFWAT) set up to regulate, make standards, guarantee prices, etc 通過設(shè)立政府機構(gòu)(OFWAT)來進行調(diào)控、制定標準和穩(wěn)定價格等工作
Water companies operated better, but no substantial change, because monopolies still existed Water公司運作情況有所好轉(zhuǎn)，但因仍存在著壟斷，并未出現(xiàn)實質(zhì)性的變化
Government-sponsored restructuring will leave supply separate from distribution, separate from billings 政府部門所發(fā)起的企業(yè)結(jié)構(gòu)調(diào)整工作將導(dǎo)致供應(yīng)與配送、核算部門分離
Privatization Transition - UK Water 股份化過渡 - UK Water
Supply companies will supply only 供應(yīng)公司將僅僅供應(yīng)
better capital structure 優(yōu)化資本結(jié)構(gòu)
limits monopoly 限制壟斷
Distribution and customer interface 配送與客戶關(guān)系部門
Contracted - open to competition 商定 - 公開競爭
Now 40,000 employees and falling 現(xiàn)有40,000名員工，并正在有所下降
Consumers, producers and government happy 客戶、生產(chǎn)方和政府均比較滿意
China is the same…but China is different! 中國亦如此…但有其獨特之處！
Some differences with US: 與美國所存在的一些差異 - 以下是美國市場所表現(xiàn)的特點：
Very fluid, competitive labor market 充滿活力、富有競爭力的人才市場
Highly educated, confident workforce 高學(xué)歷、充滿自信的人才隊伍
Work is a contract between equals 在平等的基礎(chǔ)上簽署工作合同
Very low unionization 很少進行聯(lián)合
Few government-owned enterprises 極少存在國有企業(yè)
Tradition of wide stock ownership for investment 廣義的股票投資所有權(quán)傳統(tǒng)
Strong tradition for rule of law 良好的法律傳統(tǒng)
Happiness with mix of market and government regulation 樂于將市場與政府規(guī)章相匹配
The real issue is change 真正的問題源于變革
Lesson learned in the US 來自美國的經(jīng)驗
Three conditions for effective markets: 有效的市場所需具備的三個條件：
information on companies and markets freely available 公司和市場自由運作方面的信息
liquidity - ability to buy and sell easily 流通性 - 能夠比較容易地進行購買和出售
one set of rules for all 一套通用的規(guī)則
treat everyone the same 一視同仁
minimize discretion 最大限度地減少區(qū)別
The Talent Solution 人才解決方案
Successful private sector companies manage for value 成功的私營公司的價值管理模式
The Talent Solution 人才解決方案
Every company is different 因公司而異
The Talent Solution 人才解決方案
The Talent Solution 人才解決方案
Organizing 組織
Structure is a consequence of strategy 組織結(jié)構(gòu)即是戰(zhàn)略成果
Board of Directors 董事會
Representation of ALL shareholders 代表所有股東
Oversight of management 監(jiān)督管理人員
Committee system 委員會系統(tǒng)
Management 管理層
Strategy and execution 戰(zhàn)略與實施
Outsourcing 外包
Staffing 人員配置
What kinds of people? 人員類型？
Selection 選用
Competency management 勝任能力管理
Hiring 聘用
Behavioral Event Interviewing 行為表現(xiàn)面談
Staffing 人員配置
Boards of Directors 董事會成員
what kinds of people? 人員類型？
understand business strategy 理解經(jīng)營戰(zhàn)略
connections to other industries, experience 與其它行業(yè)相關(guān)、經(jīng)驗
careful over representation of a particular group 謹慎代表某個特定的小組
Staffing 人員配置
Management 管理
Big decision - will set the stage for years to come 重大決策 - 為將來奠定基礎(chǔ)
Are today’s incumbents the right people? 當(dāng)前的任職者是否稱職？
Managers need to be able to take decisions 經(jīng)理們需要具備相應(yīng)的決策力
Must be free from short-term government interference, but must lose job security as a cadre 必須免受政府的短期干預(yù)，但管理者失去工作保障
Performing 績效管理
Developing 發(fā)展
Key for all businesses 對所有企業(yè)而言至關(guān)重要
Fits Chinese culture and desires 適合于中國文化和期望
Current skill levels for operation in a market are low 現(xiàn)有的運營技能在市場中處于偏低水準
Capitalism “101” for directors and managers 針對總監(jiān)和經(jīng)理們的“101”資本主義制度
Differing needs for each enterprise 各企業(yè)的不同需求
Rewarding 全面薪酬
Does compensation motivate people? 薪酬能否激勵員工？
Needs careful design 需要進行仔細設(shè)計
Alignment with strategy is crucial 關(guān)鍵在于遵照公司戰(zhàn)略
“You get what you pay for” 您已取得應(yīng)有績效
Next pages show some thoughts on stock options, long-term incentives pre-IPO and some market data for executives…... 下文中將介紹有關(guān)股權(quán)激勵及公司上市前高層經(jīng)理長期獎勵的一些觀點和市場數(shù)據(jù)…...
