EthanCC的个人主页 - 老虎社区

EthanCC

EthanCC

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2021-07-22

$Faraday Future Intelligent Electric Inc.(FFIE)$18.多买的撑到现在！终于啊！

2021-02-24

这篇文章不错，转发给大家看看

@impro:$小米集團-W(01810)$美国科技股股灾，会禍延小米吗？

2021-02-10

$蔚来(NIO)$？？？为什么

2021-02-09

$Property Solutions Acquisition Corp(PSAC)$跌好凶啊

2021-02-05

$Property Solutions Acquisition Corp(PSAC)$仔细想想现在布局其实有点早，不管是合并，还是落地珠海，都是2季度后的事，现在不确定性强。量产🚗到底什么外观，动力水平，参数配置，都不清晰。

2021-02-02

$Property Solutions Acquisition Corp(PSAC)$这波是洗盘吧，主要都是小单在跑

2021-02-02

$Property Solutions Acquisition Corp(PSAC)$150w是打高端的，还有81，71

2020-12-29

$哔哩哔哩(BILI)$预期就是东南亚YouTube，尤其是中国市场和亚太地区，这个空间够b站吃好几年去发展了

2020-12-23

$小米集团-W(01810)$不多bb，小米11来一台！反哺股票冲

2020-10-21

这招狠。。。

千亿“造富”盛宴B面：拆解蚂蚁上市背后的员工激励计划

去老虎APP查看更多动态

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我也是"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":363655533,"gmtCreate":1614136690922,"gmtModify":1614136690922,"author":{"id":"3542022288598424","authorId":"3542022288598424","name":"EthanCC","avatar":"https://static.tigerbbs.com/af80816e7cba511721a3b2a11ac52c64","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3542022288598424","authorIdStr":"3542022288598424"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/363655533","repostId":"363149841","repostType":1,"repost":{"id":363149841,"gmtCreate":1614118010383,"gmtModify":1631891414670,"author":{"id":"3571461357373752","authorId":"3571461357373752","name":"impro","avatar":"https://static.tigerbbs.com/3c8e356bd970030e8db6ffb80ba60945","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571461357373752","authorIdStr":"3571461357373752"},"themes":[],"htmlText":"<a 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Corp(PSAC)$</a>跌好凶啊","text":"$Property Solutions Acquisition Corp(PSAC)$跌好凶啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/383501007","isVote":1,"tweetType":1,"viewCount":1776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":380108669,"gmtCreate":1612520217851,"gmtModify":1703763020239,"author":{"id":"3542022288598424","authorId":"3542022288598424","name":"EthanCC","avatar":"https://static.tigerbbs.com/af80816e7cba511721a3b2a11ac52c64","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3542022288598424","authorIdStr":"3542022288598424"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PSAC\">$Property Solutions Acquisition Corp(PSAC)$</a>仔细想想现在布局其实有点早，不管是合并，还是落地珠海，都是2季度后的事，现在不确定性强。