Salary comparison of large companies: the United States, "the gap between rich and poor" huge

For A- share investors, the prolonged slump in the stock market, along with dissatisfaction with the executives of listed companies, often complains that executives hold high salaries but not much for investors.

However, due to the system and other reasons, although the earnings of domestic listed companies executives are not low, they are still " shabby " compared to those of US listed companies . In addition to their basic salaries, American public company executives also have annual incentives and long-term equity incentives. The latter two are major components of revenue, but long-term incentives need to be achieved for several years in a row.

In contrast, in terms of the financial industry, the average income of domestic banks is limited by the gap between the United States and the average income of banks and the average income of brokerage and investment banks. The gap between China and the United States is relatively large, which is comparable to that of other industries. Analysts believe that this is less than the degree of marketization of the domestic banking industry in the United States.

The United States "the gap between rich and poor " serious

US trade unions AFL - CIO (AFL-CIO) published study shows that American companies (500 in the S & P 350 companies complete the data subject) Chief Executive Officer of relatively non-managerial employee compensation ratio in 2013 Up to 331 times, and the upward trend. If for a period of ten years, in 1983 the ratio was 46 times, nearly 200 times in 1993, it expanded to 300 times in 2003.

Statistics show that most of the chairman / CEO of the Dow Jones index constituent stocks of listed companies in 2013 have more than 10 million US dollars in revenue ; and Chevron, Exxon Mobil, Goldman Sachs, JP Morgan Chase, Morgan Stanley The chairman or chief executive of these well-known companies, the income is about 20 million US dollars, even the company second and third son's income is about 10 million US dollars.

It is worth mentioning that the executive compensation of listed companies in the United States is not disclosed separately in the annual report, but signed the power of attorney, which is different from the domestic practice of disclosure in the annual report. The US company's cash flow statement is disclosed in the form of net profit from the push down, and domestic direct derivation of different forms, so there is no similar domestic "payments to employees and for employees to pay cash" accounting subjects, some companies will The profit statement discloses all labor costs, while some companies disclose in terms of " sales expenses " , " management expenses " and " R & D expenses " without disclosing the total labor costs.

Wind Information Statistics show that the SSE 50 Index constituent stocks, in 2013 the top three executives of each company an average total remuneration was 1.9345 million yuan, of which the highest is China Ping An (601318.SH, 02318.HK), the top three Top per capita income is 10,886,000 yuan, China's highest annual salary of chief investment officer Chen Deixian before tax 12,684,300 yuan, but this is only the JP Morgan chairman and chief executive officer Dimon ( James Dimon ) 20 million US dollars one.

Compared with the per capita income of executives and employees, US listed companies are much higher than China. Even for Ping An, which has the most disparity in income among the top 50 Chinese executives, its per capita income is about 150,000 yuan ( " paid to employees and paid to employees Of the cash " divided by the total number of employees at the end of the year, the same below), the average income of the top three executives, but the average employee 70 times; and the second Xinhua Insurance ( 601336.SH ) is 48 times, 50 ingredients Stock companies are on average about 13 times. However, there is not a big difference in pay among domestic banks, senior executives and employees with higher per capita salary. The highest Minsheng Bank ( 600016.SH ) is 11 times and the lowest Agricultural Bank ( 601288.SH ) is 4.17 times.

Some human resources consulting company executives told the "First Financial Daily" that, unlike the U.S. report, listed companies in the Mainland only disclose the salaries of corporate executives, other aspects of income are rarely included; but because of the institutional constraints The reason is that state-owned enterprises in China are also unlikely to give pay and benefits to executives similar to those in U.S. companies, such as annual and long-term equity incentives, which are the main sources of income for US executives.

Domestic banks benefit dividends

Known for serving small and micro enterprises in the United States, Wells Fargo created a net interest margin of 3.39% in 2013 under the background of complete market-based interest rates in the United States. In 2013 , Minsheng Bank, the same name in the service of small and micro enterprises, 2013/2013 The annual net interest margin was 2.49% . Compared with other listed banks, Minsheng Bank shareholders are more privately owned.

