Study On The Effect Of Business Partner System And Equity Incentive

In the process of company operation,the separation of management right and control right causes agency contradiction between shareholders and management.In order to solve this contradiction,we can adopt the way of equity incentive,which can make shareholders get the maximum income while ensuring the participation of management and incentive.The more shares the company's management holds,the higher the consistency with the company's interests,so it can avoid the short-term behavior of the managers and the damage of shareholders' interests to a greater extent.In terms of the implementation of the equity incentive system,Vanke Group is in the leading position and has certain representative significance.It has successively launched three equity incentive methods,namely,the restricted stock incentive plan,the stock option incentive plan and the business partner system.In this paper,Vanke Group is selected as the research object to evaluate the implementation process and effect of the equity incentive plan under the business partnership system,hoping to provide practical guidance for enterprises to find an internal governance model and effective equity incentive plan suitable for their own development.This paper summarizes the equity incentive of Vanke Group as "two rounds and three stages" : the first round of Vanke restricted stock incentive plan,the second round of first stage stock option incentive plan and the second round of equity incentive under the second stage business partner system.This paper focuses on the business partnership incentive plan implemented by Vanke after 2014.Based on the data of 2006-2018,it compares the performance of Vanke vertically(including the comparison between the first round and the second round,as well as the comparison between the second round and the two stages),compares the average value of Vanke and other real estate industries horizontally,selects a reasonable evaluation method,and comprehensively analyzes 10000 The effectiveness of the equity incentive system under the system of business partners.This paper is divided into six parts.The first part is the introduction.The second part mainly surveys and combs the relevant literature,summarizes the background and development process of business partner system and equity incentive system,and lays a theoretical foundation for the later analysis.The third part begins to study the implementation motivation of Vanke's equity incentive system and business partner system,and summarizes its development process In the fourth part,the author makes a comparative analysis of the two rounds of equity incentive schemes of Vanke,makes a quantitative evaluation of the effect of equity incentive in different stages,establishes a corresponding evaluation index system,and uses entropy weight method to analyze the indicators of Vanke after introducing the business partnership system in the past nine years,and makes a comparison with the industry average to make the results more credible;in the fourth part,the author makes a comparative analysis of the two rounds of equity incentive schemes of Vanke The fifth part deeply analyzes the problems of equity incentive plan after the introduction of business partner mechanism,and on this basis,gives the corresponding countermeasures and suggestions;the sixth part summarizes the full text,and prospects.After in-depth analysis and comment on the previous equity incentive system changes of Vanke,it is found that the company has made progress in all aspects after the change,and the incentive plan of business partner system is conducive to the long-term and stable development of the enterprise.However,in the process of institutional change,we need to take a dialectical view,be brave to see our own shortcomings and deficiencies,and constantly improve.The results of this study show that the business partner system can play a certain role in promoting the development of enterprises in China.This study aims to strengthen the understanding of the business partner system,and has important practical significance for enterprises to effectively and autonomously change the incentive model.