量产🚗到底什么外观，动力水平，参数配置，都不清晰。","listText":"<a href=\"https://laohu8.com/S/PSAC\">$Property Solutions Acquisition Corp(PSAC)$</a>仔细想想现在布局其实有点早，不管是合并，还是落地珠海，都是2季度后的事，现在不确定性强。量产🚗到底什么外观，动力水平，参数配置，都不清晰。","text":"$Property Solutions Acquisition Corp(PSAC)$仔细想想现在布局其实有点早，不管是合并，还是落地珠海，都是2季度后的事，现在不确定性强。量产🚗到底什么外观，动力水平，参数配置，都不清晰。","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":7,"commentSize":12,"repostSize":0,"link":"https://laohu8.com/post/380108669","isVote":1,"tweetType":1,"viewCount":7648,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3570876997487400","authorId":"3570876997487400","name":"蝌蚪啃蜡_","avatar":"https://static.tigerbbs.com/44052a5c0879ea1fb6fb27ce0a477472","crmLevel":2,"crmLevelSwitch":0,"idStr":"3570876997487400","authorIdStr":"3570876997487400"},"content":"外观动力参数都有，目前就珠海还没落实。","text":"外观动力参数都有，目前就珠海还没落实。","html":"外观动力参数都有，目前就珠海还没落实。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":314086198,"gmtCreate":1612280289314,"gmtModify":1703759902441,"author":{"id":"3542022288598424","authorId":"3542022288598424","name":"EthanCC","avatar":"https://static.tigerbbs.com/af80816e7cba511721a3b2a11ac52c64","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3542022288598424","authorIdStr":"3542022288598424"},"themes":[],"htmlText":"<a 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Corp(PSAC)$150w是打高端的，还有81，71","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/315214215","isVote":1,"tweetType":1,"viewCount":3484,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3462110539633696","authorId":"3462110539633696","name":"董盛任","avatar":"https://static.tigerbbs.com/5e85224c9e22a913e14edd0f48f65f3d","crmLevel":2,"crmLevelSwitch":0,"idStr":"3462110539633696","authorIdStr":"3462110539633696"},"content":"他们只是调侃，主要是还是技术和梦想，恒大没车都第三市值了","text":"他们只是调侃，主要是还是技术和梦想，恒大没车都第三市值了","html":"他们只是调侃，主要是还是技术和梦想，恒大没车都第三市值了"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":333657079,"gmtCreate