| In the new developmental situation,corporate’s governance has entered a new stage,starting from passive compliance to active innovation and development.Many companies have the needs of self-governance,and in accordance with their own industry,the development stage,technical characteristics,strategic direction and control of the special purpose,in compliance with the necessary mandatory rules of governance under the premise of exploration and innovation to meet their own development and the need for corporate governance system to improve management efficiency and achieve governance purposes,and the Partner System in such an innovative situation will come into being.In foreign countries,Blackstone Group,KKR Group can become the world’s top investment institutions relying on the partnership mechanism.In our country,Ma Yun established the Alibaba Group in 2010,and then the Partner System began being tried,in 2013,Alibaba Group listed on the US NASDAQ,and then it officially ran the partnership system.As we all know,the law also has the so-called partnership system enterprises,in order to distinguish between the Alibaba Group’s partner system and the legal sense of the partnership system,Ma Yun called his partner system the business partner system.Alibaba is not the first and only one company on the road of the exploration of the partnership system,in fact,Huawei tried to implement this management model of partnership 10 years ago,since Lei Jun established Millet company,its business partner system put on the mysterious coat.In today’s China,more and more enterprises are welcome the partner system,even many companies began to join this institutional change according to the company’s business environment and external market environment,and now the most popular concern of the business partnership system is Vanke’s.This thesis is mainly based on Vanke enterprises as a case study,analyzes the specific contents and the implementation effect of the business partner system,and puts forward the experience revelation for other companies to implement the business partner system more effectively.In order to achieve the above research purposes,this thesis is based on the literature review at home and abroad,passes through the enterprise management system before and after the implementation of the business partner system from year 2011 to year2016,compared with the relevant financial indicators and non-financial indicators,and this period of Vanke enterprises and real estate industry as a whole to compare the relevant financial indicators,compared with the non-financial indicators of Poly Real Estate,and chooses the long window period(720 days,360 days),short window period(30 days,25 days and 15 days)to calculate the long-term excess rate of return(CAR value)before and after the announcement date of the company.Finally,we can found that,in terms of solvency,operational capacity,profitability,growth capacity,cash flow,market price ratio and Du Pont financial system of these financial indicators,or in the business class,employees and customers of these non-financial indicators and the result of the real estate industry and Poly Real Estate compared to the calculation and the value of CAR,have come to the same conclusion:after Vanke enterprises implemented the business partner system in 2014,the development of all aspects of business have increased,and the increase is also higher.This shows that the business partner system indeed have a favorable impact on the Vanke enterprise.Everything has two sides,should be a dialectical view,so in the end,this thesis describes the negative impact of the businesspartner system and give some optimizational suggestions,and summarizes this case and inspire its lack of future prospects. |
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