「釋義」

影子股權(quán)是歐美國家很多公司向經(jīng)營者提供長期激勵性報酬的一種形式。

其特點是，經(jīng)營者在被決定給予股權(quán)報酬時，報酬合同中會規(guī)定，如果在一定時期內(nèi)公司的股票升值了，則經(jīng)營者就會得到與股票市場價格相關(guān)的一筆收入。這筆收入的數(shù)量是依照合同中事先規(guī)定的股票數(shù)量來計算的，而這筆股票的數(shù)量一般與經(jīng)營者的工資收入成比例。

也就是說，通過影子股權(quán)的形式向經(jīng)營者發(fā)放報酬，要借助于股票，但又不實際發(fā)放股權(quán)。

「應(yīng)用場景」

公司考慮了影子股權(quán)（給員工股權(quán)收益但不給真實股份）以及長期績效現(xiàn)金激勵，最終決定采用經(jīng)濟利益分享計劃。薪酬委員會每年都會審查公司收益，減去成本投資，將剩余收益的20%放入獎金池給員工分享。為拉長時間維度，員工無法在當年拿到獎勵，而是用類似“存入銀行”的方式兌現(xiàn)。每位員工都有自己的戶頭，年度獎勵有計算公式，會根據(jù)績效調(diào)整。若某年經(jīng)濟收益為負數(shù)，戶頭余額就會自動下降。如果為正數(shù)，余額就會增長。員工每年可以收到戶頭1/3的獎金，剩下2/3繼續(xù)滾動。這種方式讓企業(yè)在不制定長期具體目標的情況下引導員工擁有了長遠眼光。

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.

以上文字選自《哈佛商業(yè)評論》中文版2021年2月刊《高管薪酬制定原則》

鮑里斯·葛羅伊斯堡（Boris Groysberg）薩拉·阿爾伯特（Sarah Abbott）邁克爾·馬里諾（Michael R. Marino）梅京·阿克索伊（Metin Aksoy）| 文

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