":1609257562491,"gmtModify":1703738510690,"author":{"id":"3542022288598424","authorId":"3542022288598424","name":"EthanCC","avatar":"https://static.tigerbbs.com/af80816e7cba511721a3b2a11ac52c64","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3542022288598424","authorIdStr":"3542022288598424"},"themes":[],"htmlText":"<a 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href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$</a>不多bb，小米11来一台！反哺股票冲","text":"$小米集团-W(01810)$不多bb，小米11来一台！反哺股票冲","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/330753010","isVote":1,"tweetType":1,"viewCount":1063,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":303452657,"gmtCreate":1603246348779,"gmtModify":1703829194288,"author":{"id":"3542022288598424","authorId":"3542022288598424","name":"EthanCC","avatar":"https://static.tigerbbs.com/af80816e7cba511721a3b2a11ac52c64","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3542022288598424","authorIdStr":"3542022288598424"},"themes":[],"htmlText":"这招狠。。。","listText":"这招狠。。。","text":"这招狠。。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/303452657","repostId":"1158383045","repostType":2,"repost":{"id":"1158383045","kind":"news","pubTimestamp":1603157443,"share":"https://www.laohu8.com/m/news/1158383045?lang=&edition=full","pubTime":"2020-10-20 09:30","market":"hk","language":"zh","title":"千亿“造富”盛宴B面：拆解蚂蚁上市背后的员工激励计划","url":"https://stock-news.laohu8.com/highlight/detail?id=1158383045","media":"棱镜","summary":"2020年10月20日，市场信息显示，蚂蚁集团IPO获得港交所批准，初步计划10月27日至30日招股，拟在11月6日A+H股同步挂牌；而蚂蚁集团估值已经上调至2800亿美元，折合人民币18760亿元。","content":"<p>2020年10月20日，市场信息显示，蚂蚁集团IPO获得港交所批准，初步计划10月27日至30日招股，拟在11月6日A+H股同步挂牌；而蚂蚁集团估值已经上调至2800亿美元，折合人民币18760亿元。</p>\n<p>一场“造富”员工盛宴渐入高潮。</p>\n<p>在蚂蚁集团招股说明书中，这场盛宴被命名为“经济受益权（Share Economic Interest Rights, SERs）”，项下对应股份合计30.79亿股，占到发行前总股本的12.95%左右。这意味着，蚂蚁集团拿出2430亿元用于员工激励计划。</p>\n<p>以“经济受益权”之名，蚂蚁集团在激励员工的同时，又避免了稀释大股东投票权，还使得蚂蚁集团免受兑付、诉讼等风险的侵扰，面对特定法律纠纷可以八面玲珑。</p>\n<p>但对于蚂蚁员工来说，财富与风险如影随形。</p>\n<p><b>经济受益权的运行逻辑</b></p>\n<p>蚂蚁集团的经济受益权计划肇始于6年前。</p>\n<p>招股说明书披露，2014年1月，蚂蚁集团前身浙江阿里的董事会及股东会正式批准了《浙江阿里巴巴电子商务有限公司2013股份经济受益权激励计划》，后于2015年进行了修订。</p>\n<p>该计划大致运行逻辑是：由蚂蚁集团董事会授权的核心管理人员担任计划管理人，决定经济受益权的授予对象等重要事项。