基于财务视角对保利地产经营模式的分析与展望

发布时间：2018-03-23 04:05

本文选题：经营模式　切入点：财务分析　出处：《中国海洋大学》2014年硕士论文　论文类型：学位论文

【摘要】：在2008年金融危机后，中国经济增长速度放缓，，房地产行业发展速度也相应出现减慢的趋势，同时国家对房地产行业出台了土地购置、融资渠道、限价限购等方面的一系列政策。在宏观条件紧缩的背景下，为应对外界环境的变化，很多房地产企业都在转变自己的经营模式为寻求一条更宽阔、更广泛的生存路线。保利地产作为中国住宅地产的一线品牌，拥有自己独到的经营模式，在经营模式的选择和灵活应用方面都具有成功之处，以财务视角来分析保利地产特殊的经营模式。本文依据经营模式理论和财务分析理论为理论基础，对影响房地产行业的两种经营模式：“美国模式”和“香港模式”做出介绍。通过对两种经营模式的比较，找出两种经营模式的显著不同：“美国模式”走的是专业化分工、收益大众化而且是以金融资本运作为核心，是一条横向的运作链。“香港模式”走的是“置地-开发-出售”由一家开发商完成的纵向运作链，注重土地储备、预售门槛低资金回笼快、开发商更多依赖银行资金。运用财务分析理论，将财务数据与两种经营模式相结合并找出存在的关系，利用财务数据分别从四个方面：开发模式、资金模式、运营模式、发展模式来分析“美国模式”和“香港模式”的经营特点，从而得出财务数据与经营模式之间的关系。引入保利地产的财务数据进行实例分析，得出保利地产独特的经营模式。保利地产因具备“香港经营模式”中的“置地-开发-出售”纵向运作链，投融资期限匹配和现金管理等特点，又具备“美国经营模式”的业务定位、业务范围、融资效率、成本管理和可持续发展等特点，从而得出保利地产独特的经营模式是具有“美国特色”的全能型开发商结论。保利地产的成本管理和融资管理是值得其他房地产公司进行学习的，具体表现在营业成本率和费用成本率非常低，在融资期限为安全稳健型的前提下融资效率却很高。然而保利地产也存在着不足，从土地储备方面来说走的是“多多益善”原则，导致了保利地产的资产周转率没有万科地产的快，从可持续增长率方面来说，保利地产走的是“高回报高留存”的路线，这种路线导致了可持续增长率的速度在增长但是已经放缓，近2年万科地产已经反超保利地产。在中国政策对房地产锁紧的情况下，保利地产应该转变经营模式，经营模式转变的建议：保利地产的土地储备应该从“多多益善”原则转向“够用就好”原则，在可持续增长率中提高留存比率系数转变经营模式，以保持竞争优势，寻求可持续发展的路径。
[Abstract]:After the financial crisis of 2008, China's economic growth slowed down, and the development of the real estate industry slowed down. At the same time, the state introduced land acquisition and financing channels for the real estate industry. A series of policies on price restrictions and purchase restrictions. In the context of tight macro conditions, in order to cope with changes in the external environment, many real estate enterprises are changing their business models to seek a broader one. Poly Real Estate, as a first-line brand of China's residential real estate, has its own unique business model, and has its own success in the choice and flexible application of its business model. From the financial perspective to analyze Poly real estate special business model. Based on the theory of business model and financial analysis, this paper introduces two kinds of business models that affect the real estate industry: "American model" and "Hong Kong model". To find out the significant differences between the two business models: the "American model" is characterized by specialized division of labor, popular returns, and the operation of financial capital as the core. "Hong Kong Model" is a vertical operation chain completed by a developer, with a focus on land reserve, low threshold for pre-sale and quick return of funds. Developers rely more on bank funds. Using financial analysis theory, combining financial data with two business models and finding out the existing relationship, using financial data from four aspects: development model, capital model, operating mode, The development model analyzes the management characteristics of "American model" and "Hong Kong model", so as to obtain the relationship between financial data and business model, and introduces the financial data of Poly real estate to carry on the case analysis, and obtains the unique management mode of Poly real estate. Poly Real Estate has the characteristics of "land purchase, development and sale" vertical operation chain, investment and financing term matching and cash management in "Hong Kong business model", and also has the business positioning, business scope and financing efficiency of "American business model". Cost management and sustainable development, It is concluded that the unique business model of Poly Real Estate is an all-powerful developer with "American characteristics". The cost management and financing management of Poly Real Estate are worthy of learning from other real estate companies. The concrete manifestation is that the operating cost rate and the expense cost rate are very low, but the financing efficiency is very high under the premise that the financing period is safe and steady. However, Poly Real Estate also has some shortcomings. In terms of land reserve, the principle of "more good than the more good" is adopted. As a result, Poly Real Estate's asset turnover rate is not as fast as Vanke Real Estate, and in terms of sustainable growth, Poly Real Estate takes a "high return, high retention" route. This route has led to a growth rate of sustainable growth but has slowed, with Vanke Real Estate overtaking Poly Real Estate for nearly two years. With China's policy on real estate locked up, Poly Real Estate should change its business model. Suggestions for a change in business model: the land reserve of Poly Real Estate should be changed from the principle of "more good" to the principle of "adequate use" and to change the mode of operation by increasing the retention ratio coefficient in the sustainable growth rate in order to maintain a competitive advantage. Seek the path of sustainable development.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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