The long-term weakness in the stock market is accompanied by dissatisfaction with the executives of listed companies

Li Jun

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

According to a study published by the AFL-CIO, a union in the United States, the ratio of CEOs to non-executive employees in large US companies (based on the 350 companies in the S & P 500) Up to 331 times, and the upward trend. If we take a decade as a cycle, the ratio will be 46 times in 1983, nearly 200 times in 1993 and 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. However, the cash flow statement of the U.S. company is a form of disclosure that is deduced from the net profit, which is different from the direct derivation form in the country. Therefore, there is no accounting item similar to the "cash paid to employees and employees in China" 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 in the constituent stocks of the SSE 50 Index, the top three top executives of each company in 2013 each paid an average of RMB 1,934,500, of which the highest was Ping An Insurance (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 staff of 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 remuneration of 3.8641 million yuan last year, but also holds 633,100 shares, representing 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 HRC HRC and the board of directors), long-term equity incentive is the largest part, reaching $ 12.5 million, and the three together form the closest Annual income of twenty million dollars. In addition, Staple now has 662 million shares of Wells Fargo.

In March 2013, the Human Resources Committee granted a long-term equity incentive of 342,000 shares of Wells Fargo to Staple (corresponding to US $ 12.5 million); and the 342,000 shares will be awarded in the first quarter of 2016, depending 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 According to a similar calculation method, JP Morgan's per capita salary is 122,700 US dollars, while JP Morgan has more investment banking businesses than Wells Fargo, according to the number of employees of 264,000. 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 the per capita salary, while Stump's was more than 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. Blanknkfein) annual total revenue of 23 million US dollars, 383,300 US dollars per capita annual salary of Goldman Sachs nearly 60 times, while Goldman Sachs per capita annual salary is nearly 6 times CITIC Securities; per capita net profit, the Goldman Sachs was 234,800 US dollars, 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.