论文部分内容阅读
一般来说,企业经营者在创业之初都会尽心尽力去为企业的生存和发展而努力,因为不这样做就可能意味着企业的倒闭。但随着企业的逐渐成长、经营业绩的大幅提升、企业规模的越来越大以及利润的稳定增长,一个不容忽视的问题就是管理人员的付出给企业带来的利润与其自身的回报相差很远,由此也带来如人才流失、业绩下降、内部人寻租、组织呆滞等一系列问题。其中一个很重要的原因,就是资金杠杆没有发挥应有的作用。举例来说,甲是一部门经理,其年薪为20万元,并持有企业20万元的股权。甲对企业的贡献并不仅仅体现在其显性收入上,其自身的人力资本才是最大的财富,假如价值60万元。现在由于他的努力使企业利润增加了1倍,结果是甲的薪酬和人力资本价值没有得到相应的增加,只是其拥有的企业股权的价值发生变化。假如他持有的股权占企业总股本的10％,那么当其使企业利润增加1倍时,其自己的股权价值也增长10％,为2万元(20×
In general, business managers in the beginning of the venture will do its best to work for the survival and development of enterprises, because failure to do so may mean business failures. However, with the gradual growth of enterprises, a substantial increase in business performance, the growing scale of enterprises, and the steady growth of profits, one issue that can not be ignored is that the profits paid by the management to the enterprises are far behind their own returns , Which also brings a series of problems such as brain drain, decline in performance, internal rent-seeking, organizational sluggishness and so on. One of the most important reasons for this is that financial leverage has not played its due role. For example, A is a department manager with an annual salary of 200,000 yuan and a 200,000 yuan stake in the enterprise. A contribution to the enterprise is not only reflected in its dominant income, its own human capital is the greatest wealth, if the value of 60 million. As a result of his efforts, the profits of enterprises have doubled. As a result, the value of salary and human capital has not been increased correspondingly, but the value of the equity owned by the enterprises has changed. If his shareholding equals 10% of the company's total share capital, his share value will also increase 10% to 20,000 yuan (20 ×