太原商业地产投资回收期研究

发布时间：2018-06-14 17:12

本文选题：商业地产 + 投资回收期　；参考：《太原理工大学》2013年硕士论文

【摘要】：研究商业地产离不开整个社会经济环境背景,离不开房地产业的大环境背景。在资金成本相同的情况下,在商业地产项目高投资回报率的驱使下,并且看到商业地产发展的可持续性,越来越多有远见的房地产开发商把投资方向从住宅地产转向了商业地产项目。迫于政策的压力,众多开发商开始将投资重心从一线城市逐渐转向了二三线城市。因为,二三线城市商业地产市场的调控力度较小,而且房价上升空间较大。这无疑给太原市的商业地产带来新的机遇。本文就是在这样的环境下对太原市商业地产投资回收期进行研究,具有非常重要的社会价值和经济意义。面对商业地产的很高的总价、较高的利润率和开发风险、很长的投资回收期的特点,理性的投资者不愿意将大笔资金积压在投资回收期较长的项目上。商业地产经营业绩的好坏会受到投资回收期长短的直接影响,即投资回收期短,资金循环周期就短,经营效益就高,发展就快,分险小；反之,投资回收期长,资金循环周期就长,经营效益就低,风险加大。因此,投资回收期应该是评判商业地产投资开发项目的一项主要经济指标。本论文试图从理论、方法以及应用出发,与商业地产的实际情况相结合,系统地探讨商业地产投资回收期的理论、方法以及应用体系,并用案例进行了实证研究。本次研究是针对太原市的商业地产投资回收期进行研究,目的是通过研究为太原市的商业地产发展提供一些指导和建议。本论文主要对研究目的、研究意义及国内外商业地产研究现状进行了综述；对商业地产的基础知识进行了详细的介绍,包括商业地产的概念、分类、特征以及发展；介绍了商业地产投资回收期的相关理论,包括投资回收期的定义、分类、计算公式、评价指标、优缺点以及应用。在查阅大量资料和咨询有关专家之后,将商业地产投资回收期的影响因素分类,并应用层次分析法计算出各个影响因素相对于商业地产投资回收期的影响权重。以红星美凯龙太原店项目为例,从红星美凯龙太原店项目投产年开始算起,根据财务现金流量表求得静态投资回收期和动态投资回收期,并将太原市的商业地产与全国的商业地产进行比较。在总结本文研究内容的基础上,提出了本文的不足之处及以后商业地产的发展建议。
[Abstract]:The study of commercial real estate can not be separated from the background of the whole social and economic environment, and from the background of the real estate industry. At the same cost of capital, driven by the high rate of return on investment in commercial real estate projects, and seeing the sustainability of commercial real estate development, A growing number of visionary real estate developers have shifted their investment from residential to commercial real estate projects. Under the pressure of policy, many developers began to focus on investment from first-tier cities to second-and-third-tier cities. Because, second-and-third-tier city commercial real estate market regulation and control strength, and house price rise space is bigger. This undoubtedly brings new opportunities to commercial real estate in Taiyuan. In this environment, this paper studies the payback period of commercial real estate investment in Taiyuan, which has very important social value and economic significance. Faced with the high total price, high profit margin and development risk of commercial real estate, and the characteristics of long payback period, rational investors are unwilling to put a large amount of capital backlog on projects with long payback period. The business performance of commercial real estate is directly affected by the length of the investment payback period, that is, the investment payback period is short, the capital cycle is short, the operating efficiency is high, the development is fast and the risk is small; on the other hand, the investment payback period is long. The capital cycle is long, the management benefit is low, the risk increases. Therefore, the investment payback period should be a major economic indicator to judge commercial real estate investment and development projects. This paper attempts to discuss the theory, method and application system of commercial real estate investment payback period systematically from the perspective of theory, method and application, and make an empirical study with a case study. The purpose of this study is to provide some guidance and suggestions for the development of commercial real estate in Taiyuan. This paper summarizes the purpose, significance and current situation of commercial real estate research at home and abroad, introduces the basic knowledge of commercial real estate in detail, including the concept, classification, characteristics and development of commercial real estate. This paper introduces the relevant theories of commercial real estate investment payback period, including the definition, classification, calculation formula, evaluation index, advantages and disadvantages, and application of the investment payback period. After consulting a lot of information and consulting experts, the paper classifies the influencing factors of commercial real estate investment payback period, and calculates the influence weight of each influencing factor relative to the commercial real estate investment payback period by using the analytic hierarchy process (AHP). Taking the Hongxing Meikailong Taiyuan store project as an example, starting from the year the Hongxing Mei-kailong Taiyuan store project was put into operation, according to the statement of financial cash flow, the static investment payback period and the dynamic investment payback period were obtained. And the commercial real estate of Taiyuan city and national commercial real estate are compared. On the basis of summarizing the research content of this paper, the paper puts forward the deficiency of this paper and the development suggestion of commercial real estate in the future.
【学位授予单位】：太原理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.27

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