H公司 Y项目跟投合伙人方案设计
摘
要
现代公司的经营管理模式，实质上是一种“契约一代理”模式，其实质是经营权与
所有权相互分离。由于股东和管理者所追求的目标是有区别的，对于风险的不同态度、
失真的信息传导和相对滞后的监督管理，种种因素形成了道德风险，相应地产生了代理
成本。为了避免道德风险，并减少代理成本，企业股东需建立一种有效的约束机制，同
时可以起到激励公司管理层的效果，因而对管理者的股权激励机制便应运而生。在离岸
项目投资管理中，项目管理团队能否产生有效的团队合作效果，取决于企业能否设计出
有针对性的激励计划。在以收益共享为核心的项目跟投中，其突破了国有企业固有的激
励模式，正逐步作为国企改革中市场化创新的重要探索，为企业的可持续发展提供了的
人才动力、虽然如此，但项目跟投的实施也仅数年之久，在国内目前也尚在探索当中，
其中最主要的行业运用主要在房地产行业，对于国有企业项目跟投研究具有一定的理论
意义和现实意义。
本论文主要研究基于 H公司 Y项目的现状，结合了 H公司拟通过 Y项目改变公司
激励制度，并在此基础上设计了项目跟投方案。本文通过研究万科事业合伙人制度的成
功经验，为 H公司 Y项目跟投合伙人方案提供了可供借鉴的经验。同时根据国有企业
和项目的的特点，从跟投资金缴付、股权架构设计、决策机制等方面有针对性的进行设
计，使其适宜 Y项目的背景条件。基于此，提出了针对 H公司实施项目跟投的保障措
施，包括进行薪酬制度改革、企业文化转变等方面以使项目跟投真正落地实施。
通过本文的研究，得出两点启示：第一，项目跟投作为市场化的举措，其激励项目
需要公司企业文化的配合，需要在较为市场化的制度中发挥效果。国有企业需要注重市
场化的条件，若盲目引入可能会适得其反。第二，项目跟投最初开始于风投领域，随着
其他领域的应用，其模式也越来越丰富多彩，但若引入项目跟投，需要与自身的实际业
务相适宜，合理的设计出激励措施，以产生积极正面的影响。
关键词：项目跟投；事业合伙人；股权激励；方案设计
I
Abstract
Abstract
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 mechanismfor managers comesinto being. Inthe offshore project
investment management, whether theproject 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 modeof state-ownedenterprises andis graduallybecoming animportant
exploration of market-oriented innovation in the reform of state-owned enterprises, providing
talent power for thesustainable development of enterprises. Despite this, theproject
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 conditionsof Y project.Based on this, safeguardmeasures 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
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H公司 Y项目跟投合伙人方案设计
the company's corporateculture and needsto play an effectiverole 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.
Key Words:Projectfollow-up investment;Businesspartner; Equityincentive;
Conceptual design
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