但签署授予协议的主体并非蚂蚁集团，而是由其控股股东之一杭州君瀚负责出面签约，通过协议形式，将经济受益权授予包括员工在内的授予对象。根据杭州君瀚与授予对象的协议，经济受益权通常是分期归属。包括授予对象可获得一定金额的经济利益，该经济利益并非直接的股息分配，而是根据多项因素综合计算得出。经济受益权的实现方式主要是由杭州君瀚决定的“出售和回购”。<img src=\"https://static.tigerbbs.com/5f21f81e9fb601e04072295e07907b61\" tg-width=\"892\" tg-height=\"522\">经济受益权的运作方式，据蚂蚁集团招股说明书总结<img src=\"https://static.tigerbbs.com/ada711ac6246b481ba7ca5a9c46765a1\" tg-width=\"1031\" tg-height=\"485\">员工实现经济受益权的步骤，据蚂蚁集团招股说明书总结</p>\n<p>就“出售”而言，授予对象可在杭州君瀚不时公布的出售期间内，向杭州君瀚出售已归属的经济受益权，从而实现经济收益。就“回购”而言，只有在授予对象死亡情形下，杭州君瀚有义务回购经济受益权。其他少数情形，如公司启动上市计划等，杭州君瀚可自行决定是否回购经济受益权。</p>\n<p>为使杭州君瀚能实施经济受益权激励计划，蚂蚁集团采取增发新股和现金补偿两项措施充实杭州君瀚的实力。</p>\n<p>蚂蚁集团经两次临时股东大会决议，分别于2018年7月、2020年6月向杭州君瀚增发5.6亿股、2.5438亿股，用于经济受益权激励计划项下安排。</p>\n<p>2017年、2018年、2019年及2020年1-6月，蚂蚁集团应向杭州君瀚支付的经济受益权计划补偿款项分别为3.48亿元、0.22亿元、0.22亿元以及0.08亿元，分别占当期合并报表营业成本及期间费用合计数的比例为0.67%、0.02%、0.02%和0.02%。</p>\n<p>招股说明书披露，经济受益权激励计划的授予对象包括管理人认可的蚂蚁集团、阿里巴巴集团、其各自的子公司以及前述主体直接或间接持有20%以上表决权的关联实体员工等人士。截至招股说明书签署之日，经济受益权激励计划项下（包括已授予及未授予的部分）的经济利益所对应蚂蚁集团股份合计30.79亿股，其中约92%股份对应的经济利益已经授予给授予对象。</p>\n<p>在回复上交所审核问询函时，蚂蚁集团披露，报告期内，每1份经济受益权项下的经济利益对应5.53股公司普通股股份的价值。</p>\n<p>尽管蚂蚁集团并未披露每份经济受益权的具体价格，但作者通过检索中国裁判文书网可管窥一二，2013年上海的一则离婚案件显示，一名在某网络技术公司总部杭州工作的员工被授予“小微-SERs”8900股，授予价格6.8元（人民币），分三期归属；2016年上海的一份民事判决书显示，一位从阿里巴巴上海分公司离职的高级客户销售经理P5主张自己获得了4700股经济受益权；2019年杭州的一份民事判决书显示，2016年2月，杭州君瀚为一位2015年11月24日入职蚂蚁金服的80后员工授予了30000股的经济受益权，首个归属日为2017年11月24日。</p>\n<p>随着蚂蚁集团上市，经济受益权将逐步退出历史舞台。招股说明书介绍，对于截至2020年9月30日已授予未归属的经济受益权，杭州君瀚将取消该权益，相应经济受益权的授予对象将参加A股限制性股票激励计划或其他激励方案。</p>\n<p><b>不是股权，近似虚拟股</b></p>\n<p>蚂蚁集团经济受益权激励计划一经披露，便引发了上交所对其法律性质的关注。</p>\n<p>上交所在审核问询函中，要求蚂蚁集团披露经济受益权在法律上对应的权利义务属性，并对是否涉及股票的变相公开发行等问题进行补充说明。</p>\n<p>蚂蚁集团回复称，经济受益权激励计划的授予标的为经济受益权，是一种以股份价值为基础的经济激励安排。在法律性质上，授予对象享有的经济受益权，属于授予对象基于合同约定享有的对于授予义务人的一项权利，其价值与公司股份价值相关，但该等权利并不代表授予对象持有杭州君瀚的合伙份额、也不代表授予对象拥有蚂蚁集团股份。因此经济受益权激励计划不属于员工持股计划，也不涉及变相公开发行股票。</p>\n<p>尽管全名为“股份经济受益权激励计划”，但经济受益权与一般的股权激励相去甚远。</p>\n<p>根据公司法原理以及蚂蚁集团在招股说明书中的披露，作者列举如下不同：首先，经济受益权并不向员工让渡公司股权，而是一项单纯的经济利益分配，不涉及任何投票权，经济受益权的计算方式也不是简单的股息分配，而是依靠复杂的公式计算得出；第二，股权激励通常由公司作为授予人，而经济受益权的授予人则为蚂蚁集团的控股股东之一杭州君瀚；第三，股权激励的授予对象通常只是公司员工，而经济受益权的授予对象更为广泛，还包括关联实体的员工等人士。</p>\n<p>经济受益权计划与一般的股权激励亦存在共通之处。一方面，二者都与员工共享公司成长收益，在股权激励中员工将直接获得股权，而经济受益权的价值计算也将公司股权价值作为参考因素；另一方面，激励派发的决策权都在于公司。