脸谱股价“闪电变脸”弄得市场狼狈不堪，没人敢买新股，IPO（首次公开募股）跌入低谷。即使在如此恶劣的环境下，其主承销商旗下的共同基金还在增仓。IPO发行价定那么高，明知后市支撑不住还死命忽悠，对投资者公平吗？硬要共同基金大量买入，对共同基金的出资人公平吗？

Facebook share price"Lightning set my face"Get market like a drowned mouse,No one dare to buy new shares,IPO(Initial public offerings)bottomed.Even in such a bad environment,The lead underwriter's mutual fund is still in ing.IPO were priced so high,Knowing which bear still struggle to flicker,Fair to investors?Stubbornly mutual funds a large number of buying,A mutual fund investor for the fair?

　　背后是激励机制和薪酬体系出了问题，主承销商卖得越多，抽成越多，凭什么股价涨了你赚钱，股价暴跌你不用负责？难怪有经济学家认为投行畸形的激励机制和薪酬体系，才引发了这场自大萧条以来最严重的金融危机，这一说法有失偏颇，却也因此引发了旷日持久的关于投行薪酬结构改革的讨论。

Is behind the incentive mechanism and salary system out of the question,Lead underwriter to sell more,Smoke into the more,With what the stock rose you make money,You don't have to share prices collapse is responsible for?No wonder some economists think that investment Banks deformity incentive mechanism and salary system,To cause the since the depression is the most serious financial crisis,This are flawed,But also therefore caused long about investment Banks salary structure reform discussions.

　　业绩和奖金挂钩没有问题，问题是绩效考核的体制设计表现出“急功近利”，只顾自己赚钱，不考虑长远。领导层也不重视客户关系，利益分配不平衡，导致风险不能共担。20世纪90年代开始，投行高管薪酬进入急剧上升通道。当经济衰退时，投行高管再拿天价工资和奖金实在说不过去，为了重塑投行形象，赢回公众的信任，在过去几年，很多投行高管放弃了丰厚的奖金，并已在减少奖金总和，试图进行薪酬改革。

Performance and bonus link up with no problem,The problem is the performance appraisal system design show"Get rich quick",Consider oneself to make money,Don't think of the long run.Leadership also don't pay attention to customer relationship,Interest distribution imbalance,Lead to risk not sharing.The 1990 s,Investment banking executive pay into the sharp increase channel.When the economic recession,Investment banking executives take day price of wages and bonuses really say not the past,In order to reshape the image of the investment Banks,Win back the public's trust,In the past few years,A lot of investment banking executives gave up a huge bonus,And already in reducing total bonus,Trying to salary reform.

　　2006年、2007年是投行收入最好的年头。2006年投行雇员平均拿走了191360美元的奖金，前台迎来送往的底层工作人员都能拿到10万美元的奖金。2008年金融危机出现以后，分析师和Associate（经理）这一层基本参照2007年的水平发。

In 2006,/2007 is the best year investment income.In 2006 the average investment bank employees took the $191360 prize,Front desk have sent to the bottom of the staff can get a bonus of 100000 dollars.The financial crisis in 2008 after appearing,Analysts and Associate(The manager)This layer basic reference to the level of 2007 hair.

　　现在很多人认为，只要谁做投资银行，就很有钱，事实也不尽然。整体来看预估今年的奖金会比去年少15%，去年已经比前年少了20%～30%。现在还有一种情况，发奖金之前裁人，因为裁掉之后不用发奖金了。大投行里面的雇员最怕自己被裁掉，因此钩心斗角，部门政治也多，内部常打得一团糟。

Now many people think,As long as anyone who do investment bank,It is very rich,The fact is also not exactly.The whole estimated this year's bonuses will be 15% less than last year,Last year it was less than the previous year 20% ~ 30%.Now there is a kind of circumstance,Those who before bonus,Because after cutting without the bonus.The big investment Banks of the employees in the most feared he was laid off,Therefore intrigue against each other,Political department also,Internal often played in a mess.

