员工股权激励模式

balanced and run the satisfaction of the people education Room XX City Bureau of educational supervision of XX municipality May 6 2016 County economic information and Business Council System Committee two learn a do learning arrangements specific programme for advance full strictly rule party according to County Organization Department on County two learn a do learning arrangements of specific programme and I Board learning education implementation programme spirit according to distinguish level and has targeted solution problem of requirements ensure learning education made effectiveness promote all members consciously respected Constitution and comply with party rules with XI General Secretary series important speech spirit armed mind and guide practice and Promote the work and be qualified party members and learning arrangements are hereby makes the following specific programmes Learning requirements on all party members to study the party Constitution and party rules and unify the XI series of important speech General Secretary speech learning series to deepen understanding of the Constitution Party rules Constitution Party rules in the deep insight series address the basic spirit and practical requirements 1 Constitution Party rules Learning of the party Constitution a deep understanding of the party s nature purpose guiding principles goals organization good style grasp conditions rights and obligations of party members bearing in mind that oath clear qualified party member criteria and conditions Learning the code of self discipline of the CPC the CPC s disciplinary regulations the Chinese Communist Party Member Rights Ordinance and so on mastering self discipline standards of four must the four upholdings mastering various types of disciplinary offence and punishment provisions 2 series spoke To XI General Secretary series important speech reading 2016 version and out poverty for basic textbook learning understand XI General Secretary series important speech of basic spirit learning understand Central ruling acting political new concept new thought new strategy of basic content learning understand XI General Secretary in Fujian work during advocate of four grassroots immediately on do drop weak bird first fly and the in Nanping research study proposed of gravity Xia moved and innovation mechanism important thought Master and strengthen the party spirit fulfills the purpose ideas moral character conservation related to the basic requirements Main understand master following aspects content 1 ideal faith is Communists spirit Shang of calcium set right of worldview and Outlook on life and values 2 China dream is national of dream and national of dream and people of dream is Chinese modern yilai most great of dream core Essentials is national prosperity and national revitalization and people happiness 3 China features Socialist is achieved Chinese great revival of way enhanced road confidence and theory confidence and system confidence 4 four a full Strategy layout is new of history conditions Xia party ruling acting political total strategy consciously with four a full led the work 5 insisted innovation and coordination and green and open and shared development is relationship China development global of one deep change according to new development concept do job 6 practice line Socialist core values promote Socialist thought moral and Chinese traditional virtue full strictly rule party is all members common responsibility must implementation to each branch and each name members 3 Play a vanguard and exemplary role in life Keep to the correct political orientation political sensitivity and political judgment dare to fight against all kinds of wrong thought wrong words and deeds 2 firmly establish consciousness of the party the party member s consciousness Focus on some party members sense of organization and discipline they do not participate in the Organization is not required to pay membership dues for a long time do not play a vanguard and exemplary role some don t even mention membership fail to make a distinction between right and wrong failing to observe political discipline and rules and so on Always keep in mind that he is a Communist strengthen party spirit listening party party party party party party guarding party at the party the party for the party 3 strengthening the consciousness of the party s purpose Focus on people s conception of some party members lack of sense of service do not care