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How to formulate the incentive system of body stock
First of all, what is the deep-seated principle of equity incentive? There may be different views on this issue, but I believe most people can agree that equity incentive is an attempt to recognize the value of human capital of the incentive object.

If the incentive object is to obtain equity (or virtual equity) by paying consideration, their human capital value has not been really recognized, because they exchange equity by paying monetary funds. Human capital only provides them with one qualification-investment qualification.

/kloc-more than 0/00 years ago, in order to stimulate the enthusiasm of employees, Shanxi merchants also implemented a kind of equity-body stock. The physical stock is the name corresponding to the silver stock, and the start-up capital of the enterprise is contributed by Cai Dong, which is called treasury stock or silver stock. Managers and senior employees, with their contribution to the enterprise, enjoy the dividend of the enterprise, but do not contribute, which is called body stock or human stock.

Generally, a big shopkeeper (that is, the general manager) shares, called "all shares", can not be higher. The shares of two shopkeepers and three shopkeepers range from 8% to 7% (1% equals 0. 1 share), and the shares of other senior employees range from half to 7% and 8%. Silver shares can enjoy permanent benefits, and the father dies and the child continues, never stopping. Physical shares can only reach the body, and once they die, their interests stop immediately. If the top share is higher, the shares of the deceased may be given as appropriate. Generally, any friend who has registered for more than three accounting periods, works hard and has no fault can be recommended to shareholders by the big shopkeeper, and can enjoy the corresponding shares after being recognized by shareholders.

At that time, Shanxi merchants (Shanxi for short) were very common, and almost all the top executives of enterprises had shares. Shanxi merchants' shares, like dividend shares, are a kind of rights that can be enjoyed by virtue of their own contributions to enterprises without paying any consideration. It is different from dividend stock.

First, there is no proportional limit to the number of shares. At present, the company's dividend-paying shares mean that the company extracts a certain proportion (generally not more than 50%) from the profits for distribution to the incentive objects. There is no proportional limit on the number of shares held by Shanxi merchants. They stipulate the number of shares that each person can enjoy. When paying dividends, divide the distributable profit by the total number of shares held by individuals and multiply it by the number of shares held by individuals, which is the dividend due. For example, the total number of silver shares is m, the number of shares is n, N 1, N2 and N3, the distributable profit is q, specifically, the dividend due to the holders of N shares is Q ÷ (M+N+N 1+N2+N3+) × N, and theoretically, the total number of upper body thighs can be expanded indefinitely. We are familiar with the investment in Datong Bank. 1888, with 20 silver shares and 9.7 individual shares. By 1908, there were 20 silver stocks and 23.95 institutional stocks, and the total number of institutional stocks exceeded that of silver stocks. Of course, there is no need to worry that too high a total number of shares will harm the interests of silver stocks. The number of shares increases with the increase of company size and business volume. The dividend of 20 silver shares in 1888 is 17000 taels of silver, and the dividend of 20 silver shares in 1908 is 340000 taels of silver, although the proportion of silver shares in the total number of shares is 69.34.

Second, the stimulation of body shares is continuous. The amount of shares granted by Shanxi merchants to employees is not constant, but changes with the qualifications and contributions of employees. Those with strong ability and great contribution will grow fast, those with poor ability and small contribution will grow slowly or not, and those with serious dereliction of duty may also reduce their holdings. Take the ticket office of Dadetong as an example. People who have watched the TV series "The Qiao Family Courtyard" may remember that there is a real person like gaoyu. In 1889, the shares of gaoyu, Zhao, Hao Quan and Wang Zhenduo were 3%, 2%, 2% and 5% respectively, but by 1908, gaoyu and Hao Quan were one share, while Zhao was only 4.5%, and Wang Zhenduo was the highest, and now it has only increased to 7%. The advantage of this change in Jinshang shares is that the incentive object is not a one-time incentive, but a continuous incentive. Those guys from Shanxi merchants, if they don't have shares, they look forward to having shares, and if they have shares, they look forward to rising shares. Our current equity incentive scheme is generally a one-time incentive, which is difficult to sustain.

The last question is also the most worrying issue for entrepreneurs. If the incentive object does not pay the consideration, can they advance and retreat with the company when it encounters difficulties? I think it will be easier to leave when the company is in trouble if the incentive object pays the consideration. There is a simple reason. If the incentive object pays the consideration, when the company encounters difficulties (such as high-end liquor industry and high-end catering industry in 20 13), in order to ensure that its investment will not suffer losses or less losses, it should first consider leaving the company to facilitate the repurchase conditions. If they don't pay the transfer fee, they can stick to the end, because even if they stick to the end, they won't lose anything. At most, the dividend of that year was gone. If they survive, they will become heroes of the company.

Therefore, trying to lock the incentive object by paying the consideration has played a negative incentive role in "forcing away" the incentive object. This is what most equity incentive designers and bosses ignore.

The share system of Shanxi merchants truly recognizes the value of employees' human capital and accurately gives the price (number of shares). Moreover, if the investor of silver shares, that is, the owner, directly serves as the general manager, there should also be physical shares, which shows their recognition of human capital. Many of our bosses don't get paid in the enterprise now. Obviously, their ideas are completely different.

It is not clear when the body sharing system was implemented. To be sure, the share-holding system of Shanxi merchants was quite mature when Rishengchang opened in the fourth year of Daoguang (1824), and it should be reasonable to push it forward to 100 for another 50 years. Until 1949, the last Shanxi business enterprise, Dadetong, was a public-private partnership, and the shareholding system had been implemented for about one or two hundred years. In this 200-year history, this system has been playing an effective role in motivating employees, which has to make us think, learn and learn from it.