　　数据显示，2011年，纽约的证券公司只挣了135亿美元，相比2010年276亿美元的收入缩水近一半。今年无论经济形势，还是投行的财务表现，都比去年糟糕，估计2012年的投行收入还会进一步下滑。

Data display,In 2011,,New York's securities companies earn only $13.5 billion,Compared with 2010 $27.6 billion in revenues shrink nearly half.Whatever economic situation this year,Investment bank or financial performance,All bad than last year,An estimated 2012 years of investment banking income will also decline further.

　　现在欧美正在整治薪酬问题，比如政府开始收一次性奖金税，英国除了正常的税，奖金还得交50%的税，所以一些投行选择给员工延后发钱。我们观察到的现象是，去年几乎所有投行奖金结构只发了10万美元左右现金，其余全是股票、期权，不计入收入，不需缴税。股票期权还有风险共担的意思，按照投行绩效考核模式，今年股价涨了，分走巨额奖金，明年股票跌了，是不是应该把钱再吐出来？凭什么利益是你的，风险是客户的？行业再这么做下去就垮掉了，客户不是傻瓜，失去客户的信任，就失去了投行的未来。

Now, Europe and the United States are regulation compensation problem,Such as the government began to receive one-time bonus,Britain in addition to the normal tax,Bonuses are made to pay the tax of 50%,So some investment Banks choose to employees delay the money.We observed phenomenon is,Last year, almost all Banks bonus structure only made a $100000 cash,The rest are all stock/option,Not included in the income,Do not need to pay taxes.Stock options and sharing risks and meaning,According to the investment bank performance evaluation model,This year the stock rose,Points go huge sums of money,Next year, the stock fell,Should it be put money to spit it out?With what interests you,Risk is customer?Industry do that again, it will break down,Customer not fool,Lose the trust of the customers,Lost the future of the investment Banks.

　　20世纪70年代诺贝尔奖学者Jenson & Meckling讲到了“Option（期权）”和“Agency（代理）”之间的联系。股票期权的理论基于委托代理理论，认为股票期权可以将管理者和股东的动机统一起来，最后一直推到公司治理结构，建立利益共同体的问题，美国很多金融产品的定价也是这么来的，股票期权机制也在西方成为主要的激励机制。

In the 1970 s the Nobel Prize Jenson scholars & Meckling speaks"option(option)"and"Agency(agent)"Relationship between.Stock options theory is based on principal-agent theory,Think a stock option can be the motivation of managers and shareholders to unify,Finally has been pushed to the corporate governance structure,Establishes the benefit community problems,Many American financial product pricing is also so come,Stock option mechanism in the west has become the main incentive mechanism.

　　如何实现与投资人利益长期挂钩，是改革能否成功的根源，否则无异于自掘坟墓。业绩如何定义也有很多讨论，1年、5年还是10年，核心是资产规模、财务报告、交易量还是其他？如何解决公平性问题，实现与客户利益和风险均沾。投行已经到了不得不改的时候，投行基本上每家都有薪酬委员会时不时抗议，股东也在“造反”。

How to realize the long-term interests and investors,The reform is the source of success,Otherwise is cutting their own roots.How to define performance also has a lot of discussion,1 year/5 years or 10 years,The core is the asset scale/Financial report/Volume of trade or other?How to solve the fairness problem,Realization and the customer benefit and participation of risk.Investment Banks have to have to change of time,Investment Banks have basically every now and then remuneration committee protests,Shareholders are also"rebel".

　　未来欧美投行薪酬将从暴利趋于合理，很难重返过去的“暴利”时代。原因在于，欧美市场投行从业人员已经过剩，所有人都去做金融，没人做实体，金融服务于谁？越来越多的人会被裁掉，他们只能降低薪酬要求或另谋出路。受到最大影响的一批人是工作不超过10年，位置不高的金融精英，他们手中没有过硬的客户资源，还没来得及为自己打下雄厚的基础，如果这批人还想继续混下去，也只能降薪。

The future investment Banks from Europe and America salary will be more reasonable profits,It is difficult to return to the past"profits"age.Reason lies in,The European and American market investment bank employees have excess,Everyone to do financial,No one do entity,Financial services in the who?More and more people will be cut off,They can only reduce salary request or for another way out.Were most affected a number of people are work is not more than 10 years,Position is not high financial elite,They do not have the good customer resources,Didn't have time to lay a solid foundation for himself,If this batch of people also want to continue to mix down,Also can only be saved.