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Hexun homepage established mobile phone version of the stock/fund micro-blogging news blog roll management career strategic business review special topics in marketing School of business Idol dynamic pictures for financial Web site on theHexun.com school > source body font size print RSS March 07, 2012: value networks in China author: Jun Lu incentive has increasingly become a hot-button issue of family enterprises to enhance management innovation system, manyVCs even have perfect stock option incentive scheme is, as one of the conditions for this type of investment. So, how to combine their family business development, effective incentive, to achieve the sustainable development of enterprises? I was fortunate to be HC, Guo Fansheng HC Academy of research institutions to participate in a number of family enterprise equity incentive consulting projects, Summarize and accumulate a number of concepts and methods. 　　Shares silver stock options is three keys before the enterprise equity incentive, we want to make clear some concepts: shares silver stock and options. Unit unit originated centuries ago in Shanxi, also known as the "top." Everyone knows one of hit TV series of the qiaojia yard in the show,"Share" this formulation. It refers to the investor a conditional gift some shares. 　　Who has share rights to dividends, but does not have transfer and voting rights, sometimes also called "bonus." In the era of Jin business, unit operations, according to the record: "a small man in first three year apprenticeship, doing some heavy manual labor such as paternity when dispensers, busyTime to learn an abacus practices his brush strokes, and font size for light meals, not to give money. Upon completion of the Apostles, to pay by the month, but also not to the waist unit. Period of at least three books later (approximately ten years), work hard, without gross negligence, Manager designation is recommended, the shareholders approved, can top up stocks. "" Man from the top of one or two per cent, slowly increasing. EachIncrease unit, credited to ' payment account ' for confirmation. Top seven or eight, and three dispensers may be promoted to the second Manager, it has great promise. "As a result, popular proverbs in that area at that time said:" sitting in the corner, rather than tea exchange shop as a guest. 　　"The allure of the unit at that time! Issuance of share dividends are more scientific, account issues (General3-5 year book) settlement, payment of dividends. But you need to extract the "bonus", that is, compensation for loss reserves. Shanxi, will be based on the net profit of a certain proportion of the semicolon to Manager a certain amount of "red" in this bonus to accumulate in number, and pay some interest, semicolon managers pay only when big also. The wind which managers can not only enhance a semicolonAwareness of risk, in the event of accident, semicolon Manager also has a certain amount of required capital base available to fill the loss compensation. 　　Unit is not "once and for all", if gross negligence occurred after the unit on top, may also wot power leveling, as appropriate, after discounting the shares until dismissed. Silver shares Silver Stock concept also originated centuries ago in Shanxi, refers to the investor owns shares. Silver stocks not only holdDividend rights, together with appropriate transfer of inheritance and the right to vote. Silver unit owner is the control of the company, shares in the Basic equivalent of registration now. 　　At present, the enterprise silver unit is usually lower than the actual value of the licensed employee purchases, so generally attach strict conditions of access and exit mechanism, in a sense, is the silver stock options. Option periodIs derived from the concept of the right of the West, is a choice. Option grants are primarily of the company's senior management, the role of employees in the company are important, they hold the day-to-day decisions and management of the company, therefore the focus of incentives. 　　In addition, technical experts can also be the main objects of the incentive. Have the option of "investors" can providePeriod within of any when, to prior determines good of price (agreement price), to option of sale party buy or sold must number of "equity merchandise" and variable are; this during, regardless of the "merchandise" of price how changes, option contract is is on period agreement price trading number type, are made has conventions; in validity within, buyers can free select exercise resell right;Think negative, you can give up this right over deadlines, contract failure, buyer option also automatically become null and void. Equity incentives can do this body shares silver stock and options the three talismans, in practice can be used separately or integrated cross this strategic focus according to the nature of the business model, as well as the different stages of developmentFor contingency operations. For most of the family business, if the following conditions are true, you can make the share incentive: 1. in the start-up period, 2. small, relatively simple business model; 3. profit mainly comes from the enthusiasm of the staff of the Enterprise; 4. relative applies to services such as restaurant chain businessTrade and so on. Case 1: Tianjin WG group, is engaged in the hardware agents and retail enterprises, the Group has 26 stores of 500 people. Each store every one shorthanded, but companies from years of losses, and backward management, inefficient, bordering the edge of bankruptcy. This is because the original enthusiasm for the incentive structure enables employees without a job, but when launched the "442"Share incentive mechanism, that is, based on last year's profit as the base, part of the 40% turned over to the company increased profits this year, 40% for store manager, 20% to staff, resulting in two months companies laid off more than 100 the number of people, corporate profits have soared. With the development and growth of enterprises, pure stock incentives might not be enough, this is due to aSecond: one is the staff had money, may generate inert; second unit is, after all, there is no right of inheritance and transfer of dividends, employee may be concerned with short-term interests, at the expense of long-term development