外文翻譯---國(guó)有企業(yè)高管準(zhǔn)備迎接股權(quán)激勵(lì)計(jì)劃

1、<p><b>　　外文翻譯</b></p><p>　　學(xué) 院： 商學(xué)院 </p><p>　　專(zhuān) 業(yè)： 會(huì)計(jì)系 </p><p>　　學(xué)生姓名： </p><p>　　學(xué) 號(hào)： 0711206342 </p>&l

2、t;p>　　指導(dǎo)教師： </p><p>　　2011 年 6 月</p><p>　　SOE Execs: Get Ready For Stock Incentives</p><p><b>　　TAN WEI</b></p><p>　　Stock option incentive p

3、lan will soon be available to state-owned enterprise executives, but will it lead to greater prosperity or new problems? </p><p>　　A trailblazing new scheme to infuse state-owned enterprises (SOEs) with ince

4、ntive stock options is under way. It’s a plan that may bolster company performance, but it’s not without risks.</p><p>　　On August 15, Li Rongrong, Minister of the State-owned Assets Supervision and Administ

5、ration Commission (SASAC), disclosed that after careful study, a stock option incentive trial plan will be carried out in the listed SOEs. </p><p>　　According to the trial plan, about 102 A-share listed SOEs

6、 are expected to be the trial companies. The short list of some of those expecting to participate includes: China Unicom, Citic Group, Kweichow Moutai, China Merchants Bank and Beijing Financial Street Holding Co. </p

7、><p>　　Stock option incentive plan is designed to entice executives to work hard for the long - term development of their companies. As stocks rise based on company performance, they too gain through this profi

8、ts haring arrangement. This kind of incentive plan is popular in foreign countries, especially in the United States, where stock options can account for as high as 70 percent of a CEO’s income. Further, many economists b

9、elieve the stock option incentive plan optimizes corporate governance structu</p><p>　　On the other hand, after the Measure s on the Administration of Stock Incentive Plans of Listed Companies was issued ear

10、ly this ye a r, some of the companies turned out to have misused the incentive stock options. The result was insider dealings, performance manipulation as well as a manipulation of the company stock price. </p>&l

11、t;p>　　“Although the stock option incentive scheme is a frequently used tool to encourage top management, it could also be a double - edged sword especially in an immature market economy,” Li said. The SASAC is therefo

12、re taking a cautious approach, placing explicit requirements on corporate governance, the target and extent of the incentive measures, Li added. </p><p>　　Li stated that the overseas-listed SOEs would be the

13、 first few companies that will implement the mechanism because of their sound management structure and law-abiding nature. Then the domestic listed SOEs will have the chance to embrace incentive stock options, which woul

14、d be promoted if the trial results were good. </p><p>　　Executive face-lift</p><p>　　As for more than 900 listed SOEs, the personnel structure of the boards of directors will pro b ably face sub

15、stantial change. That’s because the plan states that if the s t o ck option incentive mechanism is going to be implemented in listed SOEs, external directors should account for half of the board of directors. </p>

16、<p>　　The trial plan introduced the concept of external directors for the first time. The external director should be legally recommended by directors of listed SOEs, and should not be working in the listed SOEs or

17、 in a holding company, said the plan. However, currently, most of boards of directors of listed SOEs are not in compliance with the requirement. They have to readjust the structure of board of directors to fit in with th

18、e new mechanism. </p><p>　　“For most of the SOEs which are listed in the A-share market, their boards of directors are made up of non-external directors and independent directors, which means that apart from

19、 independent directors, members of board of directors are all working for the listed company or for the large shareholder,” said Zhu Yongmin, an economist with the Central University of Finance and Economics. “If the sto

20、ck option incentive mechanism is to be carried out in those companies, a large-scale restructuring o</p><p>　　China Securities Regulatory Commission (CSRC) stipulates that an independent director is one who

21、doesn’t hold another office beyond his job as a director, and has no such relations with major share holder that would interfere with the exercise of independent and objective judgment. </p><p>　　“Currently,

22、 the independent directors of listed companies can be categorized as external directors,” Zhu said. “However, the definition of external director is much broader than independent director. Those who work for a company wh

23、ich has business ties with a listed company, though they do not meet the requirements of being an independent director, but can be considered an external director.”</p><p>　　Additionally, the trial plan also

24、 stipulates that the salary committee of listed SOEs that exercise the stock option incentive mechanism should be composed of external directors. However, for most of the listed companies, there are still non - external

25、directors. As a result, a considerable number of listed SOEs need to transform their salary committee to fulfill the prerequisites of the stock option incentive mechanism. </p><p>　　Avoiding over-compensatio