for the masses did not take the initiative and some even hurt public interests job excellent thick friends eating and so on Bearing in mind the fundamental purpose of serving top people at heart close ties with the masses be kind to people dedicated to public service and play a part in poverty relief with practical actions to win the trust and support of the masses 4 actively practicing the Socialist core values Focus on do not observe stringent members knowledge out of devotion talk about ethics good faith is not enough and some even value distortions moral misconduct sexy vulgar materialistic and so on Strengthening moral cultivation Zonta for good pay attention to self discipline spiritual pursuit to internalize the core values into conscious action with exemplary behavior influence and lead people 5 set up in the practice of promoting reform development and stability Focus on some party members with the status quo a less aggressive mood depressed saying sluggish again just to get by not seeking guodeying some even perfunctory address evading responsibility and other issues Actively adapt to the economic development of the new normal seriously implement the new development philosophy hard work hard work hard based on their own dedication Second on the Council of the section level cadres above requirements section above party cadres to take the lead in the education working closely with leading practice learn more better more strict requirements higher and strive to improve the ideological and political quality and theoretical levels 1 Constitution Party rules System learning understanding CPC articles in full grasp basic content of based Shang focus master Constitution master and members and party of organization system and party of Central Organization and party of place organization and party of grass roots organizations and party of cadres and party of discipline chapter content deep grasp two a vanguard of nature and mission further clear four a service of requirements master members leaders must has of six items basic conditions Studying the code of self discipline of the CPC the CPC disciplinary regulations regulations of the CPC local committees of the party work of the Chinese Communist Party for trial implementation Ordinance such as the selection and appointment of party and Government leading cadres work of important laws and regulations within 股权激励的常用模式 a 股票期权 1 股票期权是一种选择权 是允许激励对象在未来条件成熟是购买本公司一定数 量的股票的权利 2 公司事先授予激励对象的是股票期权 公司事先设定了激励对象可以购买本公 司股票的条件 通常称为行权条件 只有行权条件成就时激励对象才有权购买本公司股 票 行权 把期权变为是在的股权 行权条件一般就包括三个方面 一是公司方面的 如公司要达到的预定的业绩 二是等待期方面的 授予期权后需要等待的时间 等待期一 般为 2 3 年 三是激励对象自身方面的 如通过考核并没有违法违规事件等 3 行权条件成熟后 激励对象有选择行权或不行权的自由 激励对象获得的收益 体现在授予股票期权时确定的行权价和行权之后股票市场价之间的差额 如果股票市场价 高于行权价 并且对公司股票有信心 那么激励对象会选择行权 否则激励对象就会放弃 行权 股票期权作废 b 限制性股票 公司预先设定了公司要达到的业绩目标 当业绩目标达到后则公司将一定数量的本公 司股票无偿赠与或低价售与激励对象 授予的股票不能任意抛售 而是受到一定的限制 一是禁售期的限制 在禁售期内激励对象获授的股票不能抛售 禁售期根据激励对象的不 同设定不同的期限 如对公司董事 经理的限制规定的禁售期限长于一般激励对象 二 解锁条件和解锁期的限制 当达到既定业绩目标后激励对象的股票可以解锁 即可以上市 交易 解锁一般是分期进行的 可以是匀速也可以是变速 c 股票增值权 股票增值权就是公司授予激励对象享有在设定期限内股价上涨收益的权利 承担股价 下降风险的义务 具体来讲 1 公司授予激励对象一定数量的股票增值权 每份股票增值权与每股股份对应 2 公司在授予股票增值权时设定一个股票基准价 如果执行日股票价格高于基准 价 则两者的价差就是公司奖励给激励对象收益 激励对象获得的收益总和为股票执行价 与股票基准价的价差乘以获授的股票增值券数量 奖励一般从未分配利润中支出 如果执 行日股票价格低于基准价 则要受到惩罚 如股票执行价与股票基准价的价差的二分之一 从激励对象的工资中分期扣除 balanced and run the satisfaction of the people education Room XX City Bureau of educational supervision of XX municipality May 6 2016 County economic information and Business Council System Committee two learn a do learning arrangements specific programme for advance full strictly rule party according to County Organization Department on County two learn a do learning arrangements of specific programme and I Board learning education implementation programme spirit according to distinguish level and has targeted solution problem of requirements ensure learning education made effectiveness promote all members consciously respected Constitution and comply with party rules with XI General Secretary series important speech spirit armed mind and guide practice and Promote the work and be qualified party members and learning arrangements are hereby makes the following specific programmes Learning requirements on all party members to study the party Constitution and party rules and unify the XI series of important speech General Secretary speech learning series to deepen understanding of the Constitution Party rules Constitution Party rules in the deep insight series address the basic spirit and practical requirements 