英语翻译In this article,I will describe the Du Pont and General

英语翻译
In this article,I will describe the Du Pont and General Motors executive incentive schemes in more detail.I will then argue that these plans were well-designed to pre-empt and address many of the criticisms of modern-day executive stock option plans.
The Du Pont and General Motors Schemes
Two of the companies that were pioneers of formal executive incentive schemes,E.I.du Pont de Nemours&Company(“Du Pont”)and General Motors (“GM”),had close ties in the early twentieth century.Pierre S.du Pont,one of the cousins who then controlled Du Pont,was president of GM from 1920–1923,and Du Pont owned around one-third of GM at the time(Chandler and Salsbury,1971).
The first scheme that focused purely on providing executive incentives was established at Du Pont in 1927.3 The chief architect of this scheme was Walter Carpenter,then vice-president of the finance committee(in modern terms,the chief financial officer)and later chairman.Prior to 1927,executive incentives had been provided in“an ad hoc fashion”(Cheape,1995).Du Pont did have two cash bonus plans that had been in place since 1909(Cheape,1995).“A”Bonuses were
awarded regardless of firm performance and were almost exclusively awarded to nonexecutive employees.“B”Bonuses were restricted to management and explic-itly dependent on the performance of the firm.The 1932 Annual Report(Du Pont,1932)summarizes the structure of these bonus schemes.
A Bonuses:Provides that bonuses of cash to be invested in common stock of the company,may be granted for conspicuous service of any nature.Such services may take the form of
(a)“An invention or improvement which results in a profit or saving,or in a reduction of risk of personal injury or damage to the company’s property.”
(b)“Unusually ingenious solution of a business or technical problem.”
(c)“Perseverance and persistency of a character that results in demon-strating a proposition that results in an important saving or benefit to the company.”
(d)“An accomplishment by an employe[e]of a character far and beyond what might be expected from one occupying his position.”
B Bonuses:This plan provides that bonuses of cash,to be invested in common stock of the company,may be granted to those who have contrib-uted most in a general way to the company’s success by their ability,efficiency and loyalty.The“B”Bonus Fund is provided as follows:
“This amount shall not exceed 71?2%of the surplus net receipts from manufacturing operations above 6%on the capital employed in such opera-tions of this company and of certain subsidiary companies in which this company shall hold substantially all of the outstanding common stock.The capital employed in manufacturing operations shall be calculated separately
from the investment in non-operative items.”

在这篇文章中,我将介绍更多的detail.I杜邦和通用汽车公司执行激励计划将争辩说,这些计划的精心设计的预先防范和解决了当代经理股票期权计划的许多批评.杜邦和通用汽车计划的其中两项的公司被正式执行奖励制度的先驱,EIdu品牌均与杜邦公司（“杜邦”）和通用汽车公司（“通用汽车”）,曾在二十世纪初century.Pierre关系密切S .杜邦,那么谁的堂兄弟控制杜邦公司之一,从1920至1923年的通用汽车公司总裁和杜邦大约三分之一在通用汽车拥有的三分之一的时间（Chandler和萨尔斯伯里,1971）.第一个计划,着重于提供行政奖励纯粹成立于1927.3杜邦公司对这项计划的首席建筑师沃尔特匠,当时的副总裁,财务委员会（在现代术语,首席财务总监）,后来chairman.Prior到1927年,行政奖励中提供了“一个特设的方式”（Cheape,1995）.杜邦确实有两个现金奖金,自1909年以来已到位（Cheape,1995年）计划.“A”的奖金颁发不论公司业绩与几乎都是颁发给非执行员工.“B”的奖金只限于管理和explic - itly对firm.The 1932年年度报告（杜邦公司,1932）表现有直接关系总结了这些奖金计划的结构.阿奖金：即现金红利将在本公司普通股投资规定,可对任何nature.Such服务突出服务批予可能采取的形式（一）“的发明或改进从而导致利润或保存,或在人身伤害或损坏的风险降低到该公司的财产.“（二）”很特别巧妙的企业或技术问题的解决方案.“（三）”毅力和字符持续性,在恶魔成果strating一一个重要的命题,在节能效果或利益的公司“（四）”,远远超出了一个可能是从一个占据自己的位置."乙预期成果奖金由雇工一个字符[英]：.这计划规定,现金奖金,将在该公司的普通股投资,可授予那些谁拥有的contrib - uted在最一般的方式向本公司通过自己的能力,效率和loyalty.The“B”的奖励基金的成功提供资料如下：“这个数额不得超过71 6％以上的2％的收益,净盈余等歌剧,这家公司的系统蒸发散采用的资本及若干附属公司持有本公司应大幅从制造业务共同stock.The的优秀制造业务中运用资本全部应计算在非手术项目的投资分别.“