[导师讲义]迟教练,尚主席,何必偏爱负激励?
<p class="Default" align="center" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center;"><span style="FONT-SIZE: 14pt; COLOR: windowtext; mso-bidi-font-family: "Times New Roman";"><font face="宋体">迟教练,尚主席,何必偏爱负激励?</font></span><span lang="EN-US" style="FONT-SIZE: 14pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";"><p></p></span></p><p class="Default" align="center" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center;"><span lang="EN-US" style="COLOR: windowtext; FONT-FAMILY: "Times New Roman";"><font size="3"><span style="mso-spacerun: yes;"> </span><p></p></font></span></p><p class="Default" align="center" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center;"><span style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: 楷体_GB2312; mso-bidi-font-family: 楷体_GB2312;">齐</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-fareast-font-family: 楷体_GB2312;">
</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: 楷体_GB2312; mso-bidi-font-family: 楷体_GB2312;">靠</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-fareast-font-family: 楷体_GB2312;">
</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: 楷体_GB2312; mso-bidi-font-family: 楷体_GB2312;">民</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-fareast-font-family: 楷体_GB2312;">
<p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: justify;"><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-fareast-font-family: 楷体_GB2312;"><span style="mso-spacerun: yes;"> </span><p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: justify;"><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">迟教练与尚主席,一位是中国中超足球俱乐部的主教练,一位是中国资本市场的掌舵人,从职业来说,两位本有些风马牛不相及,硬扯在一起,似乎有些牵强。</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">
<p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: justify;"><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">凑巧的是,异中有同。一段时间以来,两位都恰巧成了中国最热门行业的最热门人选,关于两位的评论,一度囊括了国内多数媒体的主要版面。尤其引人注意的是,两位管理者似乎都遇到了同样的问题:迟教练遭到了</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">“</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">大佬</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">”</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">球员的坚决抵制,球队成绩四连平五连败;而尚主席诸多新政也不被市场参与者所认可,股市持续低迷,上证指数一泻千里,一度跌穿千点大关。</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">
<p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: justify;"><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">如此惨烈的结果可不是两位管理者</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">“</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">偷懒</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">”</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">所致。为了振兴球队,振兴股市,迟教练与尚主席功课勤勉,披星戴月。但实际效果却未如人意,甚至南辕北辙。为什么会出现如此</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">“</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">受累不讨好</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">”</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">的局面呢?个中的原因固然很多。况且某些外生性的因素,也不是迟教练与尚主席能够如愿掌控的,但在力所能及的范围内,二者有无管理失范之处?</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";"><span style="mso-spacerun: yes;"> </span><p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: justify;"><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">提高团队作业效率或营造市场</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">“</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">牛气</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">”</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">,管理学上讲究的是,既要有奖励、职位提升等正激励,也要有降职、处罚等负激励。而迟、尚二位的</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">“</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">悲情</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">”</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">在于不恰当地、过多地使用了负激励。</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">
<p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: justify;"><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">迟教练执教深足期间,为提高球队成绩,对球员严格管理,出台了很多规范球员活动的制度,从球队管理方面来看,无疑十分正确。毕竟,没有规矩难成方圆。但是,好的制度却不一定能导致好的结果。一项制度能否顺利实施,与其所处的背景密切相关。迟教练推出各项制度所处的背景是,由于中国足球从</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">2005</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">年度开始实施行业限薪,球员薪水大幅度降低,球员士气极其低迷,对俱乐部前景普遍感到迷茫。作为负激励的坚决推进者,迟教练此时此刻出台的各项制度,对于球员来说,无异于</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">“</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">火上浇油</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">”</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">,受到多数球员(尤其是</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">“</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">大佬</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">”</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">级球员)的抵制自然也就在情理之中。</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">
