养老地产跨界联盟收益分配研究

发布时间：2018-09-01 18:02

【摘要】：随着中国老年化社会的到来,养老产业和健康产业与房地产业的结合已成为趋势,养老地产迎来了重大发展机遇。但由于养老地产具有前期投资大、专业化程度高、投资回收期长等特点,当前房地产开发商、保险机构、私募股权基金机构等对养老地产开发模式仍处于探索阶段。在此基础上建立基于角色分工的“投资商-开发商-运营商”三方主体跨界联盟,并构建联盟收益分配模型,以实现联盟收益在联盟企业间的公平合理分配,从而提高联盟的稳定性。首先,根据养老地产联盟需要,设计了联盟概念模型,通过对比股权联盟与非股权联盟特点,将文章研究集中于非股权联盟。同时,通过综合多动因理论,对比股权联盟与非股权联盟之间的动因差异,并结合养老地产联盟特点,对养老地产联盟动因进行了分析。在此基础上,构建了基于角色分工的养老地产“投资商-开发商-运营商”跨界联盟模式,并对各联盟主体在联盟中的角色进行定位,并进一步通过对比分析国内养老地产盈利模式,确定了长期持有不动产并采用租赁或会员制模式进行运营的适用性。其次,通过对养老地产收益的内外部影响因素进行分析,厘清了联盟收益形成的宏观和微观环境;在分析收益来源的基础上,对收益的构成进行梳理,并对无形收益进行量化;同时,采用作业成本法对联盟成本进行评价与分摊,得出养老地产跨界联盟的收益形成机理。再次,在总结养老地产联盟收益分配特点的基础上,从风险、收益、操作难度等方面对当前使用较多的三种收益分配模式进行对比分析,得出适宜于养老地产联盟的收益分配模式,并对养老地产联盟进行假设,设计了养老地产联盟收益分配三阶段流程。最后,采用层次分析法确定了联盟收益分配影响因素权重,并运用综合指数法原理构建了基于核心能力、投入资源、承担风险以及讨价还价能力的初始收益分配模型;通过设定基准努力水平,与实际努力水平进行对比,以利用奖励或惩罚实现对联盟企业的激励,从而构建了收益分配修正模型。并通过实证分析对整个模型进行验证和说明。
[Abstract]:With the arrival of China's aging society, the combination of pension industry and health industry with the real estate industry has become a trend, and pension real estate has ushered in a major development opportunity. On this basis, the role-based "investor-developer-operator" tripartite main cross-border alliance is established, and the alliance income distribution model is constructed to realize the fair and reasonable distribution of alliance income among the alliance enterprises, so as to improve the stability of the alliance. In order to meet the needs of property alliance, this paper designs a conceptual model of alliance, compares the characteristics of equity alliance and non-equity alliance, and concentrates the research on non-equity alliance. At the same time, it compares the motivation differences between equity alliance and non-equity alliance through comprehensive multi-motivation theory, and divides the motivation of pension real estate alliance according to the characteristics of pension real estate alliance. On this basis, this paper constructs a role-based "investor-developer-operator" cross-border alliance model of pension real estate, and orientates the role of each alliance subject in the alliance. Further, through comparative analysis of domestic pension real estate profit model, it determines the long-term holding of real estate and adopts the lease or membership model. Secondly, through the analysis of the internal and external factors affecting the benefits of old-age real estate, the macro and micro environment of the formation of alliance income is clarified; on the basis of the analysis of the sources of income, the composition of income is sorted out, and the intangible income is quantified; meanwhile, the cost of alliance is evaluated and evaluated by activity-based costing. Thirdly, on the basis of summarizing the characteristics of income distribution of endowment real estate alliance, this paper compares and analyzes three kinds of income distribution modes which are used more frequently at present from risk, income, operation difficulty and so on, and obtains the income distribution mode suitable for endowment real estate alliance, and puts forward the endowment land. Based on the hypothesis of the alliance, the paper designs a three-stage process of income distribution of the old-age real estate alliance. Finally, the weight of the influencing factors of the alliance income distribution is determined by the analytic hierarchy process, and the initial income distribution model based on core competence, input resources, risk-taking and bargaining ability is constructed by using the comprehensive index method. The benchmark effort level is compared with the actual effort level in order to use incentives or penalties to achieve incentives to the alliance enterprises, thus constructing a revised income distribution model.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F299.23;D669.6

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