我国房地产企业运营模式转型研究

发布时间：2018-01-03 19:24

本文关键词：我国房地产企业运营模式转型研究　出处：《浙江大学》2017年硕士论文　论文类型：学位论文

【摘要】：本文研究背景是我国房地产业从开创、发展、成熟到现在出现专业分化格局,房地产业出现局部地区投资投机过热,甚至泡沫化,有些地方又库存严重,结构性矛盾成为突出问题,各种风险叠加,国家和地方政府先后出台一系列如限购、限贷、税收政策等宏观调控措施,加之国家经济结构调整,我国房地产企业发展遇到前所未有的挑战,发展进入瓶颈期和转型期。在此背景下,房地产企业运营模式转型成了无法回避的问题,本文对我国房地产企业目前的重资产运营现状及转型内外动因进行分析,总结出我国房地产企业存在转型的必然要求,即我国房地产企业在目前经济环境下存在如资金压力、成本压力、税负压力和行业利润空间压力等一系列压力因素,因此必须要寻求转型。向何处转和怎么转就成为重点研究的问题,本文通过轻资产运营模式进行理论概述,在分工理论、产业价值链分析模型和“微笑曲线”等理论以及“营改增”税制基础上,对轻资产运营模式的适用条件进行了界定和总结,通过研究分析美国“铁狮门轻资产运营模式”,加以借鉴后概括设计出供我国房地产企业可选择的“轻资产运营模式”,即基金搭建融资平台、输出运营能力实现小股操盘、收益分成之初级模式。在此基础上进一步对我国国内标杆房企万科集团和万达商业地产公司的轻资产运营模式转型实践进行分析和归纳,指出轻资产运营模式对我国房地产企业运营模式具有实践的可行性和启示,同时总结出轻资产运营模式对我国房地产企业的现实意义和借鉴意义。最后得出本文研究结论和建议,当资产升值速度远低于资金成本时,轻资产运营模式是一个理性选择,但轻资产运营模式需要企业具备可供输出的超强运营能力和管理能力及资本运作能力等效率优势。
[Abstract]:The research background of this paper is that the real estate industry of our country has developed from creation, development, maturity to present the specialized differentiation pattern, the real estate industry appears the local investment speculation to overheat, even bubble, some places also have the serious inventory. Structural contradictions become a prominent problem, a variety of risks superposition, the state and local governments have introduced a series of macro-control measures such as purchase restrictions, loan restrictions, tax policies and other macroeconomic control measures, coupled with the adjustment of the national economic structure. The development of real estate enterprises in our country has encountered unprecedented challenges, the development has entered the bottleneck period and the transition period. Under this background, the operation mode of real estate enterprises has become an unavoidable problem. This paper analyzes the present situation of heavy assets operation and the internal and external causes of the transformation of real estate enterprises in China, and summarizes the inevitable requirements of the transformation of real estate enterprises in China. That is, there are a series of pressure factors such as capital pressure, cost pressure, tax burden pressure and profit space pressure in the current economic environment of Chinese real estate enterprises. Therefore, we must seek the transformation. Where to turn and how to turn to become a key issue of research, this paper through the light assets operating mode of theoretical overview, in the division of labor theory. On the basis of industrial value chain analysis model, "smile curve" theory and tax system of "management reform and increase", this paper defines and summarizes the applicable conditions of light assets operation mode. Through the research and analysis of the "Iron Lion Gate Light assets Operation Model" in the United States, the author generalizes and designs the "light assets operation mode" for the real estate enterprises in our country, that is, the fund to build the financing platform. The output operation ability realizes the small stock handle. On this basis, we further analyze and summarize the transformation practice of light assets operation mode of China's domestic benchmark housing enterprise Vanke Group and Wanda Commercial Real Estate Company. It is pointed out that the operation mode of light assets has practical feasibility and enlightenment to the operation mode of real estate enterprises in China. At the same time, it summarizes the practical significance and reference significance of the light assets operation model for the real estate enterprises in China. Finally, this paper draws the conclusions and suggestions, when the appreciation rate of assets is far lower than the capital cost. The operation mode of light assets is a rational choice, but the operation mode of light assets requires the enterprises to have the efficiency advantages such as super operation ability, management ability and capital operation ability which can be output.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.4

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