影子股权

影子股权

影子股权是欧美国家很多公司向经营者提供长期激励性报酬的一种形式。

其特点是，经营者在被决定给予股权报酬时，报酬合同中会规定，如果在一定时期内公司的股票升值了，则经营者就会得到与股票市场价格相关的一笔收入。这笔收入的数量是依照合同中事先规定的股票数量来计算的，而这笔股票的数量一般与经营者的工资收入成比例。

也就是说，通过影子股权的形式向经营者发放报酬，要借助于股票，但又不实际发放股权。

公司考虑了影子股权（给员工股权收益但不给真实股份）以及长期绩效现金激励，最终决定采用经济利益分享计划。薪酬委员会每年都会审查公司收益，减去成本投资，将剩余收益的20%放入奖金池给员工分享。为拉长时间维度，员工无法在当年拿到奖励，而是用类似“存入银行”的方式兑现。每位员工都有自己的户头，年度奖励有计算公式，会根据绩效调整。若某年经济收益为负数，户头余额就会自动下降。如果为正数，余额就会增长。员工每年可以收到户头1/3的奖金，剩下2/3继续滚动。这种方式让企业在不制定长期具体目标的情况下引导员工拥有了长远眼光。

Phantom equity

After considering phantom equity (which offers employees the benefits of stock ownership without giving them company stock) and long-term-performance cash bonuses, the company settled on an economic-profit-sharing program. Each year the compensation committee looked at profits, subtracted the cost of capital, and put 20% of the resulting amount into a profit-sharing pool for employees. To lengthen the time horizon, the pool was not paid out in the year it was earned but instead was put into a “banking” system. Each participating employee had his or her own bank, and the annual contribution to it was based on a formula that allowed adjustments for performance. If the economic profit in a given year was negative, the bank’s balance would fall. If it was positive, the balance increased. Employees received a third of their banks every year, and two-thirds were rolled forward. The plan helped employees adopt a long view but didn’t require management to set specific long-term goals.

选自《哈佛商业评论》中文版2021年2月刊《高管薪酬制定原则》

鲍里斯·葛罗伊斯堡、萨拉·阿尔伯特、迈克尔·马里诺、梅京·阿克索伊