本日佳句 - 高層的Bonuses該怎麼給才不會被股東罵
Posted in Investment, Management Thought on Mar 19th, 2009
So I’ve become fond of an approach where the company pays management bonuses on "incremental year ove year ebitda." The way this works is you pick a base year and for the next year you pay management a bonus of x% of the incremental ebitda they generate. The best way to do this is a five year plan with a goal of obtaining a significant increase in ebitda so management has time to make the investments needed to get there. (source)
僅是基於當年財報營收、淨利來犒賞管理階層，恐怕會發生長官們只想短線操作，把原本該投資的expenses都省下來美化帳面。所以改用基於EBITDA成長百分比的方式派發紅利比較能長短兼顧。
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