尽管在经济受益权安排下，员工直接与公司股东杭州君瀚签约，但授予对象、授予安排、授予对象实现经济利益的时间及方式等事项都由蚂蚁集团决定。</p>\n<p>综合来看，经济受益权在性质上更接近于虚拟股。</p>\n<p>根据美国金融学教授罗斯·雷（Russ Ray）的定义，虚拟股是指公司与雇员通过签订虚拟股协议，授予雇员的一种排在优先股与普通股之后，可以参与分红且无表决权、所有权的“特殊股票”。在我国，知名案例当属华为公司的员工虚拟股计划。与蚂蚁集团将控股股东设置为激励计划授予人相似，华为公司的员工持股平台也是其控股股东华为投资控股有限公司工会委员会。</p>\n<p>有学者研究认为，虚拟股并非股权，而是员工薪酬计划的一部分，其方案的具体实施通常主要由HR部门负责。持有虚拟股的雇员对公司并不享有任何投票权，即使是经济利益的实现也与其劳动者身份高度绑定。根据《企业会计准则第9号——职工薪酬》，虚拟股收益发放通常作为一项“利润分享计划”列入职工薪酬中予以处理。</p>\n<p>经济受益权与虚拟股亦存在不同。持有虚拟股的员工一般可以稳定地参与分红，但经济受益权的实现途径无疑更为狭窄，通常只能期待杭州君瀚公布的出售期间和回购计划。</p>\n<p>在对上交所审核问询函的回复中，蚂蚁集团披露了“授予”的含义，“授予系指管理人根据经济受益权激励计划的规定向授予对象授出经济受益权的行为，授予人（杭州君瀚）在授予时与授予对象签署授予协议，授予协议约定授予对象获得经济受益权的具体条款与条件”。</p>\n<p>这意味着，杭州君瀚与授予对象之间成立的是合同关系，而非股权关系。</p>\n<p><b>四项风险、三大优势</b></p>\n<p>根据合同相对性原理，经济受益权的合同关系仅在授予对象与杭州君瀚之间成立，无涉蚂蚁集团。其规则设置，反映出合同关系中的权力不对称。</p>\n<p>第一，经济受益权的运行规则复杂。</p>\n<p>根据招股说明书的披露，员工被授予经济受益权并不意味着立即获益，而要经过规定的归属期考验，业绩奖励授予通常分四年归属完毕，入职常规授予通常分两年归属完毕，管理人有权延长归属期。若员工离职，则未归属部分的经济受益权将被取消。在某些特定情形下，管理人有权单方面取消授予对象的经济受益权（无论是否已归属）。</p>\n<p>此外，经济受益权看似与蚂蚁集团的股权价值挂钩，但实际上需要综合计算“发行人价值、授予时的基础价格及归属后累计已宣派股利金额等”多种因素。对于普通员工而言，难以通过观察公司股价而直观地了解到自己的预期收益。</p>\n<p>第二，经济受益权的变现方式单一。</p>\n<p>一般的股权激励通常只受到禁售期限制，在禁售期经过后员工可以自由转让股票，实现经济收益，但经济受益权的流动性相形见绌，如前所述，授予对象在转让经济受益权时，其交易对手仅限于杭州君瀚。另外，招股说明书披露：“除非在授予协议中另行约定或管理人另行书面同意，授予对象不得要约出售、出售、出让、转让、质押、抵押或以其他方式处置经济受益权或其中任何权益，且经济受益权及其中任何权益亦不得受限于执行、保全或类似程序”。</p>\n<p>第三，经济受益权最明显的风险来自争议解决。</p>\n<p>由于现行法对经济受益权缺乏权威定性，加上受到合同相对性规则的束缚，普通员工一旦与公司发生纠纷，需要通过诉讼方式实现经济受益权。在目前已经公开的三份裁判文书中，没有一起案件支持了蚂蚁员工的经济受益权主张。</p>\n<p>2016年，上海市长宁区人民法院认为“原告要求被告支付股权经济受益权，不属于劳动争议处理范围，本院不予处理。”2019年，杭州市西湖区人民法院认为，由于经济受益权并未在蚂蚁金服与员工的劳动合同中约定，而是由员工与杭州君瀚另行约定，故应属员工与案外人之间的商事合同，不属于劳动争议处理的范围，因此不予处理。2019年在深圳审理的一起案件中，原告在劳动仲裁失败后，于一审庭审中当庭撤回了经济受益权相关请求，尽管他此前主张已对2500份经济受益权行权，且支付给杭州君瀚（及杭州君瀚代扣缴的）个人所得税5万元。</p>\n<p>第四，杭州君瀚可能存在兑付风险。</p>\n<p>经济受益权运用合同相对性规则，将员工服务的受益主体与结算主体分离。蚂蚁集团只享受员工服务带来的利润增长，而无需直接向员工支付经济受益权项下的费用，将结算责任留给杭州君瀚。在招股说明书中，蚂蚁集团也注意到“杭州君瀚可能承担大额结算义务，在特定情况下（例如结算资金无法及时到位）可能无法足额兑付”的风险。</p>\n<p>根据我国法律，普通合伙人对合伙企业债务承担无限连带责任，有限合伙人以其认缴的出资额为限对合伙企业债务承担责任；公司以其全部财产对公司的债务承担责任，有限责任公司的股东以其认缴的出资额为限对公司承担责任。<img src=\"https://static.tigerbbs.com/de76e948af208e27f11b1c28bd5f7b75\" tg-width=\"1080\" tg-height=\"626\">经济受益权相关主体股权结构图，据蚂蚁集团招股说明书总结</p>\n<p>看似诸多大佬坐镇杭州君瀚，但其系有限合伙企业，马云、谢世煌以及杭州君洁都是有限合伙人，仅需对杭州君瀚的债务承担有限责任。