of the enterprise. In such cases do? Through system design will be gradually transformed into a share of the silver stocks or options to enable them conditionally are stock dividends of profits for the purchase of companiesSilver stocks or options, so do the unity of a short-term incentive and long-term incentive. Case 2: n company of Zhejiang clothing enterprises, it has both direct and agent business model, but the benefits might as well join direct store, selling but not as good as other people make money selling themselves, why is that? Also is a question of motivation system. We turn first to the company 25Home direct store data analysis of field research and interview tracks, in accordance with the performance shop is divided into profit and loss-making shop, so make share incentive, profit store more than a year of profits for evaluation, beyond the 40% turned over company profit in the previous year world of tanks power leveling, 60% is used to encourage managers and staff. Loss-making shop to turn to evaluation, 30% turned company profits, 70% incentive ManagerAnd employees, turn profit for the second year after the store policy dividends. Is excellent for performance manager and shop assistant, internal business plan for their employees, employees with stock dividends to purchase silver direct store where the Unit became the real shareholders, maximum amount of 20%. If the shortage of money, consider temporarily into the Chinese 10% and the rest of 10% loans from the company, the company receivedInterest. Before the silver stock cash, only 10% silver stock dividends cent of share dividends. Receives an annual bonus of get money, 60%~80% returned to the company, used to deliver the remaining silver stocks. Silver stocks all the cash is completed, store managers can enjoy a cent of silver stock dividend 20% per share dividend. This programme are owners and staff support, the effect is very good.For listed companies, option's role is more significant, the granted shares are shares, shares can also be silver; in industrial and commercial registration, can not register; subject to company law and other laws. The purchase price of an option may be zero, or a predetermined price; driven object can choose to buy or you can give up, non-listed companiesOptions can also be used. Option is the main object of company executives, executives in the future at an agreed price within a determined period of buying the company's shares. Obviously wot power leveling, when shares when the price is higher than the price specified in the grant option, executives exercised options to buy stocks, you can profit by purchasing market price to sell at a specified price. Therefore, executives will havePower increase the intrinsic value of the company, thereby enhancing the company's share price and from which you can benefit. 　　Family reconstruction of enterprise culture of family enterprises after change of ownership incentive system, due to the system of innovation, inherent in the reconstruction of enterprise culture, two changes that occur. Boss: from "family culture" to the "corporate culture" of changeFamily is not only the core of the Chinese socio-economic and cultural life, is also a leading factor in the political life. The so-called "of the world, State of the home". "Your family, country, world". "Product" "for the State of this, this solid state Ning". This is a symbol of "home" in Chinese traditional culture's special status. Start-up stage of the family business, the enterprise's coreFamily members of the personnel is dominated by entrepreneur, so when corporate cultures are often imprinted with a family culture, is the embodiment of the values of family, faith and. 　　This family culture has a strong cohesion, making family members family showed great loyalty and team spirit, partly to promote the development of family businesses. But with the development of enterprises, Due to changes in the external environment and internal conditions change, continues to expand the scale of the enterprise, business and personnel increased, cultural challenges facing the original family, particularly reflected in the introduction of qualified personnel on a limited and exclusive. In this case, change the incentives, to get more people involved in enterprise management, let more people put their personalDevelopment and enterprise development truly unify. 　　At this point, the "family" in fact, became a concept of greater "organizational" family culture will have a broader denotation, and more of substance will be gradually transformed into a more diverse inclusive and standardize the corporate culture. For employees: from "cultural workers" to "culture" changes in familyEnterprise employees, many of them have a strong "wage earners". They may think that the enterprise is a family, and he is a "outsiders", only to make a living here, few staff will set up an enterprise survival concept, low loyalty. Although many family businesses to strengthen cohesion spending a lot on my mind, on the corporate culture construction of strongly highlightPeople-centered concept, but it is difficult to change this negative attitude of the staff. After the reform of family enterprise equity incentive, miracles can occur. 　　Due to the interest and directly linked to the business interests of the employees, very subtle changes in the employee's psychological, employees have become "insiders", turned to enterprise for himself. BX supermarket chain enterprises in HenanGeneral conclusion: "to employees who share the dividends and bonuses before effects are different, a team member feel that business has a copy of my and I'll take them are shareholders in dividends, and without spending money. I was relying on my performance and work of such rights, employees will take himself seriously as a master of enterprise. "Previous case 2 tells us, Business plans make excellent staff by means of a stake in a real owner, on the enterprise with the help of his own "boss", an entrepreneurial dream, this internal negative "cultural workers" will gradually change into positive "entrepreneurial culture". Visible, incentive is not just a family business innovation of property right system, it isBe a profound cultural changes through equity incentives, staff really became a business owner, realizing their dream of entrepreneurship.