Research On The Motivation And Effect Of The Partner System In Listed Companies

This paper mainly studies the partner system which has been favored in the practice of enterprises in recent years,and discusses its feasibility in the development process of listed companies.In the era of knowledge and Internet economy,human capital has been endowed with more critical meaning,and the relationship between human capital and material capital has been changed.As a result,the organizational form of the enterprise is transformed from capital-hired labor to a shared company based on the partner system.The policy environment also drives the innovation of corporate governance structure.Therefore,in recent years,one after another listed companies have carried out practical exploration on the partner system and improved the corporate governance mechanism and business model by integrating industrial resources.This paper takes Aier as the case study object and discusses whether the governance structure based on the partner system can become the direction of the future organizational evolution of listed companies.This paper first introduces the industry background and the case of the company,and points out the supporting conditions for the smooth progress.Then it elaborates the formation process of the partner system,and makes a detailed interpretation of the design framework of the partner system.It points out that the partner system is not equal to equity incentive,but a combination of governance structure and incentive mechanism.Then the motivation of implementing the partner system in the development process of Aier is analyzed.It is believed that the reasons for carrying out this system are to change the organization system to cope with the fierce industry competition,to perfect the incentive system to alleviate the principal-agent contradiction,to seek the mechanism breakthrough to stimulate the potential of human capital and to promote the construction of ecosystem with the help of system innovation.Finally,from three dimensions of financial performance,non-financial performance and market response,an in-depth analysis of the implementation effect of the partner system shows that the partner system has a positive effect on the operation of Aier.Through the case study,this paper summarizes the successful experience and potential shortcomings of the partner system in Aier.The successful experience of Aier’s partner system is that it promotes the consistency of individual employees and the overall goal of the enterprise,greatly stimulates the human capital endowment,and achieves reasonable and appropriate risk sharing,which greatly alleviates the contradiction between principal and agent,and promotes the two-way improvement of the internal value and market value of the enterprise,which is beneficial to the improvement of the existing business model of the company.At the same time,the smooth implementation of the partner system is closely related to the integration and utilization of internal and external industrial resources.This model of the combination of partner system and enterprise ecosystem construction is worthy of reference by other enterprises and even industries in the development process.Its potential shortcomings lie in the moral hazard of partners,the existence of information asymmetry,and the imperfect articles of association and agreement.This paper argues that by strengthening the internal supervision and management of enterprises,increasing the supervision of information disclosure,improving the necessary system design and other measures can deal with the defects in the partner system,at the same time learning from the advantages of other enterprises in implementing the partner system reasonably,so as to improve the implementation effect of the partner system and provide valuable reference for the practice of the partner system for the latecomer.