经济学人下载:金色降落伞 企业老板薪酬结构须改善

Business
商业报道

Golden parachutes
金色降落伞

Rip-cord economics
打开经济降落伞

Pay-offs for the boss need to be better designed
企业老板薪酬结构须改善

RICH rewards for departing bosses are not popular.
离职的老板还领着厚饷总让人难以接受。

After Sir Fred Goodwin led Royal Bank of Scotland into a ditch and dumped the bill on British taxpayers, he left with a pension of over ￡700,000 a year.
弗雷德?古德温爵士把苏格兰皇家银行推进深坑，继而用英国纳税人的真金白银买单走人之后，居然每年还享有70万英镑的退休金。

The Sun, a tabloid, said he had screwed the nation.
英国小报太阳报直陈其把整个国家都搞砸了。

Yet golden parachutes have their uses.
不过金色降落伞条款也并非一无是处。

If well-designed, they align the boss's interests more closely with those of shareholders.
如果妥善拟备该等条款，老板的利益会更紧密地和股东利益协调一致。

Suppose, for example, a takeover is brewing.
例如，在拟收购的项目中，该等条款的作用就可见一斑。

Takeovers are usually lucrative for shareholders of the target firm:
对于目标公司的股东而言，收购通常会带来丰厚回报：

in America between 1990 and 2008, they have received a median premium of 35%. But the boss's interests are quite different.
在美国1990年至2008年间的收购项目中，目标公司股东的收益溢价中值为35%。

If the firm is acquired, he is likely to be fired.
但老板的权益相去甚远；如果公司最终被收购，其可能官位难保。

A golden parachute can persuade the boss not to obstruct a takeover.
妥善的金色降落伞条款可促使老板不为收购设置障碍。

But their notoriety dissuades firms from using them.
但鉴于该条款通常不受欢迎，公司不太会动用。

Dirk Jenter of Stanford University and Katharina Lewellen of Tuck Business School find that golden parachutes are rarer and stingier than they should be.
斯坦福大学的德克?珍特和塔克商学院的卡特琳娜?卢埃林研究认为：金色降落伞条款不应该像现在这般罕见且苛刻。

To test whether bosses block takeovers, they looked at what happens when they are nearing retirement, and therefore have no future career to sacrifice.
为核查企业老板是否会因其自身原因选择阻碍收购，这两位学者研究了临近退休的老板会如何处理收购项目。

Using data on American public firms from 1992 to 2008, they found that companies with a boss aged 65 or over were 50% more likely to be taken over.
他们分析了1992年至2008年美国上市公司的数据，结果显示：老板年龄在65岁以上的公司被收购的可能性高出50%。

Another paper, by Eliezer Fich and Ralph Walkling of Drexel University and Anh Tran of Cass Business School,
德雷塞尔大学的埃利泽?芬奇、拉尔夫?沃克林与卡斯商学院的陈安在一篇共同发表的论文中指出：

found that when golden parachutes are larger, proposed mergers are more likely to be completed,
如果金色降落伞的力度增强，拟合并项目达成的可能性更大，

but buyers pay less for the shares of the target firm.
但买方就目标公司股份所支付的对价则减少。

The data from Mr Jenter and Ms Lewellen show that when the boss of the target firm is old, buyers pay an average premium of 26%.
珍特与卢埃林的统计数据显示：如果目标公司的老板年届退休，买方支付的平均溢价为26%；

For younger bosses, the premium is 33%.
而对于老板年龄较轻的公司，则为33%。

This makes sense. If younger bosses are more reluctant to sell, it will cost more to overcome their objections.
这就说明了问题所在：年轻的老板相对不太愿意售出其公司，所以买方须支付更高溢价以平息其反对意见。

So boards must strike a balance.
所以，董事会必须寻求一种平衡。

If the boss's golden parachute is too miserly, he may block a deal that would benefit shareholders.
若金色降落伞条款对企业老板过于不利，其可能会干预对股东有利的交易；

If it is too generous, he may fail to negotiate hard with potential buyers.
反之，若金色降落伞条款对其过于优厚，其可能不愿尽心尽力与拟收购方谈判。

As with real parachutes, poor design can have serious consequences.
跟真正的降落伞一样，劣质的金色降落伞所带来的后果可能不堪设想。