中国进行公司结构调整过程中的人员与激励管理制度.PPTVIP

People aspects of structural change in the People’s Republic of China June 21, 20012001年6月21日 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