而杭州君瀚本身的认缴出资不到18亿元，实缴出资只有4411.2万元。一旦发生债务危机，能够承担无限连带责任的只有唯一的普通合伙人杭州云铂。杭州云铂的属性亦为有限责任公司，国家企业信用信息公示系统显示其注册资本为1010万元。这意味着，杭州云柏背后的投资人亦无需在其认缴的出资额之外为经济受益权的兑现买单。</p>\n<p>不过，与传统股权激励相比，经济受益权的规则设置同样优势明显：其一，它可以避免稀释大股东的投票权；其二，它可以避免员工受股市行情影响，从而做出短期行为；其三，它可以规避公司股东登记、上市审查等方面的监管。例如，按照经济受益权制度，只需对杭州君瀚进行工商登记，而无需对众多激励对象进行一一登记，在IPO时也可以绕开员工持股计划等相关监管规则。</p>","source":"lsy1567649364423","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>千亿“造富”盛宴B面：拆解蚂蚁上市背后的员工激励计划</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n千亿“造富”盛宴B面：拆解蚂蚁上市背后的员工激励计划\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-10-20 09:30 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/xvDIve97ftMBJ5pk7azXvQ><strong>棱镜</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2020年10月20日，市场信息显示，蚂蚁集团IPO获得港交所批准，初步计划10月27日至30日招股，拟在11月6日A+H股同步挂牌；而蚂蚁集团估值已经上调至2800亿美元，折合人民币18760亿元。\n一场“造富”员工盛宴渐入高潮。\n在蚂蚁集团招股说明书中，这场盛宴被命名为“经济受益权（Share Economic Interest Rights, SERs）”，项下对应股份合计30.79亿股，占...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/xvDIve97ftMBJ5pk7azXvQ\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0a770a934224bb2d5661ecaac4ca87c8","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://mp.weixin.qq.com/s/xvDIve97ftMBJ5pk7azXvQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158383045","content_text":"2020年10月20日，市场信息显示，蚂蚁集团IPO获得港交所批准，初步计划10月27日至30日招股，拟在11月6日A+H股同步挂牌；而蚂蚁集团估值已经上调至2800亿美元，折合人民币18760亿元。\n一场“造富”员工盛宴渐入高潮。\n在蚂蚁集团招股说明书中，这场盛宴被命名为“经济受益权（Share Economic Interest Rights, SERs）”，项下对应股份合计30.79亿股，占到发行前总股本的12.95%左右。这意味着，蚂蚁集团拿出2430亿元用于员工激励计划。\n以“经济受益权”之名，蚂蚁集团在激励员工的同时，又避免了稀释大股东投票权，还使得蚂蚁集团免受兑付、诉讼等风险的侵扰，面对特定法律纠纷可以八面玲珑。\n但对于蚂蚁员工来说，财富与风险如影随形。\n经济受益权的运行逻辑\n蚂蚁集团的经济受益权计划肇始于6年前。\n招股说明书披露，2014年1月，蚂蚁集团前身浙江阿里的董事会及股东会正式批准了《浙江阿里巴巴电子商务有限公司2013股份经济受益权激励计划》，后于2015年进行了修订。\n该计划大致运行逻辑是：由蚂蚁集团董事会授权的核心管理人员担任计划管理人，决定经济受益权的授予对象等重要事项。但签署授予协议的主体并非蚂蚁集团，而是由其控股股东之一杭州君瀚负责出面签约，通过协议形式，将经济受益权授予包括员工在内的授予对象。根据杭州君瀚与授予对象的协议，经济受益权通常是分期归属。包括授予对象可获得一定金额的经济利益，该经济利益并非直接的股息分配，而是根据多项因素综合计算得出。经济受益权的实现方式主要是由杭州君瀚决定的“出售和回购”。经济受益权的运作方式，据蚂蚁集团招股说明书总结员工实现经济受益权的步骤，据蚂蚁集团招股说明书总结\n就“出售”而言，授予对象可在杭州君瀚不时公布的出售期间内，向杭州君瀚出售已归属的经济受益权，从而实现经济收益。就“回购”而言，只有在授予对象死亡情形下，杭州君瀚有义务回购经济受益权。