<p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: justify;"><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">迟教练对于球队的管理绝对没有错,中国的足球俱乐部欠缺的也正是严格的管理制度,球员随意性太强。但是在时机的选择上,迟教练或许是出了一些偏差,该用正激励的时候却偏执于负激励,阴差阳错之下,四连平五连败也就不足为奇了。</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">
<p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: justify;"><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">而反观尚主席,一段时间以来对于提升投资者的投资热情也似乎</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">“</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">心有余而力不足</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">”</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">。诚然,沉疴难起,资本市场的问题让尚主席一人来承担责任的确过于勉强,但尚主席自接手以来,未能兼收并蓄,合理地设计正负激励制度,以期挽股市于颓靡,却也是不争的事实。</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">
<p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: justify;"><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">中国资本市场自建市以来,对于投资者的地位界定问题始终飘忽不定,当然也更谈不上所谓的投资者利益保护机制。从管理者的主观思路来看,更多的是把投资者当作投机分子。投资者亏了钱,那是你自己无能,偷鸡不成反蚀一把米</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">——</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">活该。给投资者回报,在我们的股市里一度成为了天方夜谭式的笑话,中国股民的处境,甚至一度比不上为渔夫捕鱼的鸬鹚。</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">
<p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: justify;"><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">中国股市的监管者对于投资者的违规处罚是相当严厉的。中国股市没有做市商,坐庄操纵股价面临的监管风险是非常之大的。罗成坐庄亿安科技,旗下操盘手悉数入狱,本人则亡命天涯;唐万新坐庄德隆,号称中国第一明庄,三架马车合金股份、湘火炬、新疆屯河逆市飞扬,纵横千里,最后也难逃灰飞烟灭的境遇,等待他的也许也只有深牢大狱。罗成也好,唐万新也好,都不是一般意义上的坏人,甚至一度可以称为社会精英,遗憾的是,在一个不承认投资者地位的资本市场,精英变成了罪犯,君子变成了小人。</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">
<p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: justify;"><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">而对于本应严刑峻法监管的上市公司违规问题,国内监管者往往或视而不见,或轻轻一笔带过。违规的成本低之又低,致使上市公司整体诚信缺失,坑蒙拐骗投资者已成为家常便饭。</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">
<p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: justify;"><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">从公开的统计资料来看,从资本市场建市以来,流通股投资者已经付出了</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">23000</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">多亿人民币,而从这个市场分红派息拿回了</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">700</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">多亿,目前流通总市值只有不到</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">10000</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">亿,投资者累计回报为</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";"> - 12300</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">多亿。从</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">2001</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">年之后,</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">70%</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">以上的股民亏损已经超过了</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">70%</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">。</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">
<p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: justify;"><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">一个只有负激励的团队,不可能有一个高昂的士气;一个不给投资者回报的市场,也不可能让入市者永葆参与热情。在调动团队成员和入市者的积极性方面,迟教练和尚主席似乎都犯了同样的毛病,因而产生同样的结果当在预料之中。</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">
<p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: justify;"><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">不过,与迟教练相比,尚主席的运气要好得多。迟教练背后失去了大老板的支持,釜底抽薪,已经没有了施用正激励手段加以校正的机会。而</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">2005</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">年以来,在国务院有关领导的支持下,在</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">“</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">国九条</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman"; mso-bidi-font-family: 宋体; mso-ascii-font-family: 宋体;">”</span><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">尚方宝剑的呵护下,尚主席已经有了充分的闪转腾挪的空间,正待东山再起。分类表决机制的出台、股权分置改革的启动,红利税减半、央企的率先让利试点等等,承认投资者的付出,给投资者让利已经成为近期政策的主旋律。相信在这一系列政策的指引下,投资者的利益能够得到充分的保障,资本市场的春天也会在不久的将来能够真正降临。</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">
<p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: justify;"><span style="FONT-SIZE: 10.5pt; COLOR: windowtext;"><font face="宋体">尚主席,您走好!悠着点儿,别总用负激励。</font></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";">
<p></p></span></p><p class="Default" style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify;"><span lang="EN-US" style="FONT-SIZE: 10.5pt; COLOR: windowtext; FONT-FAMILY: "Times New Roman";"><span style="mso-spacerun: yes;"> </span><p></p></span></p><p></p>
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