华天酒店售后回租运营模式应用的案例分析

发布时间：2018-03-28 18:37

本文选题：售后回租　切入点：运营模式　出处：《江西财经大学》2017年硕士论文

【摘要】：随着国内经济的快速发展,国民生活水平普遍提高,第三产业得到了长远发展。由此,旅游业也日渐兴旺。投资者似乎都看中了其中的前景,纷纷重金投入,这样的行为加剧了行业竞争。如何在严峻的竞争环境中屹立不倒,是值得企业深思的问题。显然,传统的买地、建设以及运营酒店的模式已经无法让酒店业投资者获得超额利益,而轻资产运营模式正为现代酒店行业运营模式带来全新的变革。轻资产是一个相对概念,不是字面上所理解的质量轻重,而是指资金投入的多少。轻资产企业主要是通过技术、策划、设计、创意、品牌、管理经验、人力资本等无形的资产获得利益。售后回租是指承租人将其拥有的资产出售后,获得资金,再将该项资产从购买者手中租回,满足正常的生产经营。企业通过售后回租交易,可以保留对资产继续使用的权利,同时又获得一大笔资金,满足资本扩张的需求,解决资金周转的问题。而出租人通过售后回租交易,为自己的闲置资金找到一项满意的投资。售后回租是实现轻资产运营的一种途径。旅游业的兴旺以及“房地产热”使得酒店产业投资增速加快,北上广深一线城市的投资已经饱和。因此,我国高档酒店迅速将战场转移到二线城市。同时,国外酒店也对中国市场这块“肥肉”虎视眈眈,知名酒店纷纷入驻中国市场,这也加剧了酒店业的竞争。党中央为了转变党员的工作作风,让党员密切联系群众,出台了“八项规定”和“六项禁令”。这些政策的出台,对高档酒店冲击不小。处于内忧外患的华天酒店毅然选择轻资产运营模式,将拥有的百万平米酒店客房进行售后回租,盘活这些固定资产,以实现扩宽融资渠道、降低财务风险的目的。本文以华天酒店运用售后回租为案例,讲述华天酒店如何运用此运营模式并总结其成功经验。本文开篇介绍了时代背景、轻资产运营、售后回租的概念及其动因、轻资产运营理论。在竞争战略理论、企业能力理论以及企业战略管理理论的基础上,分析出华天酒店既要应对国外高档酒店以及国内经济酒店的市场竞争,又要面对各项国家政策的负面效应,因此不得不选择战略转型。战略转型需要资金支持,那么售后回租便是让企业获取资金并发挥自身优势的途径。其次,介绍了华天酒店运用售后回租轻资产运营模式的前期准备工作和具体实施过程,从而说明该模式是企业自身发展的战略产物。接着,以该酒店近几年的年度报告为数据来源,采用财务指标法对华天酒店实施轻资产模式前后的财务绩效进行分析。通过分析华天酒店的财务指标发现,运用该运营模式后,华天酒店的偿债能力和营运能力得到了提升,企业的发展也更加顺畅。同时,通过分析华天酒店经营战略、融资渠道、经营范围等非财务指标,总结了华天酒店运用售后回租后得到的正面效应。最后,结合轻资产模式的独特运行方式,得出华天酒店运用售后回租运营模式确实使资本结构得到改善、财务风险降低以及转型获得资金的支持等结论。同时,也可以为打算走售后回租运营模式道路的企业提供一些可借鉴的经验,包括采用售后回租提高资产流动性,细化合作者的选择标准,关注政策风险等。
[Abstract]:With the rapid development of domestic economy, the national living standard is improving, the third industry has been a long-term development. Thus, the tourism industry is also gradually prosperous. Investors seem to have taken to the future, have invested heavily, such behavior has intensified competition. How to survive in the severe competition environment, the enterprise is worth pondering the problem. Obviously, the traditional buy land, construction and mode of operation of the hotel has been unable to let the hotel investors obtain excess profit, and the asset light business model is the Moderno Hotel industry business model brings new changes. Asset light is a relative concept, the quality of the severity of understanding not literally, but how much money the asset light business mainly through technical, planning, design, creative, brand, management experience, human capital and other intangible assets benefit. Customer service is the lessee to rent It has assets after the sale, to obtain funds, then the asset from the buyers to rent, to meet the normal production and operation of enterprises through customer service. Leaseback transactions can be retained on the right to use assets, and to obtain a large amount of funds to meet the capital expansion needs, solve the problem of capital turnover and rental. Through customer service leaseback transactions to find a satisfactory investment for their idle funds. Customer service leaseback is a way of achieving asset light operations. The prosperity of tourism and the "real estate fever" makes the hotel industry investment growth accelerated, first-tier cities north of Guangzhou Shenzhen investment is already saturated. Therefore, the upscale hotel in China rapidly transferring the battlefield to the second city. At the same time, the foreign hotel of Chinese market also look at fiercely as a tiger does this "fat", a well-known hotel have settled in China market, it also intensified the competition in the hotel industry in the party. The Central Party members in order to change the style of work, let the party close ties with the masses, introduced the "eight provisions" and "six prohibitions". The introduction of these policies, the impact is not small in the upscale hotel. The hotel Alex Hua Tian decided to choose domestic trouble and foreign invasion of asset light business model, will have 100 million square meters of hotel rooms for customer service and leaseback, make an inventory of these fixed assets, in order to realize the widening financing channels, reduce financial risk. This paper takes Alex Hua Tian as the case back the use of the hotel customer service, tells Alex Hua Tian how to use the hotel operation mode and summarizes its successful experience. This paper firstly introduces the background, concept and motivation of asset light operations, customer service and leaseback, light asset management theory. On the basis of the theory of competitive strategy, enterprise ability theory and enterprise strategic management theory, analysis of the Alex Hua Tian hotel to deal with foreign luxury hotels and domestic economic wine Shop the market competition, but also face the negative effects of the national policy, therefore had to choose the strategic transformation. Strategic transformation requires financial support, customer service is the way to get back the enterprise to obtain funds and play their own advantages. Secondly, introduces the preparatory work and the specific implementation of the Alex Hua Tian hotel use asset light business model customer service leaseback. Which shows that this model is the product of the enterprise's own development strategy. Then, to the hotel in recent years, the annual report for the data sources, is analyzed using the financial index method of Alex Hua Tian Hotel asset light model before and after the financial performance. Through the analysis of the financial indicators of the Alex Hua Tian Hotel, the operation mode, the Alex Hua Tian hotel. The solvency and operation ability was improved, the development of enterprises and more smoothly. At the same time, through the analysis of Alex Hua Tian's hotel business strategy, financing channels, business Non financial index range, summarizes the positive effect of Alex Hua Tian the use of the hotel customer service after leaseback. Finally, combined with the asset light model unique operation mode, the use of the hotel that Alex Hua Tian does make the capital operation mode of customer service and leaseback structure has been improved, reducing financial risk and transformation to get financial support and other conclusions. At the same time, provides some reference experience can also go back the operation mode of enterprise customer service road, including the use of customer service and leaseback improve assets liquidity, selection criteria of fine combined the author's attention to policy risk.

【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】：F715.5;F719.2

【参考文献】