長期激勵方案執(zhí)行薪酬與公司績效實證研究【外文翻譯】_第1頁
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1、本科畢業(yè)論文（設計）外文翻譯原文：原文：Longtermincentiveschemesexecutiveremunerationcpateperfmance:anempiricalstudyIntroductionIn1995theGreenburyCommitteeReptwaspublishedaspartofthewiderconcernwithcpategovernanceissuesbeginningwiththeCadbu

2、ryCommitteeReptin1992.TheGreenburyReptrecommendedthatcompaniesshouldintroducemedisclosuretransparencyintheirreptingofexecutivedirectsremunerationpackages.Asaresultcompaniesnowprovidecomprehensivedetailsofexecutivepayinth

3、eRemunerationCommitteeRept(containedinthecompanysmainAnnualReptAccounts).Specificallyabreakdownisgivenfeachexecutivebynameoftheirsalariesbenefitsinkindannualbonus“other”paymentsfexampleprofitsharecompensationflossofoffic

4、etogetherwithdetailsofnewoutstinggrantsofoptionslongtermincentiveplans(LTIP)grantsthemoneyvalueofoptionLTIPgrantswhichhavebeenexercisedduringthefinancialyear.Previouslycompaniestypicallyonlypublished“aggregated”detailsof

5、individualsalariesbenefitsinkindannualbonusesreptingindividualsalariesanonymouslyinpay“bs”whiledetailsofthemoneyvalueofoptionLTIPexerciseswererarelydisclosed.InadditiontotheaboveGreenburyrecommendedthemewidespreadadoptio

6、nofperfmancerelatedincentiveschemes(optionsLTIPs).PreviouslymostcompanieshadoperatednonperfmancerelatedoptionschemesalthoughanincreasingnumberofthemhadadoptedperfmancecriteriaintherunuptoGreenbury.Meparticularlythedeploy

7、mentoftherecentlyintroducedLTIPwasgivenaddedimpetus.fourtimescurrentsalary(lesstheoutstingvalueof“approved”options).Optionsaregrantedataspecified“exercise”pricewhichisnmallythemarketpriceofthecompanysshareatthedateofgran

8、t.Theexercisevestingofoptionstypicallycanonlyoccurbetweenthreetenyearsafterthedateofgrant.Mostoptionscanbeexercisedprovidedthatcertainpredeterminedfinancialperfmance“targets”areachievedoveraspecifiedtimeperiodusuallythre

9、eyears.Typicallyoptionschemesrequirethecompanysearningspershare(EPS)togrowatarategreaterthantheincreaseintheRetailPriceIndex(RPI)overthesameperiodgrowthin“totalshareholderreturn”(TSR)toexceedthatofcompaniescomprisingfexa

10、mpletheFTSE100Index.FexampleAstraZenecasoptionschemerequiresitsEPSgrowthtoexceedthatoftheincreaseintheRPIbyatleast9percentoverthreeyearswhilstHSBCsschemerequiresitsEPSgrowthtooutstripthatoftheincreaseintheRPIbyatleast6pe

11、rcentoverthreeyearsAlliedDomecqsoptionschemerequiresitsTSRgrowthtobegreaterthantheaverageTSRgrowthofcompaniescomprisingtheFTSE100Indexoverthreeyears.Executivessecureafinancialgainontheoptionsawardedtothemifatthetimeofves

12、tingthemarketpriceofthecompanysshareisgreaterthanthedesignated“exerciseprice”.ExecutiveLTIPsaresimilartooptionsinsofarastheyinvolvetheperiodicgrantvestingofsharesinthecompanyagainthevestingofsharesbeingconditionalontheat

13、tainmentofspecifiedperfmance“targets”againusuallyoverathreeyearperiod.Howevertherearesomenotabledifferences.SevernTrentsLTIPtargetsTSRgrowthrelativetotheTSRgrowthof14peergroupcompaniesoverthreeyears.Minimumvestingoccursi

14、fthecompanyisrankedinseventhpositionrisingtomaximumvestingifthecompanyisrankedinthetopthree.OptionLTIPpayoutsAsindicatedearlierthepurposeofoptionLTIPschemesistomotivateexecutivestoimprovecpateperfmanceparticularlyasitrel

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