26、n</p><p>　　Over- compensation is something that the trial stock plan is trying to avoid as well. </p><p>　　Therefore, the trial plan states that domestic listed SOEs’ executives should receive n

27、o more than 30 percent of their total salary (including options and dividends). But as for the overseas-listed SOEs, the maximum incentive is 40 percent of the target salary. </p><p>　　The trial plan also fi

28、xes the volume of incentive stock options. </p><p>　　The trial plan states that the volume of incentive stock options should be fixed in accordance with the scale of the listed company and the number of ince

29、ntive objectives. The number of share allocated may not exceed 10 percent of the company’s total share capital and no less than 0.1 percent. </p><p>　　In fact, Beijing Review was informed by the CSRC that so

30、me 20 listed SOEs also began exploring stock option incentive schemes in the first half of this year. But none of them received approval from the CSRC because their schemes revealed sharp contrast with the trial plan in

31、terms of the scale of incentive stock options offered. </p><p>　　Results-oriented</p><p>　　Under the trial plan, better performance is a must to obtain stock privileges. </p><p>　　T

32、he number of incentive stock options that senior executives in listed SOEs can get depends on their annual performance. If they cannot fulfill the targeted objective s , the listed company may have the right to take back

33、 the incentive the stock options or purchase them back at the price at which they we re sold to the executives . </p><p>　　Zhu Yongmin noted that the stock option incentive plan is not invariable. The direct

34、ors of listed companies, senior executives, and core technological and management personnel may not get the target stock options if they fail to achieve a satisfactory performance. </p><p>　　No freebies</

35、p><p>　　For sure, state stocks won’t be given to executives for free, under the trial plan. </p><p>　　“The state stocks have prices,” Zheng said. “If they we re paid to senior executives for free i

36、n the name of incentive stocks, it is equal to a loss of state assets. To elaborate, the incentive stocks should be the increment of stocks that are earned by the executives for listed SOEs after the implementation of th

37、e trial plan, and should not be previous stock inventory. In short, the past is past. Only future stock increases can be used as incentive stocks.” </p><p>　　Further, “The incentive stocks should not be paid

38、 only by the SASAC, which is the largest shareholder of all the central SOEs,” said Zheng Peimin, Chairman of Shanghai Realize Investment Consulting Co., who took part in drafting the trial plan,. “ The incentive plan sh

39、ould be a joint action of all share holders of a company and they should shoulder the same responsibility and enjoy equal benefit .” </p><p>　　Already, share holders pay for salaries of directors, senior exe

40、cutives and technology management staff. </p><p>　　“The incentive stocks should also be paid by all shareholders.” Zheng said. “For instance, if the government, or a state owned enterprise, holds 60 percent

41、of a listed SOE, they should only pay 60 percent of the incentive stocks and 40 percent should be paid by other share holders.” </p><p>　　國(guó)有企業(yè)高管：準(zhǔn)備迎接股權(quán)激勵(lì)計(jì)劃</p><p><b>　　譚衛(wèi)</b></p&g

42、t;<p>　　股票期權(quán)激勵(lì)計(jì)劃將很快應(yīng)用于國(guó)有企業(yè)管理人員，但這會(huì)帶來(lái)更大的繁榮，還是新的問(wèn)題？</p><p>　　一個(gè)開(kāi)創(chuàng)性的計(jì)劃正被引入——國(guó)有企業(yè)正在實(shí)施股票期權(quán)激勵(lì)計(jì)劃，它可能會(huì)增強(qiáng)公司業(yè)績(jī)，但它并非沒(méi)有風(fēng)險(xiǎn)。</p><p>　　8月15日，國(guó)資委部長(zhǎng)李蓉蓉透露，經(jīng)過(guò)仔細(xì)研究，股票期權(quán)激勵(lì)計(jì)劃將要在上市國(guó)有企業(yè)試行。</p><p>　　

43、根據(jù)計(jì)劃，約有102家A股上市國(guó)有企業(yè)將要參與此計(jì)劃，包括：中國(guó)聯(lián)通，中信集團(tuán)，貴州茅臺(tái)，中國(guó)招商銀行和北京金融街控股股份有限公司。</p><p>　　期權(quán)激勵(lì)計(jì)劃致力于吸引企業(yè)管理人員專(zhuān)注于他們公司的長(zhǎng)遠(yuǎn)發(fā)展。由于股票價(jià)格是在公司業(yè)績(jī)提高的基礎(chǔ)上上升的，他們也通過(guò)此來(lái)做工作安排。這種激勵(lì)計(jì)劃在國(guó)外很受歡迎，特別是在美國(guó)，那里的股票期權(quán)可以占到首席執(zhí)行官的收入的高達(dá)百分之七十之多。此外，許多經(jīng)濟(jì)學(xué)家認(rèn)為，股??