1 Constitution Party rules Learning of the party Constitution a deep understanding of the party s nature purpose guiding principles goals organization good style grasp conditions rights and obligations of party members bearing in mind that oath clear qualified party member criteria and conditions Learning the code of self discipline of the CPC the CPC s disciplinary regulations the Chinese Communist Party Member Rights Ordinance and so on mastering self discipline standards of four must the four upholdings mastering various types of disciplinary offence and punishment provisions 2 series spoke To XI General Secretary series important speech reading 2016 version and out poverty for basic textbook learning understand XI General Secretary series important speech of basic spirit learning understand Central ruling acting political new concept new thought new strategy of basic content learning understand XI General Secretary in Fujian work during advocate of four grassroots immediately on do drop weak bird first fly and the in Nanping research study proposed of gravity Xia moved and innovation mechanism important thought Master and strengthen the party spirit fulfills the purpose ideas moral character conservation related to the basic requirements Main understand master following aspects content 1 ideal faith is Communists spirit Shang of calcium set right of worldview and Outlook on life and values 2 China dream is national of dream and national of dream and people of dream is Chinese modern yilai most great of dream core Essentials is national prosperity and national revitalization and people happiness 3 China features Socialist is achieved Chinese great revival of way enhanced road confidence and theory confidence and system confidence 4 four a full Strategy layout is new of history conditions Xia party ruling acting political total strategy consciously with four a full led the work 5 insisted innovation and coordination and green and open and shared development is relationship China development global of one deep change according to new development concept do job 6 practice line Socialist core values promote Socialist thought moral and Chinese traditional virtue full strictly rule party is all members common responsibility must implementation to each branch and each name members 3 Play a vanguard and exemplary role in life Keep to the correct political orientation political sensitivity and political judgment dare to fight against all kinds of wrong thought wrong words and deeds 2 firmly establish consciousness of the party the party member s consciousness Focus on some party members sense of organization and discipline they do not participate in the Organization is not required to pay membership dues for a long time do not play a vanguard and exemplary role some don t even mention membership fail to make a distinction between right and wrong failing to observe political discipline and rules and so on Always keep in mind that he is a Communist strengthen party spirit listening party party party party party party guarding party at the party the party for the party 3 strengthening the consciousness of the party s purpose Focus on people s conception of some party members lack of sense of service do not care for the masses did not take the initiative and some even hurt public interests job excellent thick friends eating and so on Bearing in mind the fundamental purpose of serving top people at heart close ties with the masses be kind to people dedicated to public service and play a part in poverty relief with practical actions to win the trust and support of the masses 4 actively practicing the Socialist core values Focus on do not observe stringent members knowledge out of devotion talk about ethics good faith is not enough and some even value distortions moral misconduct sexy vulgar materialistic and so on Strengthening moral cultivation Zonta for good pay attention to self discipline spiritual pursuit to internalize the core values into conscious action with exemplary behavior influence and lead people 5 set up in the practice of promoting reform development and stability Focus on some party members with the status quo a less aggressive mood depressed saying sluggish again just to get by not seeking guodeying some even perfunctory address evading responsibility and other issues Actively adapt to the economic development of the new normal seriously implement the new development philosophy hard work hard work hard based