However, from a salary point of view, Dong Wenbiao, chairman of Minsheng Bank, is " far behind " John G. Stumpf , chairman and chief executive of Wells Fargo . Minsheng Bank's annual report shows that Dong Wenbiao 's remuneration in 2013 was 5.3063 million yuan, the Governor Hong Qi and Liang Yutang, vice chairman of respectively 5,006,300 yuan and 4,629,500 yuan, Minsheng Bank annual report did not show the above three executives hold the bank Number of shares. The only senior executives holding shares of the Board of Supervisors, employee supervisor Wang Jiashi, in addition to the remuneration of 3.8641 million yuan last year , but also holds 633,100 shares, accounting for 0.002% of the total share capital , according to Minsheng Bank dividend 0.15 per share Yuan calculation, Wang Jiazhi get less than 100,000 yuan bonus .

Statutes of the shareholders of Wells Fargo sign power of attorney indicate that the total income of STAMP in 2013 was 19.3 million US dollars, which is 20 times more than Dong Wenbiao's . The other top executives also earned a total income of 8.77 million U.S. dollars to 11.04 million U.S. dollars between. With a base salary of $ 2.8 million and an annual incentive of $ 4 million ( approved by the Human Resources Committee HRC and the board of directors), long-term equity incentive is the largest part, reaching $ 12.5 million, and the three together make up nearly Annual income of twenty million dollars. In addition, Staple now has 662 million shares of Wells Fargo.

In March 2013, the Human Resources Committee gave long-term equity incentive Stamp 34.2 million shares of Wells Fargo (ie, corresponding to US $ 12.5 million); 34.2 million which will be awarded in the first quarter of 2016, this will depend on The performance of the three companies for the three prior years ending in December 2015 , which may be adjusted according to the performance, may eventually be 150% of the figures above , with a minimum of 0 ; if in any of the three financial years mentioned above, the company appears Net loss, then the number of shares to be granted will cut one-third.

In terms of employee compensation, Wells Fargo's Salaries , Commission and incentive compensation , and Employee benefits reached 15.152 billion U.S. dollars, 9.95 billion U.S. dollars and 5.033 billion U.S. dollars respectively, with a total of 301.36 U.S. dollars billion, calculated in accordance with the number of employees 26.4 million people, per capita salary reached $ 114,000; a similar calculation method can be drawn JP Morgan per capita salary of $ 122,700, compared Wells Fargo, JP Morgan Chase investment banking more Employee.

On the other hand, Minsheng Bank's per-capita salary was MOP349,000 , about half the absolute average per capita salary of Wells Fargo; Minsheng Bank's Dong Wenbiao's income was 15.2 times of the per capita salary while Stemp was over 169 times the per capita income of Wells Fargo .

For the brokerage, the United States, " leading " Goldman Sachs and China's " leading " CITIC Securities ( 600030.SH ) presented a slightly different from the bank. Wang Dongming , chairman of CITIC Securities annual remuneration in 2013 was 583.43 million yuan, nearly 15 times the annual salary of 398,000 yuan per person CITIC Securities , another Wang Dong-owned shares at the end of next year 2.6497 million shares; Goldman Sachs chairman and CEO Blankfein (Lloyd C.Blankfein) total annual revenues of $ 23 million, is nearly 60 times the Goldman Sachs annual salary of $ 383,300 per capita, while Goldman Sachs per capita annual income is nearly six times Citic Securities; per capita net income, the Goldman Sachs at $ 234,800, CITIC Securities 434,700 yuan, Goldman Sachs more than 3 times the CITIC Securities .

Some financial industry believes that the higher income of commercial banks in China, with the interest rate has not been in the market-oriented, making the per capita salary of the banking industry are high, so the level with the United States will not be much difference. Domestic brokerages and the United States are roughly the same, are basically in full market stage.