Research On The Motivation And Effect Of Vanke's Partnership System

Under the background of the separation of the two rights,the principal-agent problem between the company's shareholders and the management is prominent.In order to alleviate the adverse impact of the principal-agent problem,vanke creatively implemented the partnership system,which has become a benchmark for the corporate governance reform in the domestic real estate industry.This paper adopts the case study method,introduces vanke as the research object,emphatically analyzes the motivation and implementation effect of the partnership system of vanke,and proves the scientific nature of the design of the partnership system of vanke.This paper firstly puts forward the research background and significance of this paper,and then sorts out and evaluates relevant literature,so as to make clear the necessity of this research.Secondly,this paper reviews the contents and effects of vanke's previous equity incentive schemes,and shows that the reform of the system by adopting the partnership system is the result of years of exploration in the practice of equity incentive.This article then carries on the omni-directional analysis to the vanke implements the partnership system the motive and the content.The motivation analysis puts forward the dilemma that vanke faced in the enterprise operation at that time,that is,the practical problems targeted by the partnership system.Content analysis analyzes the operation mechanism of the partnership system from the group level,business level and executive level,and compares vanke with alibaba to summarize the characteristics of the partnership system of vanke.In order to objectively and effectively evaluate vanke's partnership system,this paper analyzes the implementation effect of the partnership system from the aspects of financial performance,non-financial performance and market response,and shows that the partnership system has a positive effect on vanke's operation.Through case analysis,this paper summarizes the successful experience and shortcomings of vanke's partnership system.The successful experience of vanke's partnership system is that it alleviates the decentralization of control right,forms a long-term incentive and constraint,retains important talents,and brings positive effects to enterprise performance.Its deficiency lies in that it cannot eradicate the equity diversification problem,there is risk of violation,and the degree of benefit of middle and grass-roots employees is limited.This paper holds that the defects in thepartnership system can be remedied by creating a good institutional environment,strengthening the supervision of the capital market,and expanding diversified financing channels,so as to improve the implementation effect of the partnership system and provide valuable reference for those who want to learn from the partnership system.