on their own dedication Second on the Council of the section level cadres above requirements section above party cadres to take the lead in the education working closely with leading practice learn more better more strict requirements higher and strive to improve the ideological and political quality and theoretical levels 1 Constitution Party rules System learning understanding CPC articles in full grasp basic content of based Shang focus master Constitution master and members and party of organization system and party of Central Organization and party of place organization and party of grass roots organizations and party of cadres and party of discipline chapter content deep grasp two a vanguard of nature and mission further clear four a service of requirements master members leaders must has of six items basic conditions Studying the code of self discipline of the CPC the CPC disciplinary regulations regulations of the CPC local committees of the party work of the Chinese Communist Party for trial implementation Ordinance such as the selection and appointment of party and Government leading cadres work of important laws and regulations within d 分红权 虚拟股票 虚拟股票和分红权类似 公司授予激励对象的是一种股票的收益权 而非真实的股票 激励对象没有所有权 表决权 不能出售股票 离开公司自动失效 二 各种模式的特 点和公司如何对口选择 1 股票期权以未来二级市场上的股价为激励点 不需要企业支出大量的现金进行即 时奖励 所以股票期权特别适合成长期初期或扩张期的企业 特别是网络 科技等发展潜 力大 发展速度快的企业采用 一方面 这种企业股价上升空加大 将激励对象的收益与 未来二级市场上的股价波动联系起来 能够达到很好的激励作用 并且股票期权实施的时 间期限一般比较长 一般为 5 10 年 所以对留住人才和避免管理层的短视行为具有较好 的效果 同时 这种企业本身发展和经营的资金需求比较大 需要尽量降低激励成本 而 股票期权不需要企业现金支出 所以比较受该类企业的欢迎 当然 其他企业也完全可以 采用这种模式 目前股票期权是上市公司采用最多的一种股权激励模式 占到 80 以上 2 限制股票的特点是以公司的业绩为股票授予的条件 所以将公司的业绩与激励对 象的收益联系的特别密切 只有公司业绩达到预定要求 激励对象才可以免费赠与或低价 授予股票 才能抛售股票 否则激励计划取消 该模式在成熟型企业中能收到更好的效果 因为该类企业在短时间内股价上涨空间不会很大 所以激励对象的收益更多的来自于股票 本身而非股价的涨幅 3 股票增值权的授予不会影响公司的总资本和所有权结构 不涉及股票来源问题 但股票增值权大多是现金兑现 所以对企业资金压力比较大 所以适合与现金充足 发展 稳定的成熟型企业 4 虚拟股票 分红权模式实际上是将奖金延期支付 其资金来源于企业的奖励基金 其发放不会影响公司的总资本和所有权结构 同时虚拟股票受市场的影响小 只要公司 有好的收益 被授予者就可以通过分红分享到好处 但跟股份增值权模式一样虚拟股票模 式也需要公司以现金支付 公司的现金压力较大 所以适合与现金充足 发展稳定的成熟 型企业或非上市公司 原理 股权激励是单纯的经理人的利益和股东 公司之间的利益归于一致 经理人和股东实际上是一个委托代理的关系 股东委托经理人经营管理资产 但事实 上 在委托代理关系中 由于信息不对称 股东和经理人之间的契约并不完全 需要依赖 经理人的 道德自律 股东和经理人追求的目标是不一致的 股东希望其持有的股权价值 最大化 经理人则希望自身效用最大化 因此股东和经理人之间存在 道德风险 需要通 过激励和约束机制来引导和限制经理人行为 在不同的激励方式中 工资主要根据经理人的资历条件和公司情况 目标业绩预先确 定 在一定时期内相对稳定 与公司的目标业绩的关系非常密切 奖金一般以超目标业绩 的考核来确定经理人该部分的收入 因此与公司的短期业绩表现关系密切 但与公司的长 balanced and run the satisfaction of the people education Room XX City Bureau of educational supervision of XX municipality May 6 2016 County economic information and Business Council System Committee two learn a do learning arrangements specific programme for advance full strictly rule party according to County Organization Department on County two learn a do learning arrangements of specific programme and I Board learning education implementation programme spirit according to distinguish level and has targeted solution problem of requirements ensure learning education made effectiveness promote all members consciously respected Constitution and comply with party rules with XI General Secretary series important speech spirit armed mind and guide practice and Promote the work and be qualified party members and learning arrangements are hereby makes the following specific programmes Learning requirements on all party members to study the party Constitution and party rules and unify the XI series of important speech General Secretary speech learning series to deepen understanding of the Constitution Party rules Constitution Party rules in the deep insight series address the basic spirit and practical requirements 1 Constitution Party rules Learning of the party Constitution a deep understanding of the party s nature purpose guiding principles goals organization good style grasp conditions rights and obligations of party members bearing in mind that oath clear qualified party member criteria and conditions Learning the code of self discipline of the CPC the CPC s disciplinary regulations the Chinese Communist Party Member Rights Ordinance and so on mastering self discipline standards of four must the four upholdings mastering various types of disciplinary offence and punishment provisions 2 series spoke To XI General Secretary series important speech reading 2016 version and out poverty for basic textbook learning understand XI General Secretary series important speech of basic spirit learning understand Central ruling acting political new concept new thought new strategy of basic content learning understand XI General Secretary i