44、票期權(quán)激勵(lì)計(jì)劃有助于優(yōu)化公司治理結(jié)構(gòu)，提高管理效率，增強(qiáng)公司的競(jìng)爭(zhēng)力。</p><p>　　另一方面，在實(shí)施上市公司股權(quán)激勵(lì)計(jì)劃管理的初期，竟然發(fā)現(xiàn)一些公司誤用激勵(lì)股票期權(quán)。其結(jié)果導(dǎo)致內(nèi)幕交易，惡意操縱該公司的股票價(jià)格。</p><p>　　“雖然股票期權(quán)激勵(lì)計(jì)劃是一個(gè)經(jīng)常使用的工具，但是它亦可以被稱(chēng)為一把雙刃劍，尤其是在一個(gè)不成熟的市場(chǎng)經(jīng)濟(jì)體制之下?！崩钊厝卣f(shuō)。因此，國(guó)資委采取謹(jǐn)慎的態(tài)度

45、，對(duì)于實(shí)施股權(quán)激勵(lì)計(jì)劃的企業(yè)，在企業(yè)管治，目標(biāo)和獎(jiǎng)懲措施的范圍等方面提出了明確的要求，李蓉蓉補(bǔ)充說(shuō)。</p><p>　　李指出，因?yàn)楹Ｍ馍鲜械膰?guó)有企業(yè)有可靠的管理體制和健全的法律機(jī)制，所以他們將是為數(shù)不多的幾家將實(shí)現(xiàn)此股權(quán)激勵(lì)機(jī)制的公司，這一現(xiàn)象也遵從了自然規(guī)律。其后，如果他們的試行被證明是有效地，在國(guó)內(nèi)上市的國(guó)有企業(yè)將有機(jī)會(huì)實(shí)施期權(quán)激勵(lì)。</p><p><b>　　整頓管理

46、層</b></p><p>　　對(duì)于上市的900多個(gè)國(guó)有企業(yè)，董事局的人員結(jié)構(gòu)可能將要面臨實(shí)質(zhì)的變化。這是因?yàn)樵撚?jì)劃規(guī)定，如果上市公司預(yù)期實(shí)施期權(quán)激勵(lì)機(jī)制，外部董事應(yīng)當(dāng)占上市國(guó)有企業(yè)董事會(huì)全部董事人數(shù)的一半。</p><p>　　在該次計(jì)劃的試行中，首次引入了外部董事這一概念。該計(jì)劃規(guī)定，外部董事應(yīng)當(dāng)由上市國(guó)有企業(yè)的董事通過(guò)合法程序推薦，而不應(yīng)在上市國(guó)有企業(yè)或控股公司工作。但是

47、目前，大多數(shù)上市國(guó)有企業(yè)的董事會(huì)并不符合規(guī)定。他們必須重新調(diào)整董事會(huì)結(jié)構(gòu)，以適應(yīng)新的機(jī)制要求。</p><p>　　“對(duì)于大多數(shù)在A股市場(chǎng)上市的國(guó)有企業(yè)，其董事會(huì)都是由非外部董事和獨(dú)立董事組成，這意味著，除了獨(dú)立董事，董事會(huì)成員都為上市公司工作，并且持股比例很大?！?中央財(cái)經(jīng)大學(xué)的經(jīng)濟(jì)學(xué)家朱永敏說(shuō)。 “如果股票期權(quán)激勵(lì)機(jī)制在這些公司中實(shí)施，大規(guī)模改組董事會(huì)是不可避免的，外部董事必須加入其中?！?lt;/p>

48、<p>　　中國(guó)證券監(jiān)督管理委員會(huì)（證監(jiān)會(huì)）規(guī)定，獨(dú)立董事是指，不在上市公司擔(dān)任除董事外的其他職務(wù)，并與其所受聘的上市公司及其主要股東不存在可能妨礙其進(jìn)行獨(dú)立客觀判斷關(guān)系的董事。 </p><p>　　“目前，上市公司的獨(dú)立董事可歸類(lèi)為外部董事，”朱永敏說(shuō)，“然而，外部董事的定義比獨(dú)立董事更廣泛。有些董事為某其他公司工作，而且此公司與上市公司存在業(yè)務(wù)聯(lián)系，雖然他們不符合作為一個(gè)獨(dú)立董事的要求，但可視

