万达商业地产转型轻资产运营的案例分析

发布时间：2018-05-04 16:08

本文选题：商业地产 + 轻资产　；参考：《江西财经大学》2017年硕士论文

【摘要】：轻资产运营的重要特点是以较低的资金投入获得较高的收益,企业并不看重资产规模大小,更重视对知识资产的运用。在当前我国房地产行业经济增速放缓的背景下,商业地产企业如果继续以重资产运营则难以持续发展,于是这类企业开始寻求转型,想要换一种盈利模式来匹配现在的市场。房地产行业是典型的资金密集型行业,而商业地产作为房地产行业的一个重要组成部分,相较于住宅地产,其前期投资需要的资金更多,且投资回收期更长,采用集投资、建设、管理于一体的重资产运营模式会导致商业地产企业在项目中沉淀大量的资金,同时影响企业正常运营所需的现金流。另外,我国商业地产企业的自有资金并不雄厚,而项目开发前期需要大量的资金,此时企业只能通过银行信用贷款或者抵押贷款来支持项目开发。随着银行贷款政策的相继出台,贷款条件越来越严苛,企业贷款难度加大,因此资金压力也就越来越大。如果行业环境不会在短时间内变好,企业要怎样才能维持正常的发展速度?如果要改变盈利模式,又应该如何改变?这些问题都是我国商业地产企业必须考虑的。针对以上问题,本文首先根据国内外学者对轻资产已有的研究分析,深化对轻资产概念的理解,介绍商业地产的重资产运营和轻资产运营的模式,分析它们在各种模式下是如何运营的,总结其财务特征和适用条件。然后,分析我国商业地产企业在当前市场环境下的财务状况及其发展前景,并阐述轻资产运营的理论基础,以期为商业地产行业的轻资产运营提供理论框架。最后,分析我国商业地产转型轻资产运营的必要性和具体实施策略等相关问题,同时引入大连万达商业地产公司作为案例,分析它是如何转型的。万达商业在我国商业地产行业中排名第一,万达集团自成立以来经历了四次转型,最近的一次是以万达商业为主的轻资产转型。尽管此次轻资产转型战略对外公布的时间在2015年初,但是在更早的时候万达商业就在为转型做准备,分析公司2015年和2016年的年度报告,可以看到这次转型已初见成效。因此本文引入万达商业转型的案例,总结它为轻资产转型而实施的策略,评价它转型的效果并分析转型成功的原因。在此过程中,可以看到万达商业地产公司在轻资产运营过程中,合理选择了轻资产的实现途径,拓展了多元化的融资渠道。万达商业以轻资产运营时,通过输出运营管理能力,利用自身品牌的优势成功转型。万达商业地产公司通过拓展融资渠道,例如引入第三方机构投资者、推出理财产品等,改变了企业的资本结构,从而分散了财务风险,长期债务成本也随之降低,同时解决了投资资金的来源问题。轻资产运营分散了企业的经营风险,降低了运营成本,提升了现金流量的稳定性,而充裕的现金流也为万达商业的扩张提供了保障,使其能够健康持续地发展。根据对万达商业地产公司轻资产运营案例的研究与分析,挖掘其成功转型背后深层次的原因,探寻同行业转型轻资产运营应该培养的能力和转型过程中应该注意的问题。如我国商业地产企业转型前应明确自身的核心专长,保持自己的优势,吸引优良的投资者;转型后应聚焦于运营管理方面,培养突出的资本运作能力,这样才能为轻资产转型的成功提供保障,并持续发展。同时还希望通过本文的分析给其他重资产型企业的经营管理者提供参考。
[Abstract]:The important feature of the operation of light assets is to gain higher income with lower capital investment. The enterprises do not weigh the size of the assets and pay more attention to the use of knowledge assets. In the background of the economic slowdown of the real estate industry in China, it is difficult for commercial real estate enterprises to continue to develop with heavy assets if they continue to operate with heavy assets. The real estate industry is a typical capital intensive industry, and the commercial real estate, as an important part of the real estate industry, is an important part of the real estate industry. Compared with the residential property, it needs more funds for its early investment, and the investment recovery period is longer, and the investment, construction and management are adopted. The heavy assets operation mode in one will cause the commercial real estate enterprises to precipitate a large amount of funds in the project and affect the cash flow required for the normal operation of the enterprise. In addition, the private capital of the commercial real estate enterprises in our country is not strong, while a large amount of funds are needed in the early stage of the project development, at this time the enterprise can only pass the bank credit loan or mortgage. With the loan policy to support the project development, with the bank loan policy successively issued, the loan conditions are becoming more and more stringent, the difficulty of the enterprise loan is increasing, so the capital pressure is also increasing. If the industry environment will not be well in a short time, how can the enterprise maintain the normal speed of development? If the profit model is to be changed, how should be changed All these problems must be considered by the commercial real estate enterprises of our country. In view of the above problems, this paper, firstly, deepens the understanding of the concept of light assets, introduces the mode of heavy assets operation and light asset operation in commercial real estate, and analyzes how they operate in various modes. Secondly, the financial situation and the development prospect of Chinese commercial real estate enterprises in the current market environment are analyzed, and the theoretical basis of the operation of light assets is expounded in order to provide a theoretical framework for the operation of light assets in the commercial real estate industry. Finally, the necessity of the operation of light assets in the transformation of commercial real estate in China is analyzed. And the specific implementation strategy and other related issues, at the same time introducing Dalian Wanda Commercial real estate company as a case to analyze how it is transformed. Wanda business ranked first in our commercial real estate industry, Wanda Group has undergone four transformations since its establishment, and the most recent is the transition of light assets based on Wanda business. The time of the asset transformation strategy was announced at the beginning of 2015, but at the earlier time, Wanda business was preparing for the transformation. The analysis of the company's annual report in 2015 and 2016 showed that the transformation had begun to be effective. Therefore, this article introduced the case of the Wanda business transformation and summarized the strategies implemented for the transformation of light assets. In this process, we can see that Wanda Commercial real estate companies reasonably choose the way to realize the light assets in the light assets operation process and expand the diversified financing channels. Through expanding the financing channels, such as the introduction of third party institutional investors and the introduction of financial products, Vanda commercial real estate companies have changed the capital structure of the enterprise, thus dispersed the financial risk, the cost of long-term debt also reduced, and the source of investment funds was solved. The operation risk of the light assets dispersed the business risk of the enterprise. It reduces the operating cost and improves the stability of the cash flow, and the abundant cash flow provides a guarantee for the expansion of Wanda business, so that it can develop healthily and continuously. According to the research and analysis of the case of light assets operation of Wanda Commercial real estate company, the deep reasons behind the successful transformation are excavated, and the transformation of the same industry is light. Such as the ability to train assets and the problems that should be paid attention to in the process of transformation, for example, before the transformation of commercial real estate enterprises in China, we should clarify their own core expertise, maintain their own advantages, and attract excellent investors; after the transformation, we should focus on the operation management and cultivate outstanding capital operation ability so that the transformation of light assets can be formed. It also provides reference for managers of other heavy assets enterprises.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

【参考文献】