Stock Options - Conditions for success 有效實施股權(quán)激勵所必須具備的條件：
Must be:
strong corporate governance framework
完善的公司治理結(jié)構(gòu)
clear taxation system
健全的稅收體系和制度
clear rules for whether companies can use Treasury stock or must buy stock
有關(guān)股票來源問題有明確的規(guī)定(公司可利用庫存股票或回購股票)
Stock Options - Conditions for success 有效實施股權(quán)激勵所必須具備的條件：
The government role is low and decisions must be left to the market
政府只做它應(yīng)該做的事，決定權(quán)交給市場
Publicity for investors
完善的信息披露
Rules against insider trading
有關(guān)內(nèi)部交易的制約機制

Long-term incentives - pre-listing 長期獎勵 - 上市前
Pre-listing - usually no stock on which to offer options 上市前 - 通常沒有可以提供期權(quán)的股票
Three other choices: 其它三種選擇：
cash plan - absolute performance 現(xiàn)金計劃 - 絕對績效
cash plan - relative performance 現(xiàn)金計劃 - 相對績效
phantom stock plan 虛擬股票計劃
Long-term incentives - pre-listing 長期獎勵 - 上市前
Cash plan - absolute performance 現(xiàn)金計劃：絕對績效
Simplest solution: decide upon key goal(s) and reward management for achieving it/them - 2 or 3 year plan 最簡單的方案：確定以關(guān)鍵經(jīng)營目標的實現(xiàn)為基點的薪酬管理方案 - 2/3年激勵計劃
Difficulty is goal-setting process, because goals may appear easy/tough in retrospect 目標設(shè)定程序較難，因為在期末審核時，目標或許似乎較容易/艱難
Needs judgement - function of Board 需要加以判斷 - 是董事會的職能
Long-term incentives - pre-listing 長期獎勵 - 上市前
Cash-plan - relative performance 現(xiàn)金計劃：相對績效
Measures most often used: Total Shareholder Return, growth, Return on Equity 最常見的評估標準：總體股東投資回報、增長、股權(quán)收益
Only works for public companies where published data is reliable 僅適用于那些公布可靠數(shù)據(jù)的非上市公司
Long-term incentives - pre-listing 長期獎勵 - 上市前
Phantom Stock Plan 虛擬股票計劃
(1) Assume company divided into stock 假設(shè)公司實行股份制
Divide earnings by # stock units = EPS 營業(yè)收益除以股票單位數(shù)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=股票價格
(2) Have the company valued by an independent firm 由一家獨立的機構(gòu)來對該公司進行估價
Long-term incentives - pre-listing 長期獎勵 - 上市前
Compensation influences management behavior 薪酬影響管理行為
Does the plan need to be changed during the term because the situation has changed? 在計劃執(zhí)行期間，若情況發(fā)生了變化，我們是否需要對該計劃加以修改？
Will management “game” the system and act in its own interest to the detriment of the company? 管理人員是否將運用該系統(tǒng)來謀私利、損害公司利益？
These are questions that require a Board 這些問題需要由董事會來進行監(jiān)控
Compensation data 薪酬數(shù)據(jù)
Compensation data for 2000 taken from Hewitt databases in US, Europe and Japan 摘自翰威特咨詢公司設(shè)在美國、歐洲和日本的數(shù)據(jù)庫中的2000年度薪酬數(shù)據(jù)
several countries combined for Europe 歐洲許多國家的綜合數(shù)據(jù)
four sizes of company in US 四種規(guī)模的美國公司
stock options valued using Black-Scholes methodology 運用Black-Scholes方法所估價的股票期權(quán)
Benefits and perquisites valued as annual equivalents 對福利與特殊津貼進行年度定價
Compensation data - US 薪酬數(shù)據(jù) - 美國
Compensation data - US 薪酬數(shù)據(jù) - 美國
Compensation data - US 薪酬數(shù)據(jù) - 美國
Compensation data - US 薪酬數(shù)據(jù) - 美國
Compensation data - Europe 薪酬數(shù)據(jù) - 歐洲
Compensation data - Europe 薪酬數(shù)據(jù) - 歐洲
Compensation data - Europe 薪酬數(shù)據(jù) - 歐洲
Compensation data - Europe 薪酬數(shù)據(jù)
Compensation data - Japan all industry 薪酬數(shù)據(jù) - 日本所有行業(yè)
Compensation data - Japan Hi-tech 薪酬數(shù)據(jù) - 日本高科技行業(yè)
Compensation data - Japan all industry 薪酬數(shù)據(jù) - 日本所有行業(yè)
Compensation data - Japan all industry 薪酬數(shù)據(jù) - 日本所有行業(yè)
Compensation data - Japan all industry 薪酬數(shù)據(jù) - 日本所有行業(yè)
Basic salary differences - US$ 基本工資差異 - 美元
Total compensation differences - US$ 全面薪酬差異 - 美元
Compensation data - Learnings 薪酬數(shù)據(jù) - 結(jié)論
Markets are messy! 市場數(shù)據(jù)不規(guī)范！
Has anyone got it right? No! 是否有任何人得出正確答案？沒有！
Americans concerned at governance and issues over executive pay 美國關(guān)注高層經(jīng)理薪酬的管理和相關(guān)問題
Japanese economy stalled, because needed change cannot occur 日本經(jīng)濟停滯不前，因為尚未進行必要的變革
Egalitarianism in Europe 歐洲的平等主義
Summary 總結(jié)
Finance 財務(wù)
Technology 技術(shù)
People 人員
The only long-term sustainable competitive advantage is from people 唯一的長期性、持久性競爭優(yōu)勢在于“人”

中國進行企業(yè)結(jié)構(gòu)調(diào)整過程中的人員與激勵管理(ppt)