49、為外部董事。</p><p>　　此外，該試行計(jì)劃還規(guī)定，在上市的國(guó)有企業(yè)中，運(yùn)作股權(quán)激勵(lì)機(jī)制的薪酬委員會(huì)應(yīng)由外部董事組成。然而，對(duì)于大多數(shù)的上市公司而言，還沒(méi)有外部董事。因此，有相當(dāng)數(shù)量的上市國(guó)有企業(yè)需要改造其薪酬委員會(huì)，以滿足履行股票期權(quán)激勵(lì)機(jī)制的必要條件。</p><p><b>　　避免超額補(bǔ)償</b></p><p>　　超額補(bǔ)償在股

50、權(quán)激勵(lì)機(jī)制的試行階段也應(yīng)當(dāng)避免發(fā)生。</p><p>　　因此，該試行計(jì)劃指出，國(guó)內(nèi)上市的國(guó)有企業(yè)管理人員應(yīng)該接受的補(bǔ)償不超過(guò)工資總額的百分之三十（包括期權(quán)和股息）。但對(duì)于海外上市的國(guó)有企業(yè)，最高獎(jiǎng)勵(lì)為目標(biāo)底薪的百分之四十。</p><p>　　該試行計(jì)劃還規(guī)定了股票期權(quán)激勵(lì)數(shù)量。</p><p>　　該試行計(jì)劃指出，股票期權(quán)激勵(lì)數(shù)量應(yīng)按照上市公司的規(guī)模和激勵(lì)目標(biāo)的

51、數(shù)量而固定。分配股份的數(shù)量不得超過(guò)公司的總資本的百分之十，也不得低于百分之零點(diǎn)一。</p><p>　　事實(shí)上，北京周報(bào)從證監(jiān)會(huì)獲悉，在上半年，大約有二十家上市國(guó)有企業(yè)也開(kāi)始探索實(shí)施股票期權(quán)激勵(lì)計(jì)劃，但他們沒(méi)有得到證監(jiān)會(huì)批準(zhǔn)，因?yàn)樗麄冊(cè)谠囆杏?jì)劃中透露出的規(guī)模而言，與股票期權(quán)激勵(lì)計(jì)劃所提供的審訊形成強(qiáng)烈的對(duì)比</p><p><b>　　結(jié)果導(dǎo)向 </b></p

52、><p>　　試驗(yàn)計(jì)劃下，更好的表現(xiàn)必然會(huì)獲得更多的股票特權(quán)。在上市國(guó)有企業(yè)的高層管理人員能得到多少股票期權(quán)激勵(lì)，取決于其年度業(yè)績(jī)。如果他們不能完成預(yù)期目標(biāo)，上市公司可能有權(quán)收回獎(jiǎng)勵(lì)或用之前公司賣(mài)給高管的股票期權(quán)的價(jià)格回購(gòu)。</p><p>　　朱永敏指出，股票期權(quán)激勵(lì)計(jì)劃不是一成不變的。如果上市公司的董事會(huì)、高級(jí)管理人員、核心技術(shù)和管理人員不能達(dá)到令人滿意的表現(xiàn)，則不得獲取預(yù)期的股票期權(quán)。&

53、lt;/p><p><b>　　無(wú)贈(zèng)品</b></p><p>　　當(dāng)然，在試行計(jì)劃中，國(guó)有股將不會(huì)免費(fèi)給予高管。</p><p>　　“國(guó)有股有價(jià)格，”鄭培民說(shuō)，“如果我們以激勵(lì)股票的名義免費(fèi)給予他們，那等同于國(guó)有資產(chǎn)流失。要精心策劃，激勵(lì)股票應(yīng)該是在計(jì)劃執(zhí)行期結(jié)束后，管理人員為其上市國(guó)有企業(yè)賺取得股票增值，而不應(yīng)是以前的存貨?？傊^(guò)去的已經(jīng)過(guò)

54、去，只有未來(lái)股價(jià)上升，才可以被用來(lái)作為激勵(lì)股票?！?lt;/p><p>　　“此外，雖然國(guó)資委是所有核心國(guó)有企業(yè)的最大股東，激勵(lì)股票的支付也不應(yīng)只由國(guó)資委支付?！编嵟嗝裰飨f(shuō)。上海實(shí)現(xiàn)投資咨詢(xún)有限公司的總裁，它負(fù)責(zé)起草部分試行計(jì)劃?！凹?lì)計(jì)劃應(yīng)該是一個(gè)企業(yè)的所有股份持有人的聯(lián)合行動(dòng)，他們應(yīng)該承擔(dān)同樣的責(zé)任并享受平等的利益?！?lt;/p><p>　　目前，股份持有人支付董事，高級(jí)管理人員和技術(shù)管理