苏宁云商房地产信托投资基金在轻资产转型中的应用研究

发布时间：2018-03-12 12:33

本文选题：融资方式　切入点：房地产信托投资基金　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：在我国,零售行业在过去几十年的发展经历了从无到有,从小到大的过程,为国民经济的发展做出了巨大贡献。然而,目前我国传统实体零售企业的发展模式面临着挑战,零售行业整体增速放缓,行业竞争日益激烈,同时,实体零售商在发展过程中积累的大量门店物业资产沉淀,占用了企业的资金,也阻碍了零售商的发展。近年来,电子商务的蓬勃发展也对传统零售商造成了巨大的冲击,加上零售商普遍在融资方式上存在的问题,零售商的财务稳定性和流动性受到了影响,传统零售商急需进行运营模式的转型,其中,轻资产运营模式的转型已成为许多企业的必然选择,从而对现金流提出了更高的要求。在此背景下,房地产信托投资基金(REITs)这一新型融资工具的运用逐渐提上了日程。房地产信托投资基金(REITs)作为金融市场中的新型融资工具,已逐渐成为备受欢迎的融资方式之一。REITs可以缓解企业融资难的问题,盘活企业资产,降低融资风险,促进企业轻资产运营模式的转型,也可以为我国中小投资者找到新的投资渠道,促进金融市场和资本市场的稳定发展。然而,REITs作为我国金融市场的新兴事物,与发达国家相比还比较落后,而且在运用中也要充分考虑我国国情。因此,对于REITs在轻资产转型中的应用研究就具有重大意义。本文采用了案例研究法,首先梳理了房地产信托投资基金和轻资产运营模式的理论基础和研究成果,在分析我国零售行业发展现状的基础上,选取苏宁云商REITs作为案例进行分析,研究了苏宁云商REITs在转型过程中的实施动因、运作模式、实施后的效果以及应当应对的风险,发现REITs的实施可以助力企业轻资产运营模式的转型,同时为企业的经营发展带来一系列正向作用,是拥有大量优质门店及物业资产的零售商可以选择的资本运作方式,从而对零售企业在轻资产转型中的实施策略起到借鉴和示范作用。
[Abstract]:In China, the development of retail industry in the past several decades has experienced a process of from scratch to existence, from small to large, and has made great contributions to the development of the national economy. However, at present, the development mode of traditional physical retail enterprises in China is facing challenges. The overall growth rate of the retail industry has slowed, and competition in the industry has become increasingly fierce. At the same time, a large number of store property assets accumulated by physical retailers in the course of development have taken up the capital of enterprises and hindered the development of retailers in recent years. The booming development of electronic commerce has also caused a huge impact on the traditional retailers. In addition, the financial stability and liquidity of retailers have been affected because of the problems that retailers generally have in financing. Traditional retailers are in urgent need of transformation of operation mode. Among them, the transformation of light assets operation mode has become the inevitable choice of many enterprises, thus putting forward higher requirements for cash flow. The use of REITs, a new type of financing tool, has been put on the agenda. As a new type of financing tool in the financial market, REITs is a new type of financing tool in the financial market. REITs has gradually become one of the most popular financing methods. REITs can alleviate the problem of enterprise financing difficulties, activate enterprise assets, reduce financing risk, and promote the transformation of enterprise light assets operation mode. We can also find new investment channels for small and medium-sized investors in our country and promote the stable development of financial markets and capital markets. However, as a new thing in our financial market, REITs are still relatively backward compared with developed countries. Therefore, it is of great significance to study the application of REITs in light assets transformation. First of all, combing the theoretical basis and research results of real estate trust investment fund and light assets operation mode, on the basis of analyzing the present situation of retail industry in China, select SUNING cloud business REITs as a case study. This paper studies the implementation motivation, operation mode, effect and risk of SUNING cloud business REITs in the process of transformation. It is found that the implementation of REITs can help the transformation of enterprise light assets operation mode. At the same time, it brings a series of positive effects to the business development of enterprises. It is the capital operation mode that retailers with a large number of high-quality stores and property assets can choose. Thus, retail enterprises in light assets in the implementation of the implementation strategy play a role in reference and demonstration.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832.49

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