其他少数情形，如公司启动上市计划等，杭州君瀚可自行决定是否回购经济受益权。\n为使杭州君瀚能实施经济受益权激励计划，蚂蚁集团采取增发新股和现金补偿两项措施充实杭州君瀚的实力。\n蚂蚁集团经两次临时股东大会决议，分别于2018年7月、2020年6月向杭州君瀚增发5.6亿股、2.5438亿股，用于经济受益权激励计划项下安排。\n2017年、2018年、2019年及2020年1-6月，蚂蚁集团应向杭州君瀚支付的经济受益权计划补偿款项分别为3.48亿元、0.22亿元、0.22亿元以及0.08亿元，分别占当期合并报表营业成本及期间费用合计数的比例为0.67%、0.02%、0.02%和0.02%。\n招股说明书披露，经济受益权激励计划的授予对象包括管理人认可的蚂蚁集团、阿里巴巴集团、其各自的子公司以及前述主体直接或间接持有20%以上表决权的关联实体员工等人士。截至招股说明书签署之日，经济受益权激励计划项下（包括已授予及未授予的部分）的经济利益所对应蚂蚁集团股份合计30.79亿股，其中约92%股份对应的经济利益已经授予给授予对象。\n在回复上交所审核问询函时，蚂蚁集团披露，报告期内，每1份经济受益权项下的经济利益对应5.53股公司普通股股份的价值。\n尽管蚂蚁集团并未披露每份经济受益权的具体价格，但作者通过检索中国裁判文书网可管窥一二，2013年上海的一则离婚案件显示，一名在某网络技术公司总部杭州工作的员工被授予“小微-SERs”8900股，授予价格6.8元（人民币），分三期归属；2016年上海的一份民事判决书显示，一位从阿里巴巴上海分公司离职的高级客户销售经理P5主张自己获得了4700股经济受益权；2019年杭州的一份民事判决书显示，2016年2月，杭州君瀚为一位2015年11月24日入职蚂蚁金服的80后员工授予了30000股的经济受益权，首个归属日为2017年11月24日。\n随着蚂蚁集团上市，经济受益权将逐步退出历史舞台。招股说明书介绍，对于截至2020年9月30日已授予未归属的经济受益权，杭州君瀚将取消该权益，相应经济受益权的授予对象将参加A股限制性股票激励计划或其他激励方案。\n不是股权，近似虚拟股\n蚂蚁集团经济受益权激励计划一经披露，便引发了上交所对其法律性质的关注。\n上交所在审核问询函中，要求蚂蚁集团披露经济受益权在法律上对应的权利义务属性，并对是否涉及股票的变相公开发行等问题进行补充说明。\n蚂蚁集团回复称，经济受益权激励计划的授予标的为经济受益权，是一种以股份价值为基础的经济激励安排。在法律性质上，授予对象享有的经济受益权，属于授予对象基于合同约定享有的对于授予义务人的一项权利，其价值与公司股份价值相关，但该等权利并不代表授予对象持有杭州君瀚的合伙份额、也不代表授予对象拥有蚂蚁集团股份。因此经济受益权激励计划不属于员工持股计划，也不涉及变相公开发行股票。\n尽管全名为“股份经济受益权激励计划”，但经济受益权与一般的股权激励相去甚远。\n根据公司法原理以及蚂蚁集团在招股说明书中的披露，作者列举如下不同：首先，经济受益权并不向员工让渡公司股权，而是一项单纯的经济利益分配，不涉及任何投票权，经济受益权的计算方式也不是简单的股息分配，而是依靠复杂的公式计算得出；第二，股权激励通常由公司作为授予人，而经济受益权的授予人则为蚂蚁集团的控股股东之一杭州君瀚；第三，股权激励的授予对象通常只是公司员工，而经济受益权的授予对象更为广泛，还包括关联实体的员工等人士。\n经济受益权计划与一般的股权激励亦存在共通之处。一方面，二者都与员工共享公司成长收益，在股权激励中员工将直接获得股权，而经济受益权的价值计算也将公司股权价值作为参考因素；另一方面，激励派发的决策权都在于公司。尽管在经济受益权安排下，员工直接与公司股东杭州君瀚签约，但授予对象、授予安排、授予对象实现经济利益的时间及方式等事项都由蚂蚁集团决定。\n综合来看，经济受益权在性质上更接近于虚拟股。\n根据美国金融学教授罗斯·雷（Russ Ray）的定义，虚拟股是指公司与雇员通过签订虚拟股协议，授予雇员的一种排在优先股与普通股之后，可以参与分红且无表决权、所有权的“特殊股票”。在我国，知名案例当属华为公司的员工虚拟股计划。与蚂蚁集团将控股股东设置为激励计划授予人相似，华为公司的员工持股平台也是其控股股东华为投资控股有限公司工会委员会。\n有学者研究认为，虚拟股并非股权，而是员工薪酬计划的一部分，其方案的具体实施通常主要由HR部门负责。持有虚拟股的雇员对公司并不享有任何投票权，即使是经济利益的实现也与其劳动者身份高度绑定。根据《企业会计准则第9号——职工薪酬》，虚拟股收益发放通常作为一项“利润分享计划”列入职工薪酬中予以处理。\n经济受益权与虚拟股亦存在不同。持有虚拟股的员工一般可以稳定地参与分红，但经济受益权的实现途径无疑更为狭窄，通常只能期待杭州君瀚公布的出售期间和回购计划。\n在对上交所审核问询函的回复中，蚂蚁集团披露了“授予”的含义，“授予系指管理人根据经济受益权激励计划的规定向授予对象授出经济受益权的行为，授予人（杭州君瀚）在授予时与授予对象签署授予协议，授予协议约定授予对象获得经济受益权的具体条款与条件”。