万科事业合伙人制度案例研究

发布时间：2018-03-28 14:41

本文选题：万科企业　切入点：事业合伙人制度　出处：《安徽财经大学》2017年硕士论文

【摘要】：在新的发展形势下,许多公司根据自身所处的市场环境与发展阶段,积极探索和创新治理制度,以实现企业的长期持续发展,而合伙人制度在这样的创新形势下便应运而生。在国外,黑石集团、KKR集团能够成为全球顶尖的投资机构,靠的是合伙人机制。在国内,合伙人制度在2010年由马云创办的阿里巴巴集团开始试行,2013年阿里巴巴集团在美国纳斯达克上市,由此正式运行了合伙人制度。而众所周知,法律上也有所谓的合伙制度企业,为了区分开来阿里巴巴集团的合伙人制度和法律意义上的合伙制度,马云规范其合伙人制度为事业合伙人制度。阿里巴巴并不是国内第一个及唯一一个走在探索事业合伙人制度的道路上的企业,实际上,华为10年前就在尝试实行合伙人这一种管理模式,小米公司自从被雷军建立起的那一刻就披上了事业合伙人制度的神秘外衣,在如今的我国国内,事业合伙人制度越来越备受更多企业的欢迎,更有很多企业开始考虑根据本公司的经营环境和外部市场环境加入这项制度变革,而现在最受大众关注的莫非万科的事业合伙制度了。本文主要是以万科企业为例进行案例研究,剖析其事业合伙人制度的具体内容,分析其事业合伙人制度的实施效果,并在这基础上为其他公司能够更加有效地实施事业合伙人制度提出经验启示。为了达到以上的研究目的,本文在国内外文献综述的基础上,将万科企业在实行事业合伙人制度前后即2011-2016年的各相关财务指标和非财务指标进行了对比,并将此期间万科企业与房地产整个行业的相关财务指标进行比较、与保利地产的非财务指标进行对比,进而选取长窗口期(720天、360天)、短窗口期(30天、25天、15天)计算万科企业事业合伙人购买万科A股公告日前后的长短期超额累计收益率(CAR值),最终发现不管是在偿债能力方面、营运能力方面、盈利能力方面、成长能力方面、现金流量方面、市价比率方面和杜邦财务体系这些财务指标方面,还是在经营类、员工类及顾客类这些非财务指标方面、与整个房地产行业、保利地产对比方面及计算的CAR值方面,都得出一致的结论:万科企业在2014年实行了事业合伙人制度之后,经营发展的各方面都有所提高,且提高的幅度也较高,这说明事业合伙人制度确实对万科企业带来了有利影响。任何事情都有两面性,都要辩证地看待,因此最后本文说明了事业合伙人制度的消极影响方面,针对这些消极影响,给出了相应的优化建议,并对该案例进行总结与启发且对其不足展望未来。
[Abstract]:Under the new development situation, many companies actively explore and innovate the governance system according to their market environment and development stage, in order to realize the long-term sustainable development of enterprises. And the partnership system came into being in such an innovative situation. Abroad, Blackstone Group KKR Group can become the world's top investment institution, relying on the partner mechanism. The partnership system was put on trial by Alibaba Group, which was founded by Ma Yun in 2010. In 2013, the Alibaba Group was listed on NASDAQ in the United States, thereby officially running the partnership system. And as we all know, there are also so-called partnership enterprises in the law. In order to distinguish the partnership system of Alibaba Group from the partnership system in the legal sense, Ma Yun standardized his partnership system as a business partner system. Alibaba is not the first or only enterprise in the country to explore the system of business partners. In fact, Huawei was trying to implement a partnership management model 10 years ago. Since it was established by Lei Jun, Xiaomi has put on the mysterious cloak of the business partnership system. In our country today, The business partner system is becoming more and more popular among more and more enterprises, and many enterprises are beginning to consider joining the system change according to their business environment and external market environment. This paper mainly takes Vanke enterprise as an example to carry on the case study, analyzes the concrete content of its business partner system, and analyzes the implementation effect of its business partner system. In order to achieve the above research purpose, this paper based on the literature review at home and abroad, put forward the experience and inspiration for other companies to implement the business partnership system more effectively. This paper compares the relevant financial indicators and non-financial indicators between Vanke enterprise and the whole real estate industry before and after the implementation of the enterprise partnership system, that is, 2011-2016, and compares the relevant financial indicators between Vanke enterprise and the whole real estate industry during this period. Compared with Poly Real Estate's non-financial indicators, Then select the long window period of 720 days or 360 days and the short window period of 30 days or 25 days or 15 days) to calculate the long-term and short-term cumulative rate of return and car value of Vanke Enterprise Partners' purchase of Vanke A shares before and after the announcement date. Finally, it is found that no matter in terms of solvency, In terms of operating capacity, profitability, growth, cash flow, market value ratio and DuPont's financial system, or in terms of non-financial indicators such as business, employee and customer, With the real estate industry as a whole, Poly Real Estate comparison and the calculated CAR value, we have come to the conclusion that Vanke's business partnership system in 2014 has improved in all aspects of business development. And the extent of improvement is also high, which shows that the business partner system does have a beneficial impact on Vanke enterprises. Everything has two sides and must be viewed dialectically. Therefore, this paper finally explains the negative impact of the business partnership system. In view of these negative effects, the corresponding optimization suggestions are given, and the case is summarized and inspired, and its shortcomings are forecasted in the future.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.4

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