Partner Scheme Design For The Co-investment Of The Y Project Of H Company

The management mode of modern companies is essentially a "contract-agent" mode,whose essence is the separation of management rights and ownership rights.Due to the different goals pursued by shareholders and managers,the different attitudes towards risks,the distortion of information transmission and the lag of management supervision,etc.Which forms the so-called moral hazard and brings agency costs.Therefore,in order to avoid moral hazard and reduce agency cost,enterprise shareholders need to establish an effective restraint mechanism,which can stimulate the management of the company at the same time,so the equity incentive mechanism for managers comes into being.In the offshore project investment management,whether the project management team can produce effective teamwork effect depends on whether the enterprise can design a targeted incentive plan.The project co-investment with revenue sharing as the core has broken through the inherent incentive mode of state-owned enterprises and is gradually becoming an important exploration of market-oriented innovation in the reform of state-owned enterprises,providing talent power for the sustainable development of enterprises.Despite this,the project co-investment has only been implemented for a few years and is still under exploration in China.Among them,the most important industry application is mainly in the real estate industry,it is certain practical significance for the research of state-owned enterprise project co-investment.This paper mainly studies the current situation of H Company’s Y project,combined with H Company’s plan to change the company’s incentive system through Y project,and designs the project investment plan on this basis.By studying the successful experience of Vanke’s business partnership system,this paper provides a reference for H Company’s Y project co-investment partnership program.At the same time,according to the characteristics of state-owned enterprises and projects,from the aspects of investment payment,equity structure design,decision-making mechanism and other targeted design,so as to make it suitable for the background conditions of Y project.Based on this,safeguard measures for the implementation of the project co-investment for H company are proposed,including the transformation of corporate and culture reform of the salary system,so as to make the project co-investment truly implemented.Through the research of this paper,we can draw two enlightenments: First,as a market-oriented measure,the project co-investment incentive project needs the cooperation of the company’s corporate culture and needs to play an effective role in a relatively market-oriented system.State-owned enterprises need to pay attention to market conditions,if blind introduction may backfire.Second,the project co-investment originally started in the field of venture capital,and with the application of other fields,its model has become more and more colorful.However,if the project co-investment is introduced,it should be suitable for the actual business,and reasonable incentive measures should be designed to produce a positive impact.