\n这意味着，杭州君瀚与授予对象之间成立的是合同关系，而非股权关系。\n四项风险、三大优势\n根据合同相对性原理，经济受益权的合同关系仅在授予对象与杭州君瀚之间成立，无涉蚂蚁集团。其规则设置，反映出合同关系中的权力不对称。\n第一，经济受益权的运行规则复杂。\n根据招股说明书的披露，员工被授予经济受益权并不意味着立即获益，而要经过规定的归属期考验，业绩奖励授予通常分四年归属完毕，入职常规授予通常分两年归属完毕，管理人有权延长归属期。若员工离职，则未归属部分的经济受益权将被取消。在某些特定情形下，管理人有权单方面取消授予对象的经济受益权（无论是否已归属）。\n此外，经济受益权看似与蚂蚁集团的股权价值挂钩，但实际上需要综合计算“发行人价值、授予时的基础价格及归属后累计已宣派股利金额等”多种因素。对于普通员工而言，难以通过观察公司股价而直观地了解到自己的预期收益。\n第二，经济受益权的变现方式单一。\n一般的股权激励通常只受到禁售期限制，在禁售期经过后员工可以自由转让股票，实现经济收益，但经济受益权的流动性相形见绌，如前所述，授予对象在转让经济受益权时，其交易对手仅限于杭州君瀚。另外，招股说明书披露：“除非在授予协议中另行约定或管理人另行书面同意，授予对象不得要约出售、出售、出让、转让、质押、抵押或以其他方式处置经济受益权或其中任何权益，且经济受益权及其中任何权益亦不得受限于执行、保全或类似程序”。\n第三，经济受益权最明显的风险来自争议解决。\n由于现行法对经济受益权缺乏权威定性，加上受到合同相对性规则的束缚，普通员工一旦与公司发生纠纷，需要通过诉讼方式实现经济受益权。在目前已经公开的三份裁判文书中，没有一起案件支持了蚂蚁员工的经济受益权主张。\n2016年，上海市长宁区人民法院认为“原告要求被告支付股权经济受益权，不属于劳动争议处理范围，本院不予处理。”2019年，杭州市西湖区人民法院认为，由于经济受益权并未在蚂蚁金服与员工的劳动合同中约定，而是由员工与杭州君瀚另行约定，故应属员工与案外人之间的商事合同，不属于劳动争议处理的范围，因此不予处理。2019年在深圳审理的一起案件中，原告在劳动仲裁失败后，于一审庭审中当庭撤回了经济受益权相关请求，尽管他此前主张已对2500份经济受益权行权，且支付给杭州君瀚（及杭州君瀚代扣缴的）个人所得税5万元。\n第四，杭州君瀚可能存在兑付风险。\n经济受益权运用合同相对性规则，将员工服务的受益主体与结算主体分离。蚂蚁集团只享受员工服务带来的利润增长，而无需直接向员工支付经济受益权项下的费用，将结算责任留给杭州君瀚。在招股说明书中，蚂蚁集团也注意到“杭州君瀚可能承担大额结算义务，在特定情况下（例如结算资金无法及时到位）可能无法足额兑付”的风险。\n根据我国法律，普通合伙人对合伙企业债务承担无限连带责任，有限合伙人以其认缴的出资额为限对合伙企业债务承担责任；公司以其全部财产对公司的债务承担责任，有限责任公司的股东以其认缴的出资额为限对公司承担责任。经济受益权相关主体股权结构图，据蚂蚁集团招股说明书总结\n看似诸多大佬坐镇杭州君瀚，但其系有限合伙企业，马云、谢世煌以及杭州君洁都是有限合伙人，仅需对杭州君瀚的债务承担有限责任。而杭州君瀚本身的认缴出资不到18亿元，实缴出资只有4411.2万元。一旦发生债务危机，能够承担无限连带责任的只有唯一的普通合伙人杭州云铂。杭州云铂的属性亦为有限责任公司，国家企业信用信息公示系统显示其注册资本为1010万元。这意味着，杭州云柏背后的投资人亦无需在其认缴的出资额之外为经济受益权的兑现买单。\n不过，与传统股权激励相比，经济受益权的规则设置同样优势明显：其一，它可以避免稀释大股东的投票权；其二，它可以避免员工受股市行情影响，从而做出短期行为；其三，它可以规避公司股东登记、上市审查等方面的监管。例如，按照经济受益权制度，只需对杭州君瀚进行工商登记，而无需对众多激励对象进行一一登记，在IPO时也可以绕开员工持股计划等相关监管规则。","news_type":1},"isVote":1,"tweetType":1,"viewCount":2188,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":380108669,"gmtCreate":1612520217851,"gmtModify":1703763020239,"author":{"id":"3542022288598424","authorId":"3542022288598424","name":"EthanCC","avatar":"https://static.tigerbbs.com/af80816e7cba511721a3b2a11ac52c64","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3542022288598424","authorIdStr":"3542022288598424"},"